Thessalon to lose CIBC branch

Customers of CIBC in Thessalon who want to continue doing their banking in person will soon have to make a 180 km round trip to Sault Ste. Marie after a decision to close the branch later this year.

Low business volume and an increase in customer use of online banking were contributing factors in the decision to close the Thessalon branch, a Canadian Imperial Bank of Commerce (CIBC) spokesperson said.

Caroline Van Hesselt, director of media relations for CIBC, said the Thessalon branch will close for good on Aug. 24 and customer accounts will be consolidated with the Churchill Plaza branch.

Client accounts will be automatically transferred to the branch at the Churchill Plaza.

“Our teams at both locations will be spending time with clients in the coming weeks to help them learn more about these convenient options for their everyday banking,” said Van Hesselt in a statement by e-mail.

CIBC released their first quarter financial results today, posting a net income of $1.4 billion — up 43 per cent over the same quarter last year.