Thunder Bay

CIBC, TD branches to close in Atikokan

The CIBC and TD banks will both close their branches in Atikokan later this year, leaving the community of 2,500 with just one bank.

Closures come despite $4.21B climb in quarterly revenue for CIBC

Atikokan will be losing its CIBC and TD banks later this year. (Google Maps)

Another community in the northwest will have fewer banks offering in-person services to customers.

The CIBC and TD banks will both close their branches in Atikokan later this year, leaving the community of 2,500 with just one bank.

The CIBC recently reported its first-quarter net income rose to $1.41 billion, up from $982 million a year ago.

And TD recently came under fire for pushing employees into selling unnecessary services to meet sales quotas.

The decision to close the branches likely wasn't an easy one, said Andrew Perez of the Canadian Bankers Association.

"There's actually a formal process required by law that the bank must follow when a decision is made to close," Perez said. "The bank takes into consideration the interest of the community, their customers, and of course, the employees of the branch."

Some communities, like Red Rock and Beardmore have lost all of their bank branches.

Perez says one of the many reasons for closure is that more people are banking online.

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