Thunder Bay

CIBC to close branches in Longlac, Terrace Bay, Ont.

Two more communities in northwestern Ontario will lose their only chartered bank branches in the coming year.

Longlac branch to close in February; Terrace Bay in August

CIBC will close two of its branches in northwestern Ontario in 2019. The location in Longlac will close in February, while the Terrace Bay branch will close in August. (Evan Mitsui/CBC)

Two more communities in northwestern Ontario will lose their only chartered bank branches in the coming year.

CIBC announced it will shutter its branches in Longlac on Feb. 7, and in Terrace Bay on Aug. 15.

The bank said the majority of its clients use online and telephone banking, meaning a branch is no longer needed in the community.

The closest physical branch to Terrace Bay is now in Schreiber, while a Caisse Populaire will remain in Longlac.

"The decision to close any of our banking centres is not taken lightly and we carefully consider all options before making this decision," said Trish Tervit, the Director of Public Affairs for CIBC in a statement.

Three employees worked at the branch in Longlac, and five in Terrace Bay. CIBC said it will work with employees on options available to them with the company.

Earlier this year, TD announced it would close its branch in Marathon, while two bank branches in Atikokan will close by the end of 2018.

Beardmore also lost its only bank branch in 2016, while CIBC closed the last remaining bank in Red Rock a handful of years ago.

About the Author

Jeff Walters

Reporter/Editor

Born and raised in Thunder Bay, Jeff is proud to work in his hometown, as well as throughout northwestern Ontario. Away from work, you can find him skiing (on water or snow), curling, out at the lake or flying.

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