The CIBC banking centre in Crossfield will close this August, leading to a scarcity of local banking options for town residents.
Crossfield’s CIBC branch, located at 1220 Railway St., will be closed as of Aug. 8, with its employees and Automated Teller Machine (ATM) transferring to the CIBC in downtown Airdrie.
According to a statement from CIBC Senior Consultant for Public Affairs Crystal Jongeward, the decision to close the branch was due to the increased prevalence of customers banking online through computers or cell phones.
“We carefully consider all options before making the decision to close one of our banking centres,” she said. “With over 80 per cent of our client transactions taking place outside of a banking centre, through online, mobile and telephone banking options, we’ve made some adjustments to our network to reflect this change.”
According to Jongeward, each employee of the Crossfield branch has been offered other roles with CIBC.
“We remain committed to meeting the needs of our clients in Crossfield and will work with them in the coming months to help them learn more about these convenient options,” she said.
The loss of Crossfield’s CIBC will reduce the number of financial institutions in the town to two.
An ATB Financial branch is located next door to CIBC and a Mountainview Credit Union can be found on the other side of the street.
Mayor Jo Tennant said she was disappointed when CIBC notified the Town of Crossfield about the move.
“Certainly, it was very disappointing. They’ve served this community for more than 100 years, and to have them pull out will certainly impact the community,” she said.
Tennant said she asked the CIBC branch if it would be possible to keep the ATM in the town, but was told it was not negotiable.
She added she is worried the loss of CIBC will have a negative impact on Crossfield’s economy. With the nearest CIBC in Airdrie, 16 kilometres away, Tennant said it’s likely Crossfielders who drive south to do their banking will spend at least some of their money in Airdrie, since they would have already made the trip.
“It’s actually 32 [kilometres of driving], because people need to go home, as well,” she said. “The closest CIBC is near Airdrie’s Safeway and other facilities, so if you’re going to go get cash, you might as well do your grocery shopping and other things there.”
Tennant said she hopes CIBC customers in Crossfield will consider banking with one of the local options, instead.
“We’re certainly encouraging customers to move their accounts so they can continue to bank, live and shop and do all the things they used to do – and keep doing it – in Crossfield,” she said.
The local ATB Financial branch will hold an event at the Crossfield Community Centre April 30 to help customers who might be considering making the switch.
The event, which will be held at the Crossfield Community Centre from 6 to 8 p.m., will include speeches from ATB Financial CEO Curtis Stange and Chief Economist Todd Hirsch, who are travelling from Edmonton.
“It's an information night, and a way to meet-and-greet, and get to know the team in Crossfield,” said branch manager Tennelle Gilfoil. “We know CIBC is having their closure in August and they’ll be leaving our community, so we’ll have one less financial institution in Crossfield.
“We just want our community to know we’re here to support them and we’re not going anywhere.”
