The town of Salisbury will be without a bank branch starting next year.
CIBC will close its doors on April 15, 2027, after almost 100 years of operation in the community.
The bank recently made town officials aware of the closure.
Town officials say the decision will create challenges for residents, businesses and organizations that rely on in-person banking services.
“We’re deeply disappointed,” said Austin Henderson, Salisbury’s chief administrative officer. “They are the only brick-and-mortar bank in our community.”
Henderson added that residents have already begun raising concerns about what the closure will mean for their day-to-day banking needs.
“People are disappointed, they’re worried, they’re concerned, they’re trying to figure out what this means for them,” he said.
Henderson noted many local businesses, residents and even the town itself use CIBC for everyday banking, and travelling outside Salisbury is not a simple solution for everyone.
Closest branch is 15 to 20 minutes away
“That does present some significant barriers for everyday residents who are just trying to do their everyday banking,” he said.
The closure is expected to be particularly difficult for seniors, people who are less comfortable with online banking, and residents with limited access to transportation.
In response, the town has asked the federal regulator overseeing bank branch closures to require CIBC to hold an in-person public meeting.
Henderson explained that as part of the branch closure process, communities and stakeholders can request a public consultation session to help customers better understand the transition and available banking options.
“We’re hopeful that CIBC will have that in-person session to at least inform their clients what the next few months look like as the transition begins ahead of the April closure,” Henderson said.
The town has also started reaching out to other financial institutions to explore whether alternative banking services could be brought to the community.
“We’ll have to figure out how we make this work, and the town will do whatever we can to work with stakeholders,” he said.
Despite the setback, Henderson said the community has shown resilience before and believes Salisbury will adapt once again.
We have reached out to CIBC for a statement, but have not heard back yet.
