CIBC closure decision final in Brussels, but ATM may be placed
BY SHAWN LOUGHLIN
While the decision to close the Brussels branch of the Canadian Imperial Bank of Commerce (CIBC) is final, the jury is still out as to whether the bank will maintain a presence in the village with an ATM, as a number of factors are left to be considered.
Three executive-level CIBC members were at the Brussels, Morris and Grey Community Centre on Nov. 12 for a public meeting for clients on the closure of the bank and the next steps. They were joined by members of the bank’s Brussels team, as well as employees from the Listowel, Wingham and Seaforth branches.
Andrew Chornenky, the bank’s vice-president of public and corporate affairs, emceed the meeting and did much of the talking. He began by telling the 40 or so people in attendance that CIBC has heard loud and clear from the people of Brussels how disappointed they are in the closure of the bank.
He reiterated the organization’s reasons for closing the bank, saying that banking volume at the branch has been in steady decline for many years and has now reached the point that the revenue from the branch is no longer covering its operating expenses. Chornenky also added that CIBC had made every effort to keep the branch open and viable, noting that, with its many years of declining revenue, it likely stayed open longer than it normally would have, but that the company wanted to do anything it could to keep a bank in Brussels.
He then shifted to some practical discussion, telling those in attendance that, upon the branch’s closure, customers’ bank accounts will be transferred to the Listowel branch by default and that customers will not have to do anything to initiate this process, that any automatic deposits or withdrawals would naturally migrate to the new branch with each customer’s account with very few exceptions.
Chornenky said he understands that branches in Listowel, Wingham and Seaforth are not around the corner and he didn’t plan on pretending that they are, but that they are still within the greater community and that CIBC teams in Brussels (until the closure in May of 2026), Listowel, Wingham and Seaforth are encouraging residents to come in and learn more about some alternative banking options that will limit the need for travel, such as online, mobile and telephone banking. He added that the teams will do whatever it takes to transfer that knowledge to customers who don’t yet have it, through one-on-one consultations, demonstration days and more.
He added that a person’s home bank branch doesn’t matter nearly as much as it used to, and that a customer’s banking needs can, with very few exceptions, be met at any CIBC location, not just the Listowel branch, or wherever customers choose to transfer their accounts.
He then took a step down from the stage in the centre’s auditorium and opened the floor for questions, many of which entailed the decision to close the bank, which has already been made, and the possibility of the placement of an ATM in the village to help ease the transition.
In regards to the placement of an ATM, Chornenky said there are many factors to consider and that the bank’s ATM team is doing just that right now. He said that it’s not just about the volume of usage and amount of cash going in and coming out of a potential ATM in Brussels that needs to be considered, the bank also needs to consider safety and security of the machine, power and connectivity to ensure reliability, a safe and accessible location, whether the machine could be incorporated into an existing service route and more.
After hearing the passionate pleas from those in attendance, Chornenky assured them that he would be bringing those pleas back to Toronto with him the following day as a decision on whether to place an ATM in Brussels looms. He said he couldn’t make any guarantees, as he is not the person who makes those decisions, but that he would bring back what he had learned that night and advocate on behalf of the community.
Some of the questions levelled at Chornenky and his team surrounded the closure of the bank itself and the process of it all. Some said they would be moving their accounts due to the company turning its back on the community, while others said that community engagement and public meetings should have been held before the decision was made, not once it was too late to change anyone’s mind.
Another community member urged Chornenky and CIBC to consider the toll that closing the bank will have on the village, saying that it goes far beyond the closure of a bank branch. As residents migrate to centres like Listowel, Wingham and Seaforth for their banking needs, perhaps, while they’re there, they’ll do their grocery and pharmacy shopping, hurting other local businesses.
As for the ATM, several locals suggested a variety of locations, such as the Brussels Pharmacy, Brussels Foodland and other properties owned by Huron East as possible locations, all of which were noted by the CIBC team as options. Chornenky also noted that, if CIBC were to place an ATM in the community, the intention would be for a full-service ATM to be placed, not simply a cash machine, similar to those that can be found in variety stores and gas stations.
A full-service ATM would allow local businesses to make deposits of cash or cheques, though not coins, in the absence of a branch, saving business owners and employees nightly trips to Listowel, Wingham or Seaforth for deposit drops.
One of the last questions concerned the fate of the employees of the Brussels branch, beloved by the locals and who are indeed local themselves. Chornenky said that CIBC is currently working with those people on their options regarding the Listowel branch or others and that the company was doing what it could to ensure they have continued employment with CIBC.
As the meeting drew to a close, Chornenky said he would share news of a decision on an ATM in the village sometime before the local branch is slated to close, which is Thursday, May 7, 2026 at 1 p.m.