The town of Salisbury is losing its only bank. After nearly a century of service, CIBC announced it will close its local branch on April 15 next year. This decision leaves the growing community of 8,000 residents without a physical financial institution.

As reported by CBC News, the closure forces customers to drive 20 kilometres to Riverview for in person banking. For many locals, this is not a viable option.

Impact on Local Businesses and Seniors

Physical banks remain essential for rural communities. Dawn Beckwith owns the Green Pig Country Market. She drives to the local CIBC multiple times a week to deposit cash. She told CBC she is devastated by the news.

“We weren’t expecting our only bank to shut down,” Beckwith said. She noted that while they do a lot online, they encourage cash payments. Cash requires change, making a fully online system impossible for her business.

Seniors face the biggest hurdles. Shelli Geldart manages the front store at the local Guardian Pharmacy. She worries about older residents who lack computers or the technical skills for online banking. Jennifer Rogers echoed this concern for her 97 year old grandmother, calling the shift to digital banking beyond her current capabilities.

A Growing Town Left Behind

Salisbury is not a shrinking village. The town more than tripled its population after local governance reforms redrew boundaries in 2023. The area now covers 329 kilometres of land and features new developments, including an upcoming RCMP district detachment and an elementary school.

Mayor Robert Campbell expressed his disappointment. He called the closure a slap in the face from a loyalty perspective. He pointed out the accelerated growth of the town makes the bank’s departure hard to understand.

CIBC stated the closure stems from low in person business and a rise in mobile banking. The company remains highly profitable, grossing billions annually. Campbell suggested corporate greed plays a role in the decision to leave the community.

The Rural Banking Crisis

Salisbury joins a growing list of rural New Brunswick communities losing their financial institutions. Over the last five years, towns like Grand Manan, Bath, Doaktown, and Nackawic have all lost their local banks. As corporations consolidate resources into urban centres, rural residents bear the burden of longer commutes and forced digital transitions.

The town is actively searching for another financial institution to fill the void. Until then, residents and business owners are left reconsidering their banking loyalties.

Frequently Asked Questions

When is the Salisbury CIBC closing?

The branch will officially close its doors on April 15 next year.

Where is the nearest CIBC branch for Salisbury residents?

The closest CIBC location is in Riverview, which is about 20 kilometres away.

Why is CIBC closing the Salisbury location?

The company cited low in person business and an increase in mobile banking usage as the primary reasons for the closure.

Are other rural towns in New Brunswick losing their banks?

Yes. Communities including Grand Manan, Bath, Doaktown, and Nackawic have all lost their local banks over the past five years.