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Bank of Montreal
Symbol BMO
Shares Issued 700,900,708
Close 2026-05-05 C$ 205.57
Market Cap C$ 144,084,158,544
Recent Sedar+ Documents

Globe says CIBC, rivals closing rural branches

2026-05-06 07:03 ET - In the News

See In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)

The Globe and Mail reports in its Wednesday, May 6, edition that Canadian Imperial Bank of Commerce plans to close its branch in Brussels, a rural municipality in Southwestern Ontario, on May 7. The Globe's Mariya Postelnyak writes that Brussels residents say they feel frustrated by how the closing is being handled, contending with logistical hurdles, wait times to transfer accounts and potential fees, should they choose to break up with the bank. Shortages of coins and small bills are disrupting basic transactions in some businesses across rural Canada. As banks focus more on digital services, closures have accelerated, despite growing small-town populations. Data from the Canadian Bankers Association indicate that the number of bank branches in Canada declined by 14 per cent from 2014 to 2024, following a period of growth from 2005. A Bank of Canada study found that when rural communities lose their last branch, the average travel distance nearly doubles from 9.6 to 17.6 kilometres. In Brussels, where there's no public transit and many senior residents don't drive, what might seem like a short trip becomes difficult on snow-swept country roads, regularly cutting the town off from the rest of Huron County.

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