For over 100 years the CIBC bank in Elkhorn has given service to community and in return over the last 100 years the community has supported the bank in good times and bad. On Aug. 18 the bank closed its doors. As a small community, the loss of the bank will be a major blow to our future development and a major inconvenience to many members of our senior population and to our local business.
The option offer by the bank is on-line banking, but given security concerns and the age of many of its long term customers it is not the easiest option. Did the people in charge not consider an operating option where the Elkhorn branch could be open only two days a week, for a two-year period until there was a generational change in the population that might be more able to handle on-line banking services?
In a recent on-line check of the CIBC earnings information site, it showed a gain of $1,050 million for the second quarter of 2017. While in the same period of 2016 the gain was $962 million. If my math is correct, that’s an increase of 20 %. I can only dream of a 20 % cost of living increase on my teacher’s pension cheque!
So by your own numbers CIBC is making money for its share holders and the closing of the Elkhorn branch seems like a head office concern over profit before small local communities and customer service! I've taken enough economic courses to understand the workings of capitalism which is to make money. But how much money does the bank need to show a comfortable profit?
The way I see it, the CIBC head office management in their far away glass towers have done a great disservice to the community and people of Elkhorn that have long supported the bank. As for the 20% increase in the second quarter profits or whatever you choose to call them, a friend gave me this recent bit of sage advice, “there is no trailer hitch on a funeral hearse!”
Edward James, a retired senior in Elkhorn
The CIBC Bank sign being lowered from the Elkhorn branch that has served the community and surrounding area for over 100 years. The sign was taken down just hours after the bank closed its doors on Aug.18 at 1:00 p.m. as a small crowd of clients looked on.
