CIBC CLOSES U.S. BANKING SERVICES
By Adnews Staff
Days after announcing it will close down the no-fee daily banking services it offered with Staples Business Depot, Canadian Imperial Bank of Commerce has said it will also close its U.S. electronic banking operations. The closure of CIBC National Bank and Amicus FSB remain subject to regulatory approval. CIBC National Bank has offered financial services under the name Marketplace Bank since October 1999. Amicus FSB began providing financial services as Safeway Select Bank in October 2000. According to CIBC, the operations are being closed because they are not meeting financial expectations. Customers will be notified of the closures in writing and assisted with transferring or closing their accounts. On the date of closing, expected in early 2003, accounts that have not already been transferred or closed will be transferred to E*Trade Bank. Marketing for Marketplace was done by Perennial of Toronto. Marketing for Amicus FSB was done by Brann Worldwide of Toronto.