The exodus of businesses from the West Ferris section of the city continues.
Scotiabank in the Nipissing Plaza confirmed today that it will close its operation September 26. There are two other branches remaining in the city, at Northgate and Main St. W.
It follows on the heels of the TD Bank leaving the North Bay Mall, and will leave West Ferris without a bank. The area is home to a large number of seniors who depended on the bank for their financial needs.
Letters to customers with details of the consolidation will be distributed on May 11. Accounts will be transferred to the Northgate Shopping Centre branch.
"We do not make these decisions lightly and we recognize that this consolidation will be an inconvenience to some of our customers," said Krista Stewart, Manager, Canadian Banking Communications in an email to CKAT. "While this process involved closing one branch, our steadfast commitment to providing our customers with the highest-quality advice and service remains unchanged. We are committed to meeting with our customers and assisting each of them with their own, unique, banking needs and to making this transition as easy as possible. We will work to assist each customer with the transfer of their accounts to the receiving branch and will provide training on how to use mobile banking services and other ways to bank for customers in the region."
Stewart blames "changing customer needs and preferences" which are driving profound changes for banks around the world.
"Customers have a greater demand for convenience and are increasingly choosing to do their banking online and mobile. We recognize that not all customers use digital and online banking, however, 80 per cent of transactions in Canada now take place outside the branch."
Stewart says the bank reviewed its branch network, the number of customers that it serves in the market area, and the way that those customers are doing their banking.
"Our review includes a full area market analysis and is not limited to one branch, or to rural or urban areas. That review includes such things as proximity of the branch to other Scotiabank branches and customer traffic at branches across the market area."
It's not clear if there will be layoffs.
"We have not finalized our staffing plans, all employees have been notified of this decision, and they know that we will work with them through the transition," Stewart added.