The CIBC bank has been a fixture on Main Street in Keremeos for more than a century but the only bank in the south Similkameen is set to close next year.
CIBC said more people are moving away from traditional banking methods so the company had to rework its business model.
The Keremeos branch will be consolidated with the Osoyoos branch, a half hour drive away.
Mayor Manfred Bauer said he’s disappointed by the bank’s lack of consultation with the community.
“Every time you have a business closing it’s bad news,” he said.
Concerned residents gathered outside the bank Thursday to air their frustrations.
“There is a lot of people here that are disabled or older people and the idea that they are all going to be doing online banking I think is a dream,” said Lisa Kuster.
“It’s just unbelievable that they would do it to a senior community,” added Pamela Crossman.
The closure also creates uncertainty for migrant workers like Ralston Bigs of Jamaica.
“I don’t feel good about this bank moving because this is the only bank I use now.”
CIBC is the only big bank in Canada to offer a no-fee Global Money Transfer service.
“It’s been a real benefit to have CIBC here, which is an international bank,” said Chris Mathieson, President of the Similkameen Chamber of Commerce. “If you’re a worker from Jamaica, for example, you can deposit directly into your account at this branch and have it be at home.”
CIBC will not have an ATM available in Keremeos.
The bank said clients could deposit cheques online through eDeposit.
Keremeos is not alone in its plight.
In the age of mobile and self-service banking, rural bank branches across the country are shutting down.
Fifty-one per cent of Canadians identify online banking as their primary banking method according to the Canadian Bankers Association.
Twelve per cent of people identify branch banking as their main method, down from 29 per cent in 2000.
But those who rely on brick and mortar banks said they feel abandoned.
“It’s disgusting that it’s shutting down now,” said Keremeos client Helen Sanders.
“We understand some clients will be disappointed by our decision. Certainly it’s a decision that we make very carefully,” said a statement from Caroline Van Hasselt, Director of External Communications and Media Relations for the bank.
CIBC is holding a community meeting December 7th from 7:00 PM – 9:00 PM at the Victory Hall in Keremeos.