Image

Petrolia Scotiabank closing as bank cuts 2,700 jobs nationwide

October 25, 2023

Heather Wright/The Independent

A fixture in Petrolia’s downtown for more than a century will be closing its doors in the next six months.

While the company has yet to publicly announce the closure, employees were told last week the branch on Petrolia Line is closing.

The news came around the same time Scotiabank announced it would be cutting about three per cent of its global workforce. That works out to about 2,700 staff members across the country.

A company news alert says the changes are being made “as a result of the Bank’s end-to-end digitization, automation, and changes in customers’ day-to-day banking preferences, as well as ongoing efforts to streamline operational processes and create capacity to invest in key growth opportunities.”

Scotiabank alerted stockholders of the news saying the layoffs would cost about $247 million in restructuring charges such as severance and about $63 million in charges “related to the consolidation and exit of certain real estate premises and service contracts. We expect the savings on the above items to be achieved throughout fiscal 2024 and anticipate full run-rate benefits in fiscal 2025,” the bank said in a statement.

In August, Scotiabank released its third quarter profits; it made $2.2 billion in the three months, down from $2.61 billion the year before.

The Independent reached out to Scotiabank to find out when the bank would close, how many people work at the Petrolia branch and whether they would lose their jobs or go on to work at another branch. At press time, Scotiabank had yet to respond to emails and phone calls.

Two sources with knowledge of the announcement confirmed the branch would be closed, possibly in the next six months. Customers looking to open accounts were told any new business would soon merge with Scotiabank in Bright’s Grove.

Share This

Image
Front Page

Greenhill Gardens closed; upkeep of six-acre garden ‘challenging’

June 16, 2025

The Independent Greenhill Gardens – a once privately-owned oasis in Wilkesport – is closed to the public. That from the St. Clair Region Conservation Foundation which took over the grounds in 2024. The gardens were cultivated by Joy Robson for years and her husband, Bill, allowed people to come and walk through the gardens for free. After the death of

Read More

Image
Front Page

Thedford EMS changes years away

June 15, 2025

The Independent Thedford residents won’t be losing their ambulance station for some time. That from Lambton County officials. Last month, Lambton Shores councillors voiced concern about a county plan which would close the Thedford station and have Forest paramedics to cover their calls. Lambton EMS also plans to move the Grand Bend station near Pinery Park hoping to provide better

Read More

Image
Front Page

No ATV rally for Petrolia Ag Society

June 15, 2025

The Independent There will not be ATVs rumbling through Petrolia this summer. Kelly Humphrey of the Petrolia Enniskillen Agricultural Society came to council in mid-May asking if PEAS could host an ATV rally with Greenwood Park as a starting and finishing point and using Petrolia streets to get to the starting and finishing point.  Julie Bullock, director of parks and

Read More

Image
Front Page

Fair banner may not fly

June 14, 2025

The Independent The Moore Agricultural Society has some big plans for the 175th anniversary of the Brigden Fair. But not all of their plans may work out. The ag society has asked for and received several approvals from St. Clair Township council for special events at the landmark fair including allowing a low-level Canadian Armed Forces Flyby and helicopter landings

Read More