Scotiabank confirms Petrolia branch closing March 7

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The Scotiabank building in Petrolia was built in 1911 and has been home to the bank for 112 years. Heather Wright Photo

Nearly a month after Scotiabank workers in Petrolia were told of the closure of their branch, the company says the doors will close March 7.

Employees of the branch were told in mid-October the 112 year-old fixture on Petrolia Line would be closing. Clients were being told the accounts would be “merging” with the Bright’s Grove branch.

The news came around the same time Scotiabank announced it is cutting three per cent of its global workforce – about 2,700 staff members across the country.

In a statement to the media, officials said it will “relocate our in-person services” to Bright’s Grove March 7.

“With customer preferences changing, and more day-to-day banking being done digitally, we are continuing to evolve how we serve our customers and invest in areas that make it easier for our customers to bank with us from wherever they are.”

The company added it is “committed to supporting our customers and employees through the transition” without saying what that will look like.
It’s not clear whether the current bank employees will find a job in other branches or will be laid off.

The company, which made $2.2 billion last quarter, says the nationwide layoffs and sell off of real estate will cost about $310 million with the cost savings being realized in 2025.