CIBC submission to provide Town banking services accepted

Posted on June 24, 2026 by Ryan Dahlman

Maple Creek News

Canadian Imperial Bank of Commerce’s (CIBC) bid to provide banking services for the Town of Maple Creek has been accepted.

At its meeting last Thursday, Maple Creek Town Council backed  a proposal from CIBC, which had been recommended by Rebekah Mathieu, financial officer.

May 15 was the deadline for a municipal banking services RFP (Request for Proposal). Submissions were received from the CIBC and the Bank of Montreal (BMO).

Prosperity Credit Union (PCU) made a submission on May 20.

A significant drawback to BMO’s submission was the bank’s decision to close its Maple Creek branch on Friday, June 19.

In a report to Council, Mathieu said she and Barry Elliott, chief administrative officer, evaluated the three submissions using criteria in the RFP – revenue income; cost of banking services; depository and disbursement services; customer services, treasury and other services; and community investment/involvement.

“The submissions received from CIBC and BMO were very comprehensive and appear to have provided the detailed information sought in the RFP,” Mathieu reported.

“The submission received from PCU was inordinately brief and did not provide sufficient information to adequately assess the quality of the proposed services and fees without additional research being undertaken by the evaluation team. As a result of this, and due to the lateness of the PCU submission, the evaluation team has determined not to advance this submission for Council consideration.”

Mathieu said CIBC’s proposal seemed superior in the areas of revenue income and cost of banking services.

”The interest received for deposits at CIBC equates to 1.9% less than the prime interest rate compared to 2.0% or 2.1% less than the prime interest rate from BMO.

”In the cost of banking services component, it was noted that CIBC is not charging any fees for the vast majority of banking services whereas BMO is charging a variety of fees for all services listed in their submission.

”In relation to depository and disbursement services, the CIBC and BMO proposals were equally strong.

”Under the Customer Services, Treasury and other services, the noted lack of ability to deal locally face-to-face with banking staff is considered a significant disadvantage and loss of services to be expected from BMO.

”And under the Community Investment/Involvement component, CIBC was viewed as being significantly stronger in its intent to maintain a continued local presence and in consideration of its proven historical community involvement.

”In view of the above, the evaluation team heartily recommends acceptance of the CIBC proposal.”

Councillor Betty Abbott sought assurance that the Town was not “putting all its eggs in one basket”.Mathieu assured Councillor Abbott that this was not the case.