CHICAGO, February 1, 2021 — CIBC (NYSE: CM) (TSX: CM) today reaffirmed its commitment to serving the needs of Chicago residents with its newest Banking Center in the Bronzeville neighborhood.
The 3,500-square-foot Banking Center at 458 E. Pershing Rd., on Chicago’s South Side will provide neighborhood residents with access to personal banking, mortgages and small business banking services. In-person banking services are available by appointment due to current COVID-19 precautions.
“CIBC believes strongly that banks play a vital role in building and growing healthy and vibrant communities,” said Michael G. Capatides, Group Head, CIBC U.S. Region, and President and CEO, CIBC Bank USA. “Our continued investments in providing access to banking services demonstrate our commitment to helping grow and strengthen our neighborhoods.”
CIBC now has five banking centers in Chicago, including a new facility opened in October 2020 to replace a longstanding location in the Mt. Greenwood neighborhood and the Little Village Banking Center, which opened in September 2019.
“I applaud CIBC for recognizing the power and potential within the Bronzeville community and across our city’s South Side,” said Chicago Mayor Lori Lightfoot. “Access to capital for our homeowners and small businesses has been at the forefront of our bold, citywide mission to drive transformative investment into neighborhoods, especially those that have experienced generational disinvestment, and this new CIBC banking center marks the latest step in that effort that will pay dividends for decades to come."
CIBC’s innovative solutions such as the Entrepreneur Loan Program and the Housing Initiative are recognized for bringing financial stability to underserved communities.
“Critical to our approach is our partnership with local organizations that allow us to combine important educational services so that clients make smart financial decisions with unique products that meet their individual needs,” said Brant Ahrens, President, Retail and Digital Banking, CIBC US. “For example, over the last three years, our Entrepreneur Loan Program has supported 150 micro businesses in Chicago with business management training and financing to support economic development and job creation in their communities.”
“We look forward to CIBC’s ongoing community outreach efforts in supporting small businesses and homeowners in the Bronzeville community,” said Ald. Sophia King, 4th Ward. “Expanding those relationships between CIBC and the community is important in our efforts to improve access to resources and to increase overall equity for all residents in the 4th Ward.”