Despite the closure of the Scotiabank branch on Petrolia Line, residents will continue to have access to two Automated Banking Machines (ABM) in the entry vestibule, after the town purchased the historic building.
As part of a partnership with Scotiabank, the Town of Petrolia recently purchased the building for $200,000, although it was appraised for $1.2 million.
Scotiabank announced the closure of its Petrolia branch last year, with plans to permanently close on March 7, 2024.
"We are pleased to have had the opportunity to work closely with Scotiabank through their transition, and to have found a way for our community to retain the Scotiabank ABM services in Petrolia," said Mayor Brad Loosley. "We are excited to have the opportunity to utilize the facility in a meaningful way and thank them for their generosity in pricing, and for the opportunity to work together."
Petrolia Chief Administrative Officer and Treasurer Rick Charlebois said the town has been in negotiations with the bank for several months, as such the ABMs have remained available to clients.
Charlebois said the town entered a 10-year deal with Scotiabank and will officially take over the building in early June.
"The town will not be able to sell or use the building for anything that would require pre-approval or agreement from Scotiabank, for example, we can't rent it out or sell it to another bank," said Charlebois during a recent council meeting.
Charlebois said some exterior signage will remain at the building.
"The town will be looking to seek heritage designation for the building, the building it was built in 1911," he said. "Scotiabank will require occasional use of one of the offices for the period of the agreement, which is 10 years."
Charlebois said the town is currently considering what to do with the rest of the building, including possibly having staff work out of the site or renting it to a company.
"The town will go over a process over the next four or five months to figure out what's the best use of the facility," Charlebois told Sarnia News Today.
A report is expected to be presented to council with further information at a future date.