Bell will shut its 1st and 2nd convenience banks in the merger with rival Merrick, and its chemical bank will close.
The merged bank will merge with its existing branches in the eastern suburbs, west of the city, in a move that will make it the largest bank in the city’s history.
Bell and Merrick had been working on the merger for several months, but the merger was postponed for two weeks because of the Great Lakes flooding.
Bell announced the move late Friday, saying it would close its 1 and 2 convenience banks, and Merricks Chemical Bank and Mericks Water Service Bank.
Bell will close its existing 1st & 2 convenience bank and its Merrick Chemical Bank in the future.
– Bell spokesperson on Friday.
-Bell spokesman on Friday, adding that Merrick would close those branches.
The merger with Bell will create the largest banking operation in the Greater Toronto Area, with 2,200 branches and more than $10 billion in annual revenues, according to a company news release.
Bell is also a member of Merrick’s Bank Group, a joint venture that has more than 5,000 branches across Canada.
Merrick’s Chemical Bank will close down by the end of the year, while Bell’s Merrick Water Service Banking will close in 2019.
Bell said the merger would result in a loss of about $1 billion in revenues for the combined bank.
“We have always believed in working collaboratively with other financial institutions to ensure that we have the right people to run our businesses and serve our customers,” said Brian Schreiner, president and CEO of Bell.
“The merger will benefit the customers, employees, shareholders and our partners,” Schreiners statement said.
“Merrick is a very talented and experienced team of professionals, who have been working closely together for many years.
They have a great commitment to the community and our community.
We are pleased that they are joining Bell in bringing a world class banking system to the Greater GTA.”
The merger is part of a broader restructuring plan for Bell and Merick.
The merged bank would merge with Bell’s existing branch network in the western suburbs, the company said.
Bell has about 3,500 branches and a $4.2 billion annual profit.
Merrick and Bell were both created by merging two banks in New Brunswick in 2006.
Merricks parent company, the Canadian Imperial Bank of Commerce, will now run both the merged bank and Merrios main branch network.
Merrios bank has about 1,800 branches in Canada and is owned by the Canadian Association of Petroleum Producers.
The merged branch network includes about 1 million people and is a mix of smaller branches with larger banks.
It includes Bell and Bells branches in Toronto, Hamilton, St. Catharines and Edmonton.
The merging banks will operate under separate corporate boards, with Merricks chief executive officer, Peter Bickerton, serving on Merricks corporate board.
Bickerton will also lead the merger.
Bell will be merged with its current branch network, but will retain its existing water service and chemical services in Canada.
Merricks headquarters will be relocated to a new facility in Brampton, Ont., as part to support the merger and to facilitate the relocation of Bell’s headquarters to the province, said Bell’s press release.