Amicus Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, financial services |
| Founded | 1999 |
| Defunct | 2003 |
| Fate | Voluntary dissolution; operations absorbed by CIBC's direct banking division |
| Successor | CIBC Direct Banking Division |
| Headquarters | Ontario , Canada |
Area served | Canada, United States |
Key people | Brian Cassidy (CEO), Gary Gray (President of Amicus FSB Western Division) |
| Products | Retail banking services, ATMs, alternative banking services |
Number of employees | 1,100 (2002) |
| Parent | Canadian Imperial Bank of Commerce (CIBC) |
Amicus Bank functioned as a fully owned subsidiary of the Canadian Imperial Bank of Commerce (CIBC), specializing in alternative banking services.
Canadian operations
Within Canada, Amicus Bank was responsible for managing the retail banking services of President's Choice Financial, with the exception of credit cards. For a short period, it provided services under its own name through the Bell Sympatico portal and operated automated banking machines (ABMs) without branches. These ABMs bore dual branding of Amicus Bank and CIBC and were mainly situated at convenience stores and fuel stations.
In 2002, the bank obtained authorization for voluntary dissolution from the Minister of Finance. Following this, CIBC's direct banking division took over the offerings previously managed by Amicus Bank. After ending its collaboration with Loblaw Companies in 2017, President's Choice Financial was rebranded as Simplii Financial.
The workforce of Amicus Bank comprised roughly 1,100 employees across Canada and the United States. In 2001, it expanded by acquiring XtraCash ATM Incorporated (established in 1998) through its subsidiary Amicus FSB.
US operations
Amicus maintained an American branch known as Amicus FSB (Federal Savings Bank), founded in 2000 but later discontinued following the termination of joint ventures. This entity partnered with Safeway grocery stores located in western US states and Florida, operating as Safeway SELECT Bank with 161 sites. Additionally, it collaborated with Florida-based Winn-Dixie under the name Marketplace Bank, encompassing 185 locations. The bank offered kiosks facilitating deposits, loans, and withdrawals.
Operations ceased in November 2002, with certificate of deposit holders being transferred to E-Trade Bank. Subsequently, Amicus FSB submitted a voluntary liquidation request to the Federal Deposit Insurance Corporation and officially ended its activities on September 29, 2003.
Key people
- Brian Cassidy, who served as CEO of Amicus Bank before retiring
- Gary Gray, former President of Amicus FSB’s Western Division; later appointed Executive Vice President of Retail Banking at Umpqua Bank