Canadian Imperial Bank of Commerce has announced it is closing its U.S. electronic banking operations, CIBC National Bank and Amicus FSB, subject to regulatory approval.

CIBC National Bank provides financial services under the Marketplace Bank brand, and Amicus FSB provides financial services under the Safeway SELECT Bank brand. As previously disclosed, these operations were not meeting financial expectations.

Customer deposits with a balance of $1,000 or more on the date of closing will be transferred to E*Trade Bank, subject to regulatory approval. Customer deposits are secure and remain at all times FDIC-insured up to the applicable limits. Customer loans and credit card accounts will continue to be serviced in accordance with their existing terms unless transferred to another financial institution or otherwise closed. If any accounts are transferred to another financial institution, customers will be given appropriate notice.