Fed Backs CIBC Plan For Florida Groceries

The Federal Reserve Board approved on Monday an application by Canadian Imperial Bank of Commerce to provide electronic banking in Florida supermarkets.

To deliver the service under the name Marketplace Bank, the Toronto-based parent will form CIBC National Bank in Maitland, Fla. A pilot program is expected to start in the fourth quarter in 40 Winn-Dixie Stores Inc. supermarkets, provided further approvals are granted by the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, a bank spokeswoman said.

CIBC, which has $185 billion of assets, operates a similar program in Canada through more than 140 Loblaws supermarkets. With the assistance of customer service representatives, shoppers can make deposits and apply for loans through computer terminals in the supermarkets. From elsewhere via the Internet, they are limited to accessing account information, transferring funds, and paying certain bills, according to the Fed's approval order. -- Katharine Fraser