WASHINGTON - The Office of Thrift Supervision approved a request Monday by a Canadian Imperial Bank of Commerce subsidiary to start a retail banking pilot program at 25 Safeway supermarkets in California and Colorado.
The subsidiary, Amicus Federal Savings Bank of Cicero, Ill., will market the services under the name Safeway Select Bank. Customers will receive the services through electronic banking "pavilions".
CIBC, of Toronto, offers similar services in some Winn-Dixie supermarkets in Florida and has retail banking outlets in the Canadian Loblaw grocery store chain. The banking services carry a brand name associated with the stores.
The Safeway pavilions will include a computer terminal with access to Amicus' Web site, a dedicated telephone line connected to the thrift's call center, and Amicus-employed customer service representatives available 14 hours a day. Automated teller machines that can accept deposits also will be available.
Amicus will offer checking and savings accounts, certificates of deposit, ATM cards, home equity and personal lines of credit, and consumer loans. It also will open four business offices and plans to expand its pavilion network in the next several years.