Petrolia buys historic Scotiabank building on town’s main street

The Town of Petrolia is considering new uses for a former Scotiabank branch in its downtown after purchasing the more than century-old building.

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“We bought a bank,” said Petrolia chief administrator Rick Charlebois.

Town council this week approved the purchase of the bank building on Petrolia Street where Scotiabank closed its branch earlier this year.

As part of the purchase agreement, Scotiabank will continue to use space at the entrance of the building for two automated banking machines which will continue to operate for bank customers and the public.

Scotiabank said in November it would be closing its Petrolia branch in early 2024. The bank building where the branch was located dates back to 1911.

After initially expressing its disappointment at the loss of the branch, town council approached Scotiabank about selling the building to the municipality, Charlebois said.

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Those discussions began early in the year.

“They had the building appraised recently at $1.2 million, and they sold it to us for $200,000,” Charlebois said.

The agreement includes Scotiabank continuing to have use of space for its automated banking machines for 10 years, Charlebois said.

“The Town of Petrolia is very grateful for the years that Scotiabank has served Petrolia, and to the staff that have operated the branch over the years and served our residents very well,” Mayor Brad Loosley said in a statement.

“We are excited to have the opportunity to utilize the facility in a meaningful way and thank them for their generosity in pricing, and for the opportunity to work together,” he said.

The town said it will seek heritage designation for the building it has pledged to maintain.

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Charlebois ranks the bank as one of the most attractive historic buildings downtown, after Victoria Hall and the former train station that is home to the library.

A committee of town councilors and staff are expected to spend several months looking at potential uses for the site and a public meeting to gather ideas from town residents is planned for June, Charlebois said.

The Scotiabank building in Petrolia joins a growing list of bank branches in the region taking on new uses after closing.

Recently, Lambton Shores paid $1 million for a Bank of Montreal building at the corner of Main Street and Highway 21 in Grand Bend after the branch closed in the spring.

Initial plans are to use the site for additional paid parking spaces, the municipality said.

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“Further details about the future use or specific plans for the property are yet to be finalized at this time, but we are excited to know this land will now be under the control of the municipality,” Mayor Doug Cook said in a statement.

In Plympton-Wyoming, a TD Bank branch building that closed in 2017 has become a health and wellness center owned by the municipality and used by the Central Lambton Family Health Team.

A former CIBC branch in downtown Sarnia was purchased by Lambton County in 2018 and is currently being used by the Judith and Norman Alix Art Gallery and the Sarnia Lambton Youth Wellness Hub.

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