Canadian Bank of Commerce

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Canadian Bank of Commerce
IndustryBanking
FoundedMay 15, 1867 (1867) in Toronto, Ontario
FounderWilliam McMaster
DefunctJune 1, 1961 (1961)
FateMerged with the Imperial Bank of Canada
SuccessorCanadian Imperial Bank of Commerce
A former Bank of Commerce branch in Toronto
Bank of Commerce in Regina, 1910
This Bank of Commerce building in Toronto was the head office from 1930 to 1961

The Canadian Bank of Commerce was a Canadian bank which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce.

History[edit]

In 1866 a group of businessmen, including William McMaster, purchased a charter from the defunct Bank of Canada, which had folded in 1858.[1][failed verification] The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in Toronto, Ontario.[2][3]

The bank soon opened branches in London, St. Catharines and Barrie.[3] During the following years, the bank opened more branches in Ontario, and took over the business of the local Gore Bank,[3] before expanding across Canada through the acquisition of the Bank of British Columbia in 1901 and the Halifax Banking Company in 1903.[2]

By 1907 the Canadian Bank of Commerce had 172 branches.[2] By the beginning of World War II, this had expanded to 379 branches,[4] including a large building by Darling and Pearson in Winnipeg, Manitoba, built in 1910 in beaux-arts classic style.[5]

During World War I, 1,701 staff from the Canadian Bank of Commerce enlisted in the war effort. A memorial on the East and West Memorial Buildings in Ottawa, Ontario is dedicated to the memory of 1701 Men of the Canadian Bank of Commerce who served in the First World War[6] A War Memorial at Commerce Court in Toronto, Ontario commemorates their service.

In 1931, the Toronto headquarters of the bank, designed by architects John Pearson and Frank Darling, was completed. At 34 stories, for many years it was the tallest building in the British Empire.[7]

Once again, during World War II, 2,300 staff members enlisted in the armed forces.

The Canadian Bank of Commerce merged with the Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce (CIBC), now one of the Big Five Canadian banks.[1][8]

Architecture[edit]

The following are on the Registry of Historical Places of Canada.

Mergers[edit]

The Canadian Bank of Commerce grew through acquisitions of other banks in Canada:[18]

  • Halifax Banking Company Established in 1825 and merged with the Commerce in 1903.
  • Gore Bank Formed in 1836 and merged with the Commerce in 1870.
  • Eastern Townships Bank Formed in 1859 and merged with the Commerce in 1912.
  • Bank of British Columbia Established with a Royal Charter in 1862 and merged with the Commerce in 1901.[19]
  • Merchants Bank of Prince Edward Island Formed Oct 6, 1871 [20] and merged with the Commerce in 1906.
  • Bank of Hamilton Bank of Hamilton merged with the Commerce in 1924.
  • The Standard Bank of Canada (changed to St Lawrence Bank 1872-1876) Formed in 1876 and merged with the Commerce in 1928.

See also[edit]

References[edit]

  1. ^ a b Mark Bonham. "Canadian Imperial Bank of Commerce (CIBC)". The Canadian Encyclopedia. Retrieved August 29, 2019.
  2. ^ a b c The Bankers' Magazine. Vol. 84. BPC (Banker's Magazine) Limited. July 1907. pp. 43–45.
  3. ^ a b c James L. Darroch (March 1999). Canadian Banks and Global Competitiveness. McGill-Queen's Press - MQUP. pp. 170, 300. ISBN 978-0-7735-1868-1.
  4. ^ Tina Grant (1996). Canadian company histories. Gale Canada. p. 55. ISBN 978-1-896413-06-8.
  5. ^ Sharon Vattay. "Bank Architecture". The Canadian Encyclopedia. Retrieved August 29, 2019.
  6. ^ "East and West Memorial Buildings plaque". National Defence Canada. 16 April 2008. Archived from the original on 23 May 2014. Retrieved 22 May 2014.
  7. ^ "Once Upon A City: Creating Toronto’s skyline". Toronto Star, March 27, 2016, Janice Bradbeer.
  8. ^ Libbie Park; Frank Park (1973). Anatomy of Big Business. James Lorimer & Company. p. 72. ISBN 978-0-88862-040-8.
  9. ^ Bank of Commerce
  10. ^ Canadian Bank of Commerce. Canada's Historic Places.
  11. ^ Bank of Commerce. Canada's Historic Places.
  12. ^ Canadian Bank of Commerce. Canada's Historic Places.
  13. ^ Bank of Commerce. Canada's Historic Places.
  14. ^ Bank of Commerce. Canada's Historic Places.
  15. ^ Bank of Commerce. Canada's Historic Places.
  16. ^ Canadian Bank of Commerce. Canada's Historic Places.
  17. ^ Canadian Bank of Commerce. Canada's Historic Places.
  18. ^ "History > Mergers & Amalgamations". cibc.com. Archived from the original on February 3, 2007.
  19. ^ Deborah C. Sawyer. "Bank of British Columbia". The Canadian Encyclopedia. Retrieved August 29, 2019.
  20. ^ Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside.
  • Charles Peers Davidson `A Compilation Of The Statutes Passed Since Confederation Relating To Banks And Banking, Government And Other Savings Banks, Promissory Notes And Bills` BiblioLife | January 10, 2010
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