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The Imperial Bank of Canada was a Canadian
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
based in Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
, Ontario
Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
, during the late 19th century and early 20th century.
History
It was founded in 1873 as the Imperial Bank in Toronto byHenry Stark Howland
Henry Stark Howland (August 2, 1824-January 28, 1902) was a businessman and founder of the Imperial Bank of Canada in 1873.
Howland was born in 1824 in Pawling, New York to William Howland and moved to Upper Canada to join his brother William Pea ...
, former vice president of the Canadian Bank of Commerce
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
In 1866 a ...
. The bank became the Imperial Bank of Canada in 1874.
In 1875, the president of the Imperial Bank of Canada was H.S. Howland, founder of the original Imperial Bank. The bank had a capital of $1,000,000 and the head office was located on Wellington Street in Toronto, Ontario.
The Imperial Bank of Canada branches expanded beyond Toronto and were found in St. Catharines, Ingersoll Ingersoll may refer to:
People
*Ingersoll (surname)
*Ingersoll Lockwood (1841–1918), American lawyer and writer
Places Canada
* Ingersoll, Ontario
United States
* Ingersoll, Oklahoma
* Ingersoll, Wisconsin
* Ingersoll Township, Michigan
* ...
, Welland
Welland is a city in the Regional Municipality of Niagara in Southern Ontario, Canada. As of 2021, it had a population of 55,750.
The city is in the centre of Niagara and located within a half-hour driving distance to Niagara Falls, Niagara-o ...
, Prince Albert, Saskatchewan
Prince Albert is the third-largest city in Saskatchewan, Canada, after Saskatoon and Regina. It is situated near the centre of the province on the banks of the North Saskatchewan River. The city is known as the "Gateway to the North" because ...
and Port Colborne
Port Colborne is a city in Ontario, Canada that is located on Lake Erie, at the southern end of the Welland Canal, in the Niagara Region of Southern Ontario. The original settlement, known as Gravelly Bay, dates from 1832 and was renamed afte ...
.
In 1875, it amalgamated with the Niagara District Bank, which had been chartered on May 19, 1855, in Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
.
Although George Albertus Cox
George Albertus Cox (May 7, 1840 – January 16, 1914) was a very prominent Canadian businessman and a member of the Senate of Canada.
Life and career
He was born in Colborne, Upper Canada, in 1840. He began work as a telegrapher for the Mont ...
became the bank's president in 1890, Howland stayed at the bank until his death in 1902. Cox remained president until 1906. Daniel Robert Wilkie succeeded Cox as president of the Imperial Bank of Canada and died as president in 1914.
The bank acquired Weyburn Security Bank
The Weyburn Security Bank was a chartered bank headquartered in Weyburn, Saskatchewan, Canada. The bank was established by a group of American investors as a private bank in 1910, by 1911 the bank had advanced to the point where it obtained a Can ...
in 1931 and Barclays Bank (Canada) in 1956.
It merged with the Canadian Bank of Commerce
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
In 1866 a ...
in 1961 to form the Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. ...
.
See also
* List of Canadian banksReferences
Defunct banks of Canada Canadian Imperial Bank of Commerce Banks disestablished in 1961 Banks established in 1873 1873 establishments in Ontario 1961 disestablishments in Ontario 1961 mergers and acquisitions {{canada-company-stub