The Union Bank of Halifax was granted a charter by the government of

Canada Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...

in 1856 and established its head office at the corner of Hollis and Prince Streets in the port city of

Halifax, Nova Scotia Halifax is the capital and largest municipality of the Canadian province of Nova Scotia, and the largest municipality in Atlantic Canada. As of the 2021 Census, the municipal population was 439,819, with 348,634 people in its urban area. The ...

. The driving force behind the bank, and its first chairman, was Halifax businessman and former mayor,

William Machin Stairs William Machin Stairs, (January 21, 1789 – November 28, 1865) was a merchant, a banker, and a statesman. He was born and died in Halifax, Nova Scotia, Canada. William Machin Stairs was the son of John Stairs (1749–1797), a native of ...

(1789–1865). Amongst the Bank's other founders was

John William Ritchie John William Ritchie (26 March 1808 – 13 or 18 December 1890) was a Canadian lawyer and politician from Annapolis Royal, Nova Scotia who is one of the Fathers of Confederation. Ritchie was the son of Thomas Ritchie and Elizabeth Wildman Johnst ...

who served as director until 1866. In the nine years he was in charge, William Machin Stairs began an expansion of the bank that his successors continued. The Union Bank developed a strong regional branch network as well as offices in

Trinidad Trinidad is the larger and more populous of the two major islands of Trinidad and Tobago. The island lies off the northeastern coast of Venezuela and sits on the continental shelf of South America. It is often referred to as the southernmos ...

and

Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico), is a Caribbean island and Unincorporated ...

that served the bank's clients with shipping and trading interests throughout the

Caribbean The Caribbean (, ) ( es, El Caribe; french: la Caraïbe; ht, Karayib; nl, De Caraïben) is a region of the Americas that consists of the Caribbean Sea, its islands (some surrounded by the Caribbean Sea and some bordering both the Caribbean Se ...

. His son,

William James Stairs William is a male given name of Germanic origin.Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 276. It became very popular in the English language after the Norman conquest of Eng ...

served as president of the Bank from 1883 to 1898. By the turn of the century,

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 ...

, and to a lesser degree

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 ...

, were becoming the financial centres for all of Canada. The Union Bank's executive at the time failed to recognize the need for expansion into the growing national market. Within a few years, increased competition from much larger financial institutions meant a merger with another bank was essential for survival. Therefore, in 1910, the board of directors of the Union Bank of Halifax accepted a takeover offer from the

Royal Bank of Canada Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000& ...

, then the country's third-largest bank. The bank was known for the quality and fraternity of its employees. The noted financier

Izaak Walton Killam Izaak Walton Killam (July 23, 1885 – August 5, 1955) was a Canadian financier. Early life Born in Yarmouth, Nova Scotia, he was the son of William Dudman Killam and Arabella Hunter (Belle) Cann. Business ventures As a young banker with the ...

began his business career in his hometown of

Yarmouth, Nova Scotia Yarmouth is a town in southwestern Nova Scotia, Canada. A port town, industries include fishing, and tourism. It is the terminus of a ferry service to Bar Harbor, Maine, run by Bay Ferries. History Originally inhabited by the Mi'kmaq, the regi ...

as a junior clerk at the local branch of the Union Bank of Halifax.

Architecture

The former Union Bank Building in

Winnipeg, Manitoba Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...

built in 1903 to 1904 is on the Registry of Historical Places of Canada. The Union Bank Building in

Birtle, Manitoba Birtle is an unincorporated urban community in the Prairie View Municipality within the Canadian province of Manitoba that held town status prior to 1 January 2015. It is located at the junction of Highways 83 and 42. History Originall ...

, completed in 1902, is on the Registry of Historical Places of Canada.Union Bank
www.historicplaces.ca

References

Defunct banks of Canada Banks established in 1856 Banks disestablished in 1910 1910 disestablishments in Nova Scotia 1910 mergers and acquisitions Canadian companies established in 1856 {{Canada-corp-stub