The Unity Bank of Canada was a small

Canadian Canadians (french: Canadiens) are people identified with the country of Canada. This connection may be residential, legal, historical or cultural. For most Canadians, many (or all) of these connections exist and are collectively the source of ...

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 ...

that was established in

Toronto, Ontario 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 ...

in 1972. Richard Higgins was president and David Matthews was general manager. It amalgamated with the

Provincial Bank of Canada The Provincial Bank of Canada (French: ''Banque provinciale du Canada'') was a Quebec-based bank in Canada that was the product of mergers between the Banque Jacques-Cartier (1861), the Banque d'économie de Québec (1848), the Banque populaire d ...

on February 14, 1977. By September 1975, the bank had 23 branches in Quebec, Ontario, British Columbia and Alberta. In 1977, the Unity Bank experienced problem loans, and large creditors withdrew funds when they became aware of the bank's financial problems. The Bank of Canada advanced funds to provide liquidity support over a three-month period. Historically, very few chartered banks in Canada have experienced liquidity crises.Fred Daniel, Walter Engert and Dinah Maclean, The Bank of Canada as Lender of Last resort", ''Bank of Canada Review'', Winter 2004–2005, p.8
/ref> Journalist Walter Stewart alluded to Unity Bank's troubled history in a 1983 speech to the Empire Club:

References

Defunct banks of Canada Banks established in 1972 Banks disestablished in 1979 Companies based in Toronto {{Toronto-stub

See also

References