Quebec Bank was founded on June 9, 1818 to meet a perceived need by some merchants and residents of

Quebec City Quebec City ( or ; french: Ville de Québec), officially Québec (), is the capital city of the Provinces and territories of Canada, Canadian province of Quebec. As of July 2021, the city had a population of 549,459, and the Communauté métrop ...

. They wanted an alternative to the newly founded

Bank of Montreal The Bank of Montreal (BMO; french: Banque de Montréal, link=no) is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank; while its head office remains in ...

which they felt was inadequate for the needs of the province. The bank was incorporated in 1822 in Quebec City and made good progress until the great revulsion of 1826–7. The first president was

John William Woolsey John William Woolsey (26 July 1767 – 9 May 1853) was a Canadian businessman born at Quebec. Woolsey was the first president of Quebec Bank which was founded in 1818 and incorporated in 1822. References Biography at the ''Dictionary of Can ...

Robert Henry Bethune Robert Henry Bethune (May 5, 1836 – March 27, 1895) was a Canadian banker born in Cobourg, Upper Canada. He was a son of Alexander Neil Bethune and Jane Eliza Crooks (1809-1861). Robert was raised in Cobourg, educated in private schools and ...

was part of the banks organization from 1864 -1870 during a time when Quebec Bank was changing the way Canadian banks lent money. The bank was predominantly in Quebec and to a lesser extent in Ontario with a few branches in western Canada when it was absorbed by 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& ...

in 1917. The integration of the Quebec Bank into the Royal Bank was made effective January 1, 1918, adding 20 million dollars to the assets of the Royal Bank. A small reminder of the banks existence is the Quebec Bank Building in Montreal with its name carved over the entrance. On July 27, 2018, The Quebec Bank branch 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 ...

, located at 50 King Street East, was designated under Part IV of the ''

Ontario Heritage Act The ''Ontario Heritage Act'', (the ''Act'') first enacted on March 5, 1975, allows municipalities and the provincial government to designate individual properties and districts in the Province of Ontario, Canada, as being of cultural heritage ...

'' as being of cultural heritage value or interest.

References

* W. Stewart WALLACE, ed., The Encyclopedia of Canada, Vol. V, Toronto, University Associates of Canada, 1948, 401p., p. 205

External links

''Quebec History'' - Quebec Bank''
Defunct banks of Canada Banks established in 1818 Banks disestablished in 1917 1917 disestablishments in Quebec Canadian companies established in 1818 {{Bank-stub