Bank of New Brunswick
From Wikipedia, the free encyclopedia
The Bank of New Brunswick was established on March 25, 1820 in the pre-Confederation Province of New Brunswick, Canada as the first Canadian bank to operate under a charter. Headquartered in a new building on Prince William Street in Saint John, it was founded by some of the colony's most prominent businessmen. At the time, Saint John was the largest city in the Maritime Provinces, exceeding in population both Halifax, Nova Scotia, and for a time during the 19th century, even Toronto, Ontario.
John Robinson was elected the first President of the Bank of New Brunswick and served until 1824 when he was succeeded by Charles Simonds.
The acquisition of the City Bank of Saint John in 1839 and the Summerside Bank of P.E.I. in 1901, expanded the Bank's network. Following the City Bank acquisition, City Bank president Thomas Leavitt became president of the Bank of New Brunswick.[1] Leavitt came from a family of merchants, shipowners and shipmasters of Saint John, New Brunswick, who were related to the early Simmons, White and Hazen families of Saint John.[2]
But by the early part of the 20th century it became apparent that the Bank of New Brunswick lacked the capital needed to remain competitive, and its shareholders accepted an offer to merge with the Bank of Nova Scotia on February 15, 1913.
Around thirty-thousand dollars in notes are currently in circulation.[citation needed] These notes can be reimbursed by the Bank of Canada.
