It also had branches in western Canada and agents in the US and UK.
In 1850, it was constituted under the Free Banking Act passed by the parliament of the Province of Canada. To increase its powers and its revenue, the bank was incorporated in 1855. It granted a charter on May 19, 1855 in Montreal allowing it to operate its bank in the same way as other banks. With its head office at the corner of St. James & St. Peter streets (today known as Saint-Jacques and Saint-Pierre streets) in Montreal, it continued in operation until 1925 when it merged with the Bank of Montreal.