Bank of Vancouver
- Not to be confused with the First National Bank of Vancouver, Washington.
The Bank of Vancouver was a short-lived Canadian chartered[1] bank that was established in Vancouver, British Columbia on July 30, 1910 and went out of business on December 14, 1914.[2]
The bank was incorporated on April 3, 1908, with a "capital stock of $2,000,000".[3] It opened on July 30, 1910 in the Flack Building on the corner of Hastings and Cambie Streets "in the midst of a real estate and industrial boom",[2] with Robert Purves McLennan as president.[3] Its founders included Lieutenant Governor James Paterson and William Harold Malkin.[2] A branch was opened in the provincial capital of Victoria.[4]
However, the economic boom ended in 1912. Also, British and German capital began leaving British Columbia because of fears of impending war.[2] The bank limped along for two more years, but the failure of the Dominion Trust Company in October 1914 shook public confidence in financial institutions, and depositors began withdrawing their money.[3] The bank was forced to suspend payments on December 14.
Canadian chartered banks were allowed to issue bank notes until 1943. On June 24, 2010, the first $5 bank note issued by the Bank of Vancouver (serial number 000001) was sold at auction for $177,000.[5]
References
- ^ "VANCOUVER BANK MAY DISAPPEAR". The Toronto World. January 15, 1914.
- ^ a b c d John Mackie (June 15, 2010). "Bank of Vancouver $5 bill expected to fetch up to $100,000 at auction". Vancouver Sun.
- ^ a b c Greene, Ronald (2005). "McLennan, Robert Purves". In Cook, Ramsay; Bélanger, Réal (eds.). Dictionary of Canadian Biography. Vol. XV (1921–1930) (online ed.). University of Toronto Press.
- ^ "Archives Subject Headings Bul-Cam". City of Victoria Archives. Archived from the original on July 17, 2011. Retrieved June 15, 2010.
- ^ John Mackie (June 24, 2010). "Bank of Vancouver $5 note sells for record $177,000". Vancouver Sun.
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