Canadian Bank of Commerce

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Canadian Bank of Commerce
Industry Banking
Fate Merged with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce
Founded 1867 (1867) in Toronto, Ontario
Founder William McMaster
Defunct 1961 (1961)
A former Bank of Commerce in Toronto
Bank of Commerce in Regina, 1910
This Bank of Commerce building in Toronto was the head office from 1930 to 1961

The Canadian Bank of Commerce was a Canadian bank cofounded in 1867 by William McMaster. The Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858. [1] The Canadian Bank of Commerce branch built at Darling and Pearson, Winnipeg, Manitoba in 1910 in beaux-arts classicism indicates the financial dominance of Winnipeg, among prairie cities.[2]

It merged with the Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce (CIBC), now one of the Big Five banks.[3]

During World War I, 1,701 staff from the Canadian Bank of Commerce enlisted in the war effort. A memorial on the East and West Memorial Buildings in Ottawa, Ontario is dedicated to the memory of 1701 Men of the Canadian Bank of Commerce who served in the First World War[4] A War Memorial at Commerce Court in Toronto, Ontario commemorates their service.

In 1931, the Toronto headquarters of the bank, designed by architects John Pearson and Frank Darling, was completed. At 34 stories, for many years it was the tallest building in the British Empire.[5]

Once again, during World War II, 2,300 staff members enlisted in the armed forces.

Architecture[edit]

The following are on the Registry of Historical Places of Canada.

Mergers[edit]

The Canadian Bank of Commerce grew through acquisitions of other banks in Canada:[15]

  • Halifax Banking Company Established in 1825 and merged with the Commerce in 1903.
  • Gore Bank Formed in 1836 and merged with the Commerce in 1870.
  • Eastern Townships Bank Formed in 1859 and merged with the Commerce in 1912.
  • Bank of British Columbia Established with a Royal Charter in 1862 and merged with the Commerce in 1901.[16]
  • Merchants Bank of Prince Edward Island Formed Oct 6, 1871 [17] and merged with the Commerce in 1906.
  • Bank of Hamilton Bank of Hamilton merged with the Commerce in 1924.
  • The Standard Bank of Canada (changed to St Lawrence Bank 1872-1876) Formed in 1876 and merged with the Commerce in 1928.

See also[edit]

List of Canadian banks

References[edit]

  1. ^ http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=A1ARTA0001297 Canadian Imperial Bank of Commerce
  2. ^ http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=A1ARTA0000496 Bank Architecture
  3. ^ http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=A1ARTA0001297 Canadian Imperial Bank of Commerce
  4. ^ "East and West Memorial Buildings plaque". National Defence Canada. 2008-04-16. Retrieved 22 May 2014. 
  5. ^ "Once Upon A City: Creating Toronto’s skyline". Toronto Star, March 27, 2016, Janice Bradbeer.
  6. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=1350 Bank of Commerce
  7. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=3506 Canadian Bank of Commerce
  8. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=2752 Bank of Commerce
  9. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=7564 Canadian Bank of Commerce
  10. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=7507 Bank of Commerce
  11. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=5949 Bank of Commerce
  12. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=9313 Bank of Commerce
  13. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=5215 Canadian Bank of Commerce
  14. ^ http://www.historicplaces.ca/visit-visite/affichage-display.aspx?id=15524 Canadian Bank of Commerce
  15. ^ "History > Mergers & Amalgamations > The Canadian Bank of Commerce" at CIBC
  16. ^ http://www.thecanadianencyclopedia.com/index.cfm?PgNm=TCE&Params=A1ARTA0000497 Bank of British Columbia
  17. ^ Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside. 
  • Charles Peers Davidson `A Compilation Of The Statutes Passed Since Confederation Relating To Banks And Banking, Government And Other Savings Banks, Promissory Notes And Bills` BiblioLife | January 10, 2010