Canadian Bank of Commerce

Last updated
Canadian Bank of Commerce
Industry Banking
Founded15 May 1867 (1867-05-15)
Founder William McMaster
Defunct1 June 1961 (1961-06-01)
FateMerged with the Imperial Bank of Canada
Successor Canadian Imperial Bank of Commerce
This Bank of Commerce building in Toronto was the head office from 1930 to 1961. Overhead is the R-100 airship. Airship Toronto.jpg
This Bank of Commerce building in Toronto was the head office from 1930 to 1961. Overhead is the R-100 airship.

The Canadian Bank of Commerce was a Canadian bank that operated from 1867 to 1961. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce, which today is one of Canada's Big Five banks.

Contents

History

In 1866 a group of businessmen, including William McMaster, purchased a charter from the defunct Bank of Canada, which had folded in 1858. [1] [ failed verification ] The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in Toronto, Ontario. [2] [3]

The bank soon opened branches in London, St. Catharines and Barrie. [3] During the following years, the bank opened more branches in Ontario, and took over the business of the local Gore Bank, [3] before expanding across Canada through the acquisition of the Bank of British Columbia in 1901 and the Halifax Banking Company in 1903. [2]

By 1907 the Canadian Bank of Commerce had 172 branches. [2] By the beginning of World War II, this had expanded to 379 branches, [4] including a large building by Darling and Pearson in Winnipeg, Manitoba, built in 1910 in beaux-arts classic style. [5]

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 [6] 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. [7]

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

The Canadian Bank of Commerce merged with the Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce (CIBC), now one of the Big Five Canadian banks. [1] [8]

Architecture

Commerce Tower in Montreal, designed by Peter Dickinson, was begun for the Bank of Commerce but was not completed until after the merger with the Imperial Bank. 17-08-08-Montreal-RalfR-DSC 3569.jpg
Commerce Tower in Montreal, designed by Peter Dickinson, was begun for the Bank of Commerce but was not completed until after the merger with the Imperial Bank.

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

Mergers

The Canadian Bank of Commerce grew through acquisitions of other banks in Canada: [18]

Leadership

President

  1. William McMaster, 18 April 1867 – 13 July 1886
  2. Henry W. Darling, 13 July 1886 – 17 June 1890
  3. George Albertus Cox, 17 June 1890 – 8 January 1907
  4. Sir Byron Edmund Walker, 8 January 1907 – 27 March 1924
  5. Sir John Aird, 25 April 1924 – 12 January 1937
  6. Sydney Henry Logan, 12 January 1937 – 12 December 1944
  7. Allan Edwin Arscott, 12 December 1944 – 14 December 1948
  8. Stanley Musgrave Wedd, 14 December 1948 – 31 October 1952
  9. James Stewart, 31 October 1952 – 11 December 1956
  10. Neil John McKinnon, 11 December 1956 – 31 May 1961

Chairman of the Board

  1. Sir Joseph Flavelle, 25 April 1924 – 11 January 1938
  2. Sir William Thomas White, 11 January 1938 – 12 December 1944
  3. Sydney Henry Logan, 12 December 1944 – 14 December 1948
  4. Allen Edwin Arscott, 14 December 1948 – 14 October 1952
  5. Stanley Musgrave Wedd, 31 October 1952 – 11 December 1956
  6. James Stewart, 11 December 1956 – 8 December 1959
  7. Neil John McKinnon, 8 December 1959 – 30 May 1961

Bank histories

See also

Related Research Articles

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<span class="mw-page-title-main">Russell E. Harrison</span> Canadian banker (1921–2014)

Russell Edward Harrison was a Canadian banker who served from 1973 to 1976 as president and from 1976 to 1985 as chairman of the board of the Canadian Imperial Bank of Commerce. After serving with the 1st Canadian Parachute Battalion in World War II, Harrison joined the Canadian Bank of Commerce in November 1945 in Winnipeg. Beginning in 1953, Harrison held several managerial position with the Bank of Commerce in Ontario and Quebec, and after its merger with the Imperial Bank of Canada in June 1961, with the new Canadian Imperial Bank of Commerce. In 1969, Harrison was appointed an executive vice-president at the bank's head office in Toronto, and in 1970 was elected a director. In December 1973 he succeeded Jeffery Page Rein Wadsworth as the bank's president, and in December 1976 succeeded Wadsworth as chairman of the board. Harrison retired as chairman in January 1985. He died on 5 January 2014 at age 92.

<span class="mw-page-title-main">L. Stuart Mackersy</span> Scottish-Canadian banker (1891–1973)

Major Lindsay Stuart Mackersy was a Scottish-Canadian banker who served from 1953 to 1956 as president and from 1956 to 1961 chairman of the Imperial Bank of Canada, and then from 1961 to 1963 as the first chairman of the Canadian Imperial Bank of Commerce. Mackersy began his career with the Imperial Bank in 1911. After serving as an artillery officer in the war, he rejoined the bank and, over the ensuing decades, received a series of managerial positions. He was assigned to the head office in Toronto in 1943, became president in 1953, and chairman in 1956. In October 1960, Mackersy initiated the discussions that resulted in the formation of the CIBC. After the merger in 1961, he became the new bank's first chairman, remaining in office until 1963. He retired as a director in 1966, and died in 1973 at age 82.

References

  1. 1 2 Mark Bonham. "Canadian Imperial Bank of Commerce (CIBC)". The Canadian Encyclopedia . Retrieved August 29, 2019.
  2. 1 2 3 The Bankers' Magazine. Vol. 84. BPC (Banker's Magazine) Limited. July 1907. pp. 43–45.
  3. 1 2 3 James L. Darroch (March 1999). Canadian Banks and Global Competitiveness. McGill-Queen's Press - MQUP. pp. 170, 300. ISBN   978-0-7735-1868-1.
  4. Tina Grant (1996). Canadian company histories. Gale Canada. p. 55. ISBN   978-1-896413-06-8.
  5. Sharon Vattay. "Bank Architecture". The Canadian Encyclopedia. Retrieved August 29, 2019.
  6. "East and West Memorial Buildings plaque". National Defence Canada. 16 April 2008. Archived from the original on 23 May 2014. Retrieved 22 May 2014.
  7. "Once Upon A City: Creating Toronto’s skyline". Toronto Star, March 27, 2016, Janice Bradbeer.
  8. Libbie Park; Frank Park (1973). Anatomy of Big Business. James Lorimer & Company. p. 72. ISBN   978-0-88862-040-8.
  9. Bank of Commerce
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  17. Canadian Bank of Commerce. Canada's Historic Places.
  18. "History > Mergers & Amalgamations". cibc.com. Archived from the original on February 3, 2007.
  19. Deborah C. Sawyer. "Bank of British Columbia". The Canadian Encyclopedia. Retrieved August 29, 2019.
  20. Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside.