Canadian Bank of Commerce

Last updated
Canadian Bank of Commerce
Industry Banking
FateMerged with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce
FoundedMay 15 1867 (1867) in Toronto, Ontario
Founder William McMaster
DefunctJune 1, 1961 (1961)
A former Bank of Commerce in Toronto Canadian Bank of Commerce 744 Queen East.jpg
A former Bank of Commerce in Toronto
Bank of Commerce in Regina, 1910 Bank of Commerce 1910 Regina.jpg
Bank of Commerce in Regina, 1910
This Bank of Commerce building in Toronto was the head office from 1930 to 1961 Airship Toronto.jpg
This Bank of Commerce building in Toronto was the head office from 1930 to 1961

The Canadian Bank of Commerce was a Canadian bank which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce.

Canada Country in North America

Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States, stretching some 8,891 kilometres (5,525 mi), is the world's longest bi-national land border. Its capital is Ottawa, and its three largest metropolitan areas are Toronto, Montreal, and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra. Consequently, its population is highly urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, with 70% of citizens residing within 100 kilometres (62 mi) of the southern border. Canada's climate varies widely across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons.

Bank financial institution

A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.

Imperial Bank of Canada

The Imperial Bank of Canada was a Canadian bank based in Toronto, Ontario in the late 19th Century and early 20th Century.

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] The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in Toronto, Ontario. [2] [3]

William McMaster Canadian politician

William McMaster was a Canadian wholesaler, Senator and banker in the 19th century. A director of the Bank of Montreal from 1864 to 1867, he was a driving force behind the creation of the Canadian Bank of Commerce of which he served as the founding president from 1867 to his death in 1887.

The Bank of Canada was granted a charter on August 16, 1858. The charter was granted to William Cayley, Joseph Curran Morrison, Angus Morrison Esq., John Ross, William Henry Boulton Esq. and Frederick William Cumberland Esq. The charter was never used and eventually sold to William McMaster in 1866 and renamed the Canadian Bank of Commerce, later became CIBC.

Toronto Provincial capital city in Ontario, Canada

Toronto is the provincial capital of Ontario and the most populous city in Canada, with a population of 2,731,571 in 2016. Current to 2016, the Toronto census metropolitan area (CMA), of which the majority is within the Greater Toronto Area (GTA), held a population of 5,928,040, making it Canada's most populous CMA. Toronto is the anchor of an urban agglomeration, known as the Golden Horseshoe in Southern Ontario, located on the northwestern shore of Lake Ontario. A global city, Toronto is a centre of business, finance, arts, and culture, and is recognized as one of the most multicultural and cosmopolitan cities in the world.

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 at Darling and Pearson, Winnipeg, Manitoba, built in 1910 in beaux-arts classic style. [5]

Winnipeg Provincial capital city in Manitoba, Canada

Winnipeg is the capital and largest city of the province of Manitoba in Canada. Centred on the confluence of the Red and Assiniboine rivers, it is near the longitudinal centre of North America, approximately 110 kilometres (70 mi) north of the Canada–United States border.

Manitoba Province of Canada

Manitoba is a province at the longitudinal centre of Canada. It is often considered one of the three prairie provinces and is Canada's fifth-most populous province with its estimated 1.3 million people. Manitoba covers 649,950 square kilometres (250,900 sq mi) with a widely varied landscape, stretching from the northern oceanic coastline to the southern border with the United States. The province is bordered by the provinces of Ontario to the east and Saskatchewan to the west, the territories of Nunavut to the north, and Northwest Territories to the northwest, and the U.S. states of North Dakota and Minnesota to the south.

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.

Ottawa Federal capital city in Ontario, Canada

Ottawa is the capital city of Canada. It stands on the south bank of the Ottawa River in the eastern portion of southern Ontario. Ottawa borders Gatineau, Quebec; the two form the core of the Ottawa–Gatineau census metropolitan area (CMA) and the National Capital Region (NCR). As of 2016, Ottawa had a city population of 964,743 and a metropolitan population of 1,323,783 making it the fourth-largest city and the fifth-largest CMA in Canada.

Ontario Province of Canada

Ontario is one of the 13 provinces and territories of Canada and is located in east-central Canada. It is Canada's most populous province accounting for 38.3 percent of the country's population, and is the second-largest province in total area. Ontario is fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included. It is home to the nation's capital city, Ottawa, and the nation's most populous city, Toronto, which is also Ontario's provincial capital.

World War I 1914–1918 global war originating in Europe

World War I, also known as the First World War or the Great War, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. Contemporaneously described as "the war to end all wars", it led to the mobilisation of more than 70 million military personnel, including 60 million Europeans, making it one of the largest wars in history. It is also one of the deadliest conflicts in history, with an estimated nine million combatants and seven million civilian deaths as a direct result of the war, while resulting genocides and the 1918 influenza pandemic caused another 50 to 100 million deaths worldwide.

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]

Commerce Court building complex in Toronto

Commerce Court is a complex of four office buildings on King and Bay Streets in the financial district of Toronto, Ontario, Canada, The primary tenant is the Canadian Imperial Bank of Commerce (CIBC) which has its headquarters in the building. The buildings are a mix of Art Deco, International, and early Modernism architectural styles.

John A. Pearson British architect

John Andrew Pearson was an early 20th-century Canadian architect and partner to the Toronto-based firm of Darling and Pearson.

Frank Darling (architect) Canadian architect

Frank Darling was an important Canadian architect, winner of the RIBA Gold medal in 1915, who designed many of Toronto's landmark institutional and financial buildings, as well as scores of bank branches throughout the country. Darling is best described as an 'Edwardian imperialist' in his outlook and architectural approach, and accordingly left a legacy of fine Edwardian Baroque buildings in Canada's major cities, representative of the period's prosperity and optimism.

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

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]

See also

List of Canadian banks

Related Research Articles

Canadian Imperial Bank of Commerce company

The Canadian Imperial Bank of Commerce, commonly referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT. It is also one of the two major banks originally founded in Toronto alongside Toronto-Dominion Bank.

Bank of Montreal Canadian bank

The Bank of Montreal, (French: Banque de Montréal) doing business as BMO Financial Group, is a Canadian multinational investment bank and financial services company headquartered in Toronto, Ontario, Canada. One of the Big Five banks in Canada, it is the fourth-largest bank in Canada by market capitalization and assets, as well as one of the ten largest banks in North America. It is commonly known by its acronym BMO, which is also its stock symbol on both the Toronto Stock Exchange and the New York Stock Exchange.

Toronto–Dominion Bank banking and financial services corporation

The Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. Commonly known as TD and operating as TD Bank Group, the bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869, respectively.

Royal Bank of Canada financial institution in Canada

The Royal Bank of Canada (RBC) (French: Banque Royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 16 million clients and has 80,000 employees worldwide. The bank was founded in 1864 in Halifax, Nova Scotia, while its corporate headquarters are located in Toronto, Ontario, and in Montreal, Quebec. RBC's Institution Number is 003. In November 2017, RBC was added to the Financial Stability Board's list of global systemically important banks.

CIBC Wood Gundy is the Canadian full-service retail brokerage division of CIBC World Markets Inc., a subsidiary of the Canadian Imperial Bank of Commerce (CIBC). Through its network of over 1,000 investment advisors working in 80 locations across Canada, CIBC Wood Gundy offers an array of investment and insurance products and services.

Molson Bank former bank in Canada, merged into the Bank of Montreal

The Molson Bank was a Canadian bank founded in Montreal, Quebec, by brothers William (1793–1875) and John Molson, Jr. (1787–1860), the sons of brewery magnate John Molson.

There have been two British Columbian/Canadian banks with the name Bank of British Columbia.

Standard Bank of Canada

The Standard Bank of Canada was a Canadian bank established in 1873 as the St. Lawrence Bank by a group of Toronto businessmen led by John Charles Fitch.

Bank of New Brunswick

The Bank of New Brunswick, established in 1820, was the first Canadian bank to operate under a charter. The bank operated independently in New Brunswick and later in Prince Edward Island until it merged with the Bank of Nova Scotia in 1913.

The Canadian Imperial Bank of Commerce Building is a building at 265 Saint-Jacques Street in Montreal, Quebec, Canada.

Bank of Hamilton

The Bank of Hamilton was established in 1872 by local businessmen in the city of Hamilton, Ontario, Canada under the leadership of Donald McInnes, the bank's first President. Like the other Canadian chartered banks, it issued its own paper money. The bank issued notes 1872-1922. The end dates are the final dates appearing on notes, which may have circulated for some time after.

Commerce Place II

Commerce Place II is a building in Hamilton, Ontario, Canada, the second tower built in 1990 and part of a twin tower complex. The complex is known as Commerce Place. The first tower; Commerce Place I was built in 1987. The 16-storey twin towers stand at 81.0 meters. This makes Commerce Place the 9th tallest building complex in Hamilton, Ontario, Canada. It is situated on the corners of King Street East and MacNab Street South.

Commerce Place I

Commerce Place I is a building in Hamilton, Ontario, Canada, the first tower built in 1987 and part of a twin tower complex. The complex is known as Commerce Place. The second tower; Commerce Place II was built in 1990. The 16-storey twin towers stand at 81.0 meters. This makes Commerce Place the 9th tallest building complex in Hamilton, Ontario, Canada. It is situated on the corners of King Street East and James Street North.

ICICI Bank Canada is the Canadian subsidiary of the Indian multinational ICICI Bank, India’s largest private sector bank by consolidated assets. ICICI Bank Canada’s corporate office is located in Toronto, Ontario. Established in December 2003, ICICI Bank Canada is a full-service direct bank with an asset base of about $6.2 billion as at December 31, 2017. It is governed by Canada’s Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions. The bank has eight branches in Canada: one in Calgary, Alberta; one in Surrey, British Columbia; and six in the Greater Toronto Area, Ontario.

CIBC is the Canadian Imperial Bank of Commerce.

A routing number is the term for bank codes in Canada. Routing numbers consist of eight numerical digits with a dash between the fifth and sixth digit for paper financial documents encoded with magnetic ink character recognition and nine numerical digits without dashes for electronic funds transfers. Routing numbers are regulated by Payments Canada, formerly known as the Canadian Payments Association, to allow easy identification of the branch location and financial institution associated with an account.

References

  1. 1 2 Bonham, Mark S. "Canadian Imperial Bank of Commerce (CIBC)". thecanadianencyclopedia.ca.
  2. 1 2 3 The Bankers' Magazine. 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. Vattay, Sharon. "Bank Architecture". thecanadianencyclopedia.ca.
  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
  10. Canadian Bank of Commerce. Canada's Historic Places.
  11. Bank of Commerce. Canada's Historic Places.
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  13. Bank of Commerce. Canada's Historic Places.
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  15. Bank of Commerce. Canada's Historic Places.
  16. Canadian Bank of Commerce. Canada's Historic Places.
  17. Canadian Bank of Commerce. Canada's Historic Places.
  18. "History > Mergers & Amalgamations". cibc.com. Archived from the original on Feb 3, 2007.
  19. Sawyer, Deborah C. "Bank of British Columbia". thecanadianencyclopedia.ca.
  20. Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside.