Formerly | Canadian Commercial and Industrial Bank (until 1981) [1] |
---|---|
Type | Private |
Industry | Bank |
Founded | July 6, 1976 |
Founder | G. Howard Eaton |
Defunct | September 3, 1985 |
Fate | Bank failure |
Headquarters | , |
Area served | Western Canada |
The Canadian Commercial Bank (CCB) was a bank based in Edmonton, Alberta, Canada which failed in 1985. It received its parliamentary charter in 1975 and established its head office in Edmonton. [2] The bank was privately owned and operated as a wholesale commercial bank.
The Canadian Commercial Bank officially began operations in July 1976, with CDN$22 million of capital. From 1976 to 1982, it operated profitably—usually in the top quartile of Canadian banking. It built a new headquarters in Edmonton, the Canadian Commercial Bank Tower in 1982.
In early 1985, after investing heavily in real estate and energy sector companies, the bank became insolvent during a period of rising interest rates and a falling Canadian dollar. [3] The federal government arranged a $255 million bailout ($0.57 billion today) in an effort to keep the failing institution afloat. [4] In spite of this, the bank ceased operations on September 3, 1985. [5] It was the largest bank failure in Canadian history and the first in Canada in 60 years, though followed shortly that year by the failure of the Northland Bank.
Following the failures, the government weathered calls for the resignation of the governor of the Central Bank, Gerald Bouey. [6] The failures of both banks were the subject of a Commission of Inquiry headed by Supreme Court of Canada Justice Willard Estey, who issued his report in 1986. [7] [8]
Edmonton is the capital city of the Canadian province of Alberta. Edmonton is situated on the North Saskatchewan River and is the centre of the Edmonton Metropolitan Region, which is surrounded by Alberta's central region. The city anchors the northern end of what Statistics Canada defines as the "Calgary–Edmonton Corridor," a region spanning between Edmonton and the city of Calgary, which includes the many smaller municipalities between the two.
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K-Days, formerly known as the Edmonton Exhibition, Klondike Days, and Capital Ex, is an annual 10-day exhibition held in Edmonton, Alberta, Canada mostly in late July. In recent years it has attracted between 700,000 and 800,000 visitors per year. It runs in conjunction with the Taste of Edmonton and – from 2006 through 2012 – the Edmonton Indy.
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