Imperial Bank of Canada

Last updated
Imperial Bank of Canada
Formerly
Imperial Bank
Industry Financial
FateMerged with the Canadian Bank of Commerce
Successor Canadian Imperial Bank of Commerce
Founded1873 in Toronto, Ontario, Canada
Founder Henry Stark Howland
Defunct1961
Area served
Ontario

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

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.

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.

Contents

History

Founded in 1873 as the Imperial Bank in Toronto by Henry Stark Howland, former vice president of the Canadian Bank of Commerce. The bank became the Imperial Bank of Canada in 1874. [1]

Henry Stark Howland was a businessman and founder of the Imperial Bank of Canada in 1873.

Canadian Bank of Commerce

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.

In 1875, the president of the Imperial Bank of Canada was H.S. Howland, founder of the original Imperial Bank. The bank had a capital of $1,000,000 and the head office was located on Wellington Street in Toronto, Ontario.

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.

The Imperial Bank of Canada branches expanded beyond Toronto and were found in St. Catharines, Ingersoll, Welland and Port Colborne. [2]

St. Catharines City in Ontario, Canada

St. Catharines is the largest city in Canada's Niagara Region and the sixth largest urban area in Ontario, with 96.13 square kilometres of land and 133,113 residents in 2016. It lies in Southern Ontario, 51 kilometres (32 mi) south of Toronto across Lake Ontario, and is 19 kilometres (12 mi) inland from the international boundary with the United States along the Niagara River. It is the northern entrance of the Welland Canal. Residents of St. Catharines are known as St. Cathariners. St. Catharines carries the official nickname "The Garden City" due to its 1,000 acres (4 km2) of parks, gardens, and trails.

Ingersoll, Ontario Town in Ontario, Canada

Ingersoll is a town in Oxford County on the Thames River in southwestern Ontario, Canada. The nearest cities are Woodstock to the east and London to the west.

Welland City in Ontario, Canada

Welland is a city in the Regional Municipality of Niagara in Southern Ontario, Canada. In 2016, it had a population of 52,293.

In 1875, it amalgamated with the Niagara District Bank, [3] which had been chartered on May 19, 1855 in Montreal. [4]

Montreal City in Quebec, Canada

Montreal is the most populous municipality in the Canadian province of Quebec and the second-most populous municipality in Canada. Originally called Ville-Marie, or "City of Mary", it is named after Mount Royal, the triple-peaked hill in the heart of the city. The city is centred on the Island of Montreal, which took its name from the same source as the city, and a few much smaller peripheral islands, the largest of which is Île Bizard. It has a distinct four-season continental climate with warm to hot summers and cold, snowy winters.

Although George Albertus Cox became the bank's president in 1890, Howland remained at the bank until his death in 1902. Cox remained President until 1906. Daniel Robert Wilkie succeeded Cox as president of the Imperial Bank of Canada and died as President in 1914.

George Albertus Cox was a very prominent Canadian businessman and a member of the Senate of Canada.

Imperial Bank of Canada acquired Weyburn Security Bank in 1931 and Barclays Bank (Canada) in 1956.

It merged with the Canadian Bank of Commerce in 1961 to form the Canadian Imperial Bank of Commerce.

Imperial Bank in Gowganda, Ontario, 1910 Post office in Gowganda, Ontario (1910).jpg
Imperial Bank in Gowganda, Ontario, 1910

See also

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References

  1. "Table of Private Acts: Imperial Bank". Department of Justice.
  2. http://digitalcollections.torontopubliclibrary.ca/webDC/images.do?contentID=PICTURES-R-1445 Archived 2011-07-06 at the Wayback Machine Imperial Bank of Canada 1875
  3. "Table of Private Acts: Imperial Bank of Canada". Department of Justice.
  4. Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside.