Canadian Bank of Commerce

For the historic building, see Canadian Bank of Commerce (Watson, Saskatchewan).
Canadian Bank of Commerce
IndustryBanking
Founded15 May 1867 (1867-05-15)
FounderWilliam McMaster
Defunct1 June 1961 (1961-06-01)
FateMerged with the Imperial Bank of Canada
SuccessorCanadian Imperial Bank of Commerce

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.

History

The bank's 1889 head office, designed by Richard Alfred Waite. It was demolished in 1928 to make way for the bank's new headquarters.
This Bank of Commerce building in Toronto was the head office from 1930 to 1961. Overhead is the R-100 airship.

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.

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]

  • 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.[19]
  • Merchants Bank of Prince Edward Island Formed Oct 6, 1871 [20] 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.

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

References

  1. ^ a b Mark Bonham. "Canadian Imperial Bank of Commerce (CIBC)". The Canadian Encyclopedia. Retrieved August 29, 2019.
  2. ^ a b c The Bankers' Magazine. Vol. 84. BPC (Banker's Magazine) Limited. July 1907. pp. 43–45.
  3. ^ a b c 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
  10. ^ Canadian Bank of Commerce. Canada's Historic Places.
  11. ^ Bank of Commerce. Canada's Historic Places.
  12. ^ Canadian Bank of Commerce. Canada's Historic Places.
  13. ^ Bank of Commerce. Canada's Historic Places.
  14. ^ Bank of Commerce. Canada's Historic Places.
  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 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.
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