The Canadian Bank of Commerce was a Canadian

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the

Imperial Bank of Canada The Imperial Bank of Canada was a Canadian bank based in Toronto, Ontario, during the late 19th century and early 20th century. History It was founded in 1873 as the Imperial Bank in Toronto by Henry Stark Howland, former vice president of the C ...

to form the

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. ...

History

In 1866 a group of businessmen, including

William McMaster William McMaster (24 December 1811 – 22 September 1887) 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 ...

, purchased a charter from the defunct Bank of Canada, which had folded in 1858. The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...

Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central C ...

. The bank soon opened branches in London, St. Catharines and Barrie. During the following years, the bank opened more branches in Ontario, and took over the business of the local Gore Bank, before expanding across Canada through the acquisition of the Bank of British Columbia in 1901 and the Halifax Banking Company in 1903. By 1907 the Canadian Bank of Commerce had 172 branches. By the beginning of World War II, this had expanded to 379 branches, including a large building by

Darling and Pearson Darling and Pearson was an architectural firm based in Toronto from 1895 through 1937. The firm was prolific and produced consistently fine work though the patronage of notable figures of the Canadian establishment, and is responsible for enhancing ...

Winnipeg Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749, ...

Manitoba , image_map = Manitoba in Canada 2.svg , map_alt = Map showing Manitoba's location in the centre of Southern Canada , Label_map = yes , coordinates = , capital = Winn ...

, built in 1910 in beaux-arts classic style. 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,

is dedicated to the memory of 1701 Men of the Canadian Bank of Commerce who served in the

First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

A War Memorial at

Commerce Court Commerce Court is an office building complex on King and Bay Streets in the financial district of Toronto, Ontario, Canada. The four-building complex is a mix of Art Deco, International, and early Modernism architectural styles. The office co ...

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 The British Empire was composed of the dominions, colonies, protectorates, mandates, and other territories ruled or administered by the United Kingdom and its predecessor states. It began with the overseas possessions and trading posts e ...

. Once again, during

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing ...

, 2,300 staff members enlisted in the armed forces. The Canadian Bank of Commerce merged with the

in 1961 to form the

(CIBC), now one of the Big Five Canadian banks.

Architecture

The following are on the Registry of Historical Places of Canada. * the Bank of Commerce in Nanaimo,

British Columbia British Columbia (commonly abbreviated as BC) is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains. It has a diverse geography, with rugged landscapes that include rocky coastlines, sandy beaches, ...

, built in 1914. * the Canadian Bank of Commerce in

New Westminster New Westminster (colloquially known as New West) is a city in the Lower Mainland region of British Columbia, Canada, and a member municipality of the Metro Vancouver Regional District. It was founded by Major-General Richard Moody as the capi ...

built in 1910 to 1911. * the Bank of Commerce in

Vancouver Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the List of cities in British Columbia, most populous city in the province, the 2021 Canadian census recorded 662,248 people in the ...

, built in 1914 to 1915 * the Canadian Bank of Commerce in Watson,

Saskatchewan Saskatchewan ( ; ) is a province in western Canada, bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and on the south by the U.S. states of Montana and North Dak ...

built in 1906 to 1907. * the Bank of Commerce in

Nokomis Nokomis is the name of Nanabozho's grandmother in the Ojibwe traditional stories and was the name of Hiawatha's grandmother in Henry Wadsworth Longfellow's poem, ''The Song of Hiawatha'', which is a re-telling of the Nanabozho stories. Nokomis is ...

, Saskatchewan, built in 1910. * the Bank of Commerce in

Manitoba , image_map = Manitoba in Canada 2.svg , map_alt = Map showing Manitoba's location in the centre of Southern Canada , Label_map = yes , coordinates = , capital = Winn ...

, completed in 1912. * the Bank of Commerce in Kelsey (Carrot Valley), Manitoba, built in

The Pas The Pas ( ; french: Le Pas) is a town in Manitoba, Canada, located at the confluence of the Pasquia River and the Saskatchewan River and surrounded by the unorganized Northern Region of the province. It is approximately northwest of the provinc ...

in 1912. * the Canadian Bank of Commerce in Innisfree,

Alberta Alberta ( ) is one of the thirteen provinces and territories of Canada. It is part of Western Canada and is one of the three prairie provinces. Alberta is bordered by British Columbia to the west, Saskatchewan to the east, the Northwest Ter ...

, built in 1905. * the Canadian Bank of Commerce in Dawson,

Yukon Yukon (; ; formerly called Yukon Territory and also referred to as the Yukon) is the smallest and westernmost of Canada's three territories. It also is the second-least populated province or territory in Canada, with a population of 43,964 as ...

, built in 1901.

Mergers

The Canadian Bank of Commerce grew through acquisitions of other banks in Canada: * 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 Eastern Townships Bank was founded in 1859 by Colonel Benjamin Pomroy (1800–1875). It was the first financial institution in the south-east of Quebec, an area known as the Eastern Townships, and issued its own banknotes. Within a year after ...

Formed in 1859 and merged with the Commerce in 1912. *

Bank of British Columbia There have been two British Columbian/Canadian banks with the name Bank of British Columbia. The first bank: 1862–1901 The first was established by Royal Charter in 1862, with its head office in London.Historical Essays on British Columbia'. M ...

Established with a Royal Charter in 1862 and merged with the Commerce in 1901. * Merchants Bank of Prince Edward Island Formed Oct 6, 1871 and merged with the Commerce in 1906. * Bank of Hamilton Bank of Hamilton merged with the Commerce in 1924. * The

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. In 1876 it was renamed the Standard Bank of Canada following a reorganization, and under it ...

(changed to St Lawrence Bank 1872-1876) Formed in 1876 and merged with the Commerce in 1928.

References

* Charles Peers Davidson `A Compilation Of The Statutes Passed Since Confederation Relating To Banks And Banking, Government And Other Savings Banks, Promissory Notes And Bills` BiblioLife , January 10, 2010 {{DEFAULTSORT:Canadian Bank Of Commerce Defunct banks of Canada Canadian Imperial Bank of Commerce Banks disestablished in 1961 Banks established in 1867 1867 establishments in Ontario 1961 disestablishments in Ontario 1961 mergers and acquisitions Canadian companies established in 1867

History

Architecture

Mergers

See also

References