The Canadian Bank of Commerce was a Canadian

bank A bank is a financial institution that accepts Deposit account, 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 m ...

that operated from 1867 to 1961. It merged in 1961 with the Imperial Bank of Canada to form the

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; ) is a Canadian Multinational corporation, multinational banking and financial services corporation headquartered at CIBC Square in the Financial District, Toronto, Financial District of Toronto, Ont ...

, which today is one of Canada's Big Five banks.

History

In 1866 a group of businessmen, including William McMaster, 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 ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

Ontario Ontario is the southernmost Provinces and territories of Canada, province of Canada. Located in Central Canada, Ontario is the Population of Canada by province and territory, country's most populous province. As of the 2021 Canadian census, it ...

. 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 in

Winnipeg Winnipeg () is the capital and largest city of the Provinces and territories of Canada, Canadian province of Manitoba. It is centred on the confluence of the Red River of the North, Red and Assiniboine River, Assiniboine rivers. , Winnipeg h ...

Manitoba Manitoba is a Provinces and territories of Canada, province of Canada at the Centre of Canada, longitudinal centre of the country. It is Canada's Population of Canada by province and territory, fifth-most populous province, with a population ...

, 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 Ottawa is the capital city of Canada. It is located in the southern Ontario, southern portion of the province of Ontario, at the confluence of the Ottawa River and the Rideau River. Ottawa borders Gatineau, Gatineau, Quebec, and forms the cor ...

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

First World War World War I or the First World War (28 July 1914 – 11 November 1918), also known as the Great War, was a World war, global conflict between two coalitions: the Allies of World War I, Allies (or Entente) and the Central Powers. Fighting to ...

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 Art Deco, short for the French (), is a style of visual arts, ar ...

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 comprised the dominions, Crown colony, colonies, protectorates, League of Nations mandate, mandates, and other Dependent territory, territories ruled or administered by the United Kingdom and its predecessor states. It bega ...

. Once again, during

World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

, 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

(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 Nanaimo ( ) is a city of about 100,000 on the east coast of Vancouver Island, in British Columbia, Canada. "The Harbour City" was previously known as the "Hub City", which was attributed to its original layout design with streets radiating fr ...

British Columbia British Columbia is the westernmost Provinces and territories of Canada, province of Canada. Situated in the Pacific Northwest between the Pacific Ocean and the Rocky Mountains, the province has a diverse geography, with rugged landscapes that ...

, 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 cap ...

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 cit ...

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

Saskatchewan Saskatchewan is a Provinces and territories of Canada, province in Western Canada. It is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, to the northeast by Nunavut, and to the south by the ...

built in 1906 to 1907. * the Bank of Commerce in Nokomis, Saskatchewan, built in 1910. * the Bank of Commerce in

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

The Pas The Pas ( , ) is a town in Manitoba, Canada, 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 provincial capital, Winn ...

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

Alberta Alberta is a Provinces and territories of Canada, province in Canada. It is a part of Western Canada and is one of the three Canadian Prairies, prairie provinces. Alberta is bordered by British Columbia to its west, Saskatchewan to its east, t ...

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

Yukon Yukon () is a Provinces and territories of Canada, territory of Canada, bordering British Columbia to the south, the Northwest Territories to the east, the Beaufort Sea to the north, and the U.S. state of Alaska to the west. It is Canada’s we ...

, 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 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. * 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 1872 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.

Leadership

President

# William McMaster, 18 April 1867 – 13 July 1886 # Henry W. Darling, 13 July 1886 – 17 June 1890 #

George Albertus Cox George Albertus Cox (7 May 1840 – 16 January 1914) was a very prominent Canadian businessman and a member of the Senate of Canada. Life and career He was born in Colborne, Upper Canada, in 1840. He began work as a telegrapher for the Mont ...

, 17 June 1890 – 8 January 1907 # Sir Byron Edmund Walker, 8 January 1907 – 27 March 1924 # Sir John Aird, 25 April 1924 – 12 January 1937 # Sydney Henry Logan, 12 January 1937 – 12 December 1944 # Allan Edwin Arscott, 12 December 1944 – 14 December 1948 # Stanley Musgrave Wedd, 14 December 1948 – 31 October 1952 # James Stewart, 31 October 1952 – 11 December 1956 # Neil John McKinnon, 11 December 1956 – 31 May 1961

Chairman of the Board

# Sir Joseph Flavelle, 25 April 1924 – 11 January 1938 # Sir William Thomas White, 11 January 1938 – 12 December 1944 # Sydney Henry Logan, 12 December 1944 – 14 December 1948 # Allen Edwin Arscott, 14 December 1948 – 14 October 1952 # Stanley Musgrave Wedd, 31 October 1952 – 11 December 1956 # James Stewart, 11 December 1956 – 8 December 1959 # Neil John McKinnon, 8 December 1959 – 30 May 1961

Bank histories

* Ross, Victor. '' A History of the Canadian Bank of Commerce: Volume 1''. Oxford University Press, 1920. * Ross, Victor. '' A History of the Canadian Bank of Commerce: Volume 2''. Oxford University Press, 1922. * Trigge, Arthur St Lawrence. ''A History of the Canadian Bank of Commerce: Volume 3, 1919-1930.'' Oxford University Press, 1934. * Edinborough, Arnold. '' A History of the Canadian Imperial Bank of Commerce: Volume 4, 1931-1973''. Canadian Imperial Bank of Commerce, 1995. * McQueen, Rod. '' A History of the Canadian Imperial Bank of Commerce: Volume 5, 1973-1999''. ECW Press, 2021.

References

{{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