The Union Bank of Canada was a Canadian chartered bank which operated 1865–1925, primarily in the

Canadian Prairies The Canadian Prairies (usually referred to as simply the Prairies in Canada) is a region in Western Canada. It includes the Canadian portion of the Great Plains and the Prairie provinces, namely Alberta, Saskatchewan, and Manitoba. These provin ...

Governance

The order of bank presidents was Charles Levy, Andrew Thomson, John Sharples, John Galt, and W.R. Allan.

Earlier expansion

Founded as the Union Bank of Lower Canada in

Quebec City Quebec City is the capital city of the Provinces and territories of Canada, Canadian province of Quebec. As of July 2021, the city had a population of 549,459, and the Census Metropolitan Area (including surrounding communities) had a populati ...

in 1865, the name changed to the Union Bank of Canada in 1886. The first

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 ...

branch opened in 1882. Over the next 20 years, hundreds of branches existed for varying periods in rural Prairie communities for brokering land deals and lending to farmers. In many places, this was the only bank operating. Being the first to develop an extensive branch network throughout the Prairie provinces, the institution became known as the "pioneer bank" of Western Canada. In 1904, the 10-storey (plus mezzanine floor)

Union Bank Building The Union Bank Building ( the Union Bank Tower or Former Union Bank Building and Annex), located in the Exchange District of Winnipeg, Manitoba, is the first skyscraper in Canada, once forming the northern end of Main Street's prestigious Bank ...

in Winnipeg was completed.

United Empire Bank of Canada

In 1903, the legislative banking committee approved the bill to incorporate the Pacific Bank of Canada with the head office in

Victoria Victoria most commonly refers to: * Queen Victoria (1819–1901), Queen of the United Kingdom and Empress of India * Victoria (state), a state of Australia * Victoria, British Columbia, Canada, a provincial capital * Victoria, Seychelles, the capi ...

. In 1905, an extension was requested while awaiting a Treasury Board certificate to operate as a chartered bank. That year, application was made to rename the company as the United Empire Bank of Canada with

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 ...

as the head office and to increase the authorized capital from $2 million to $5 million. In 1906, the banknotes issued were printed by the American Bank Note Co in $5 and $10 denominations. When the Union Bank purchased the United Empire in 1911, the latter had 25 branches, prior to closures because of duplications with the Union Bank.

Further expansion

At the end of 1911, the rationalized network totalled 242 branches, which comprised 1 in

New Brunswick New Brunswick is a Provinces and Territories of Canada, province of Canada, bordering Quebec to the north, Nova Scotia to the east, the Gulf of Saint Lawrence to the northeast, the Bay of Fundy to the southeast, and the U.S. state of Maine to ...

, 1 in

Nova Scotia Nova Scotia is a Provinces and territories of Canada, province of Canada, located on its east coast. It is one of the three Maritime Canada, Maritime provinces and Population of Canada by province and territory, most populous province in Atlan ...

, 76 in

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 ...

, 7 in

Quebec Quebec is Canada's List of Canadian provinces and territories by area, largest province by area. Located in Central Canada, the province shares borders with the provinces of Ontario to the west, Newfoundland and Labrador to the northeast, ...

, 39 in

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 ...

, 67 in

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 ...

, 39 in

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 ...

, 11 in

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 ...

, and 1 in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

England England is a Countries of the United Kingdom, country that is part of the United Kingdom. It is located on the island of Great Britain, of which it covers about 62%, and List of islands of England, more than 100 smaller adjacent islands. It ...

. To be closer to the centre of branch activity, the headquarters moved to Winnipeg in 1912. Yearend branch totals were 285 in 1912, 310 in 1913, 390 in 1919, and 393 in 1920. In 1919, the Union Bank launched a joint venture with the

National Park Bank The National Park Bank was founded in 1856 in New York City, and by the late 19th century, it did more commercial business than any other bank in the country. History The bank built a significant Second Empire early skyscraper at 214-18 Broadway ...

to bring banking services to the Far East. From the New York head office, the Park-Union Bank managed offices in Shanghai, Tokyo, Yokohama and Paris.

Banknotes

Demise

In June 1923, the announcement of a $4.25 million increase in the provision to cover bad loans followed falling stock prices and the retirement of some senior management. Even parliament was debating the stability of the bank. The failure of the

Home Bank of Canada The Home Bank of Canada was a Canadian bank that experienced meteoric growth from its start in 1903 to its sensational and costly collapse in 1923. Its collapse shattered pubic trust in banks and encouraged growth in bank reform sentiment among ...

in August 1923, immediately followed by the insolvency of the

Bank of Hamilton The Bank of Hamilton was established in 1872 by local businessmen in the city of Hamilton, Ontario, Canada under the leadership of Donald MacInnes, Donald McInnes, the bank's first President. Like the other Canadian chartered banks, it issued it ...

and Banque Nationale, undermined confidence in the banking sector, especially regarding the future of the Union Bank. However, at least publicly, the Union Bank continued to proclaim its soundness and strength. During the finalization of merger talks with the

Royal Bank of Canada Royal Bank of Canada (RBC; ) is a Canadian multinational Financial institution, financial services company and the Big Five (banks), largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than ...

in May 1925, the Union Bank had 327 branches of which about 50 were at points of duplication with the Royal. The Union Bank had 320 Canadian branches (204 in the Prairies) at the time of absorption into the Royal that September. The 270 to remain open were rebranded.

Historic buildings

. Municipal designation

References

{{reflist Defunct banks of Canada Banks established in 1865