The Unity Bank of Canada was a small Canadian bank that was established in

Toronto, Ontario 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 ancho ...

in 1972. Richard Higgins was president and David Matthews was general manager. It amalgamated with the Provincial Bank of Canada on February 14, 1977. By September 1975, the bank had 23 branches in Quebec, Ontario, British

Columbia Columbia may refer to: * Columbia (personification), the historical female national personification of the United States, and a poetic name for America Places North America Natural features * Columbia Plateau, a geologic and geographic region in ...

and Alberta. In 1977, the Unity Bank experienced problem loans, and large creditors withdrew funds when they became aware of the bank's financial problems. The Bank of Canada advanced funds to provide liquidity support over a three-month period. Historically, very few chartered banks in Canada have experienced liquidity crises.Fred Daniel, Walter Engert and Dinah Maclean, The Bank of Canada as Lender of Last resort", ''Bank of Canada Review'', Winter 2004–2005, p.8
/ref> Journalist Walter Stewart alluded to Unity Bank's troubled history in a 1983 speech to the

Empire Club The Empire Club of Canada is a Canadian speakers' forum. Established in 1903, the Empire Club has provided a forum for many thousands of different speakers. Through a variety of presentation formats, the Empire Club invites local, national and in ...

References

Defunct banks of Canada Banks established in 1972 Banks disestablished in 1979 Companies based in Toronto {{Toronto-stub

See also

References