Bank of Ottawa
Encyclopedia
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| Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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The Bank of Ottawa was established in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
in 1874 by Ottawa Valley lumber pioneers. The Bank of Ottawa was of high importance in the city's banking scene for a number of years. James Maclaren presided over the Bank from 1874 until his death in 1892. James Mather served as a bank director from 1879. The branches included Ottawa, Ontario Keewatin and Winnipeg, Manitoba.
After World War I the Bank reached a point where it required new capital and vigorous expansion to remain competitive and maintain its earnings. This was viewed as too expensive, and The Bank of Ottawa amalgamated with The Bank of Nova Scotia in 1919. Through this merger, The Bank of Nova Scotia acquired a number of new branches West of the Ottawa Valley. The Bank of Ottawa, for example, was the first occupant of the building 169 John Street North in Arnprior, Ontario. The bank expanded from the Ottawa Valley to the Pacific Ocean.
Like the other Canadian chartered banks, it issued its own paper money. The bank issued notes 1874-1913. The end dates are the final dates appearing on notes, which may have circulated for some time after. By 1917, the bank needed additional capital. The Bank of Nova Scotia amalgamated with the Bank of Ottawa in 1919. The Bank of Canada
Bank of Canada
The Bank of Canada is Canada's central bank and "lender of last resort". The Bank was created by an Act of Parliament on July 3, 1934 as a privately owned corporation. In 1938, the Bank became a Crown corporation belonging to the Government of Canada...
was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.