Standard Bank of Canada
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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| Canadian Bank of Commerce The Canadian Bank of Commerce was a Canadian bank cofounded in 1867 by William McMaster. The Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858.... |
The Standard Bank of Canada was a Canadian
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...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
established in 1873 as the St. Lawrence Bank by a group of Toronto businessmen led by J.C. Fitch. In 1876 it was renamed the Standard Bank of Canada following a reorganization, and under its new management it grew. By 1907 it had nearly 50 branches and added another 27 when Standard Bank acquired The Western Bank of Canada (1882-1909), a regional bank headquartered in Oshawa, Ontario
Oshawa, Ontario
Oshawa is a city in Ontario, Canada, on the Lake Ontario shoreline. It lies in Southern Ontario approximately 60 kilometres east of downtown Toronto. It is commonly viewed as the eastern anchor of both the Greater Toronto Area and the Golden Horseshoe. It is now commonly referred to as the most...
.
The bank began to expand into the western provinces, and later combined with The Sterling Bank
Sterling Bank
The Sterling Bank of Canada was a Canadian bank that was incorporated in 1905 in Toronto. It no longer operates.- References :* - Mergers and Amalgamations, The Canadian Bank of Commerce...
in 1924. The combined entity had 243 branches, of which 176 were in Ontario.
Increased competition and other strategic considerations led to The Standard Bank of Canada to merge with the Canadian Bank of Commerce
Canadian Bank of Commerce
The Canadian Bank of Commerce was a Canadian bank cofounded in 1867 by William McMaster. The Canadian Bank of Commerce opened in Toronto with a charter in 1866 that it purchased from the defunct Bank of Canada, which folded in 1858....
in 1928.
The Standard Bank of Canada issued its own banknotes, as many of Canada's banks did in that era. Some examples of these notes can be seen at 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...
's Currency Museum.
See also: List of Canadian banks