Union Bank of Halifax
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... |
| William Machin Stairs William Machin Stairs, was a merchant, a banker, and a statesman. He was born and died in Halifax, Nova Scotia, Canada.... |
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| Royal Bank of Canada The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,... (RBC) |
The Union Bank of Halifax was granted a charter by the government of 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 1856 and established its head office at the corner of Hollis and Prince Streets in the port city of Halifax, Nova Scotia.
The driving force behind the bank, and its first chairman, was Halifax businessman and former mayor, William Machin Stairs
William Machin Stairs
William Machin Stairs, was a merchant, a banker, and a statesman. He was born and died in Halifax, Nova Scotia, Canada....
(1789–1865). Amongst the Bank’s other founders was John William Ritchie
John William Ritchie
John William Gianni was a Canadian lawyer and politician from Annapolis Royal, Nova Scotia. Gianni was the son of Thomas Ritchie and Elizabeth Wildman Johnston. He studied law with his uncle James William Johnston and was admitted to the bar in 1831...
who served as director until 1866. In the nine years he was in charge, William Machin Stairs began an expansion of the bank that his successors continued. The Union Bank developed a strong regional branch network as well as offices in Trinidad
Trinidad
Trinidad is the larger and more populous of the two major islands and numerous landforms which make up the island nation of Trinidad and Tobago. It is the southernmost island in the Caribbean and lies just off the northeastern coast of Venezuela. With an area of it is also the fifth largest in...
and Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
that served the bank's clients with shipping and trading interests throughout the Caribbean
Caribbean
The Caribbean is a crescent-shaped group of islands more than 2,000 miles long separating the Gulf of Mexico and the Caribbean Sea, to the west and south, from the Atlantic Ocean, to the east and north...
. His son, William James Stairs served as president of the Bank from 1883 to 1898.
By the turn of the century, Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
, and to a lesser degree Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
, were becoming the financial centres for all of Canada. The Union Bank's executive at the time failed to recognize the need for expansion into the growing national market. Within a few years, increased competition from much larger financial institutions meant a merger with another bank was essential for survival. Therefore, in 1910, the board of directors of the Union Bank of Halifax accepted a takeover offer from the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
, then the country's third-largest bank.
The bank was known for the quality and fraternity of its employees. The noted financier Izaak Walton Killam
Izaak Walton Killam
Izaak Walton Killam was one of Canada's most eminent financiers.-Early life:Born in Yarmouth, Nova Scotia, Killam rose from paper boy in Yarmouth to become one of Canada's wealthiest individuals.-Business ventures:...
began his business career in his hometown of Yarmouth, Nova Scotia
Yarmouth, Nova Scotia
Yarmouth is a town and fishing port located on the Gulf of Maine in rural southwestern Nova Scotia, Canada. It is the shire town of Yarmouth County. The town is located in the heart of the world's largest lobster fishing grounds and has Canada's highest lobster catch.- History :The townsite may...
as a junior clerk at the local branch of the Union Bank of Halifax.
Architecture
The former Union Bank Building in Winnipeg, Manitoba built in 1903 to 1904 is on the Registry of Historical Places of Canada. The Union Bank Building in Birtle, ManitobaBirtle, Manitoba
Birtle is a small town of 690 people , located on the prairies of western Manitoba, Canada at the junction of Highways 83 and 42.-History:...
, completed in 1902, is on the Registry of Historical Places of Canada.