Jump to content

Union Bank of Canada

Add links
From Wikipedia, the free encyclopedia
Union Bank of Canada
Founded1865
Defunct1925
FateMerged into the Royal Bank of Canada

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

Governance

[edit]

The order of bank presidents was Charles Levy, Andrew Thomson, John Sharples, John Galt, and W.R. Allan.[1]

Former Union Bank, Leland Hotel, and City Hall, Winnipeg, c.1910s.

Earlier expansion

[edit]

Founded as the Union Bank of Lower Canada in Quebec City in 1865, the name changed to the Union Bank of Canada in 1886.[2] The first Winnipeg 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.[3] 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.[2] In 1904, the 10-storey (plus mezzanine floor) Union Bank Building in Winnipeg was completed.[4]

United Empire Bank of Canada

[edit]

In 1903, the legislative banking committee approved the bill to incorporate the Pacific Bank of Canada with the head office in Victoria.[5] In 1905, an extension was requested while awaiting a Treasury Board certificate to operate as a chartered bank.[6] That year, application was made to rename the company as the United Empire Bank of Canada with Toronto as the head office and to increase the authorized capital from $2 million to $5 million.[7] 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,[8] the latter had 25 branches, prior to closures because of duplications with the Union Bank.[9]

Former Union Bank, Victoria, BC, 2018.

Further expansion

[edit]

At the end of 1911, the rationalized network totalled 242 branches, which comprised 1 in New Brunswick, 1 in Nova Scotia, 76 in Ontario, 7 in Quebec, 39 in Manitoba, 67 in Saskatchewan, 39 in Alberta, 11 in British Columbia, and 1 in London, England.[10]

To be closer to the centre of branch activity, the headquarters moved to Winnipeg in 1912.[2] Yearend branch totals were 285 in 1912,[11] 310 in 1913,[12] 390 in 1919,[13] and 393 in 1920.[14]

In 1919, the Union Bank launched a joint venture with the National Park Bank 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.[15]

Banknotes

[edit]
The bank's Toronto office at the corner of King and Bay was designed by Darling and Pearson in 1910. It was demolished in the mid-1930s to make way for the head office of the Imperial Bank.
Banknotes issued by the Union Bank
Years Denominations Printer Ref
1866 $1, $2, $4, $5 American Bank Note Co. [16]
1870 & 1871 $4, $5, $10, $20, $50, $100 British American Bank Note Co. [16]
1886 $5, $10, $20, $50, $100 Canada Bank Note Co. [17]
1893 $5, $10, $20, $50, $100 British American Bank Note Co. [17]
1903 & 1907 $5, $10 American Bank Note Co. [17]
1907 & 1912 $20, $50, $100 American Bank Note Co. [17]
1912 $5, $10 American Bank Note Co. [17]
1921 $5, $10, $20, $50, $100 American Bank Note Co. [17]

Demise

[edit]

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.[18] Even parliament was debating the stability of the bank.[19]

The failure of the Home Bank of Canada in August 1923, immediately followed by the insolvency of the Bank of Hamilton and Banque Nationale, undermined confidence in the banking sector, especially regarding the future of the Union Bank.[20] However, at least publicly, the Union Bank continued to proclaim its soundness and strength.[21]

During the finalization of merger talks with the Royal Bank of Canada in May 1925, the Union Bank had 327 branches of which about 50 were at points of duplication with the Royal.[22] The Union Bank had 320 Canadian branches (204 in the Prairies)[2] at the time of absorption into the Royal that September. The 270 to remain open were rebranded.[23]

Historic buildings

[edit]
Designated Former Union Bank Branches
Completed Location Comments Designated Ref
    1899 Fort Macleod, Alberta First major bank in Macleod. Two-and-a-half storey brick building.      2011 [24]
    1901 Carberry, Manitoba Three-storey building became a Bank of Montreal branch in 1934.      2007a [25]
    1903 Hamiota, Manitoba The two-storey storefront structure is typical of the era.      1995 [26]
    1904 Winnipeg, Manitoba Western Canada's oldest surviving skyscraper.      1995 [4]
    1910 Edmonton, Alberta Only remaining pre-World War I bank building in Edmonton.      1996 [27]
    1910 Maple Creek, Saskatchewan Surviving pressed tin ceiling, woodwork, mouldings, doors, reception desk, and vault.      2006 [28]
    1910 Vancouver, British Columbia Represents the importance of Gastown in the Edwardian era.      2003 [29]
    1912 Victoria, British Columbia Represents the development boom in Victoria 1908–1913.      1995 [30]
    1919 Wawota, Saskatchewan Only financial institution until after World War II. Extended in 1948.      2005 [31]
    1920 Eastend, Saskatchewan Built as a bank, became public offices after 1932.      1987 [32]

^a . Municipal designation

See also

[edit]

References

[edit]
  1. ^ "marples"%29 "Winnipeg Tribune". lib.umanitoba.ca. 23 May 1925. p. 2.
  2. ^ a b c d "Strathmore Times". strathmoretimes.com. 23 May 2013.
  3. ^ "Winnipeg Places". winnipegdowntownplaces.blogspot.com. 15 Feb 2022.
  4. ^ a b "Union Bank Building, Winnipeg, Manitoba". www.historicplaces.ca.
  5. ^ "Daily Colonist". archive.org. 30 May 1903. p. 1.
  6. ^ "Daily Colonist". archive.org. 29 Jan 1905. p. 1.
  7. ^ "Daily Colonist". archive.org. 31 Oct 1905. p. 6.
  8. ^ "Value of Old Banknotes from The United Empire Bank of Canada in Toronto". canadacurrency.com.
  9. ^ "Omineca Herald". library.ubc.ca. 15 Apr 1911. p. 1.
  10. ^ "Daily Colonist". archive.org. 28 Dec 1911. p. 18.
  11. ^ "Creston Review". library.ubc.ca. 10 Jan 1913. p. 6.
  12. ^ "Prospector". library.ubc.ca. 6 Feb 1914. p. 2.
  13. ^ "Creston Review". library.ubc.ca. 6 Feb 1920. p. 6.
  14. ^ "Ledge". library.ubc.ca. 27 Jan 1921. p. 2.
  15. ^ "Bank of Canada Museum". www.bankofcanadamuseum.ca. 22 Apr 2014.
  16. ^ a b "Value of Old Banknotes from The Union Bank of Lower Canada in Quebec". canadacurrency.com.
  17. ^ a b c d e f "Value of Old Banknotes from The Union Bank of Canada in Quebec City". canadacurrency.com.
  18. ^ "Daily News (Nelson)". library.ubc.ca. 22 Jun 1923. p. 1.
  19. ^ "Daily News (Nelson)". library.ubc.ca. 26 Jun 1923. p. 1.
  20. ^ "Daily News (Nelson)". library.ubc.ca. 17 Jan 1924. p. 2.
  21. ^ "Creston Review". library.ubc.ca. 21 Mar 1924. p. 6.
  22. ^ "Cranbrook Herald". library.ubc.ca. 28 May 1925. p. 1.
  23. ^ "Cranbrook Herald". library.ubc.ca. 3 Sep 1925. p. 1.
  24. ^ "Union Bank Building, Fort Macleod, Alberta". www.historicplaces.ca.
  25. ^ "Union Bank Building, Carberry, Manitoba". www.mhs.mb.ca.
  26. ^ "Union Bank Building, Hamiota, Manitoba". www.historicplaces.ca.
  27. ^ "Union Bank Building, Edmonton, Alberta". www.historicplaces.ca.
  28. ^ "Orr Law Office, Maple Creek, Saskatchewan". www.historicplaces.ca.
  29. ^ "Union Bank Building, Vancouver, British Columbia". www.historicplaces.ca.
  30. ^ "Union Bank Building, Victoria, British Columbia". www.historicplaces.ca.
  31. ^ "Royal Bank Building, Wawota, Saskatchewan". www.historicplaces.ca.
  32. ^ "Old Town Office, Eastend, Saskatchewan". www.historicplaces.ca.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Union_Bank_of_Canada&oldid=1258638382"