Canadian Bank of Commerce


The Canadian Bank of Commerce was a Canadian bank which was founded in 1867, and had hundreds of branches throughout Canada. It merged in 1961 with the Imperial Bank of Canada to form the Canadian Imperial Bank of Commerce.

History

In 1866 a group of businessmen, including William McMaster, purchased a charter from the defunct Bank of Canada, which had folded in 1858.
The Canadian Bank of Commerce was founded the following year, issued stock, and opened its headquarters in Toronto, Ontario.
The bank soon opened branches in London, St. Catharines and Barrie. During the following years, the bank opened more branches in Ontario, and took over the business of the local Gore Bank, before expanding across Canada through the acquisition of the Bank of British Columbia in 1901 and the Halifax Banking Company in 1903.
By 1907 the Canadian Bank of Commerce had 172 branches. By the beginning of World War II, this had expanded to 379 branches, including a large building at Darling and Pearson, Winnipeg, Manitoba, built in 1910 in beaux-arts classic style.
During World War I, 1,701 staff from the Canadian Bank of Commerce enlisted in the war effort. A memorial on the East and West Memorial Buildings in Ottawa, Ontario is dedicated to the memory of 1701 Men of the Canadian Bank of Commerce who served in the First World War A War Memorial at Commerce Court in Toronto, Ontario commemorates their service.
In 1931, the Toronto headquarters of the bank, designed by architects John Pearson and Frank Darling, was completed. At 34 stories, for many years it was the tallest building in the British Empire.
Once again, during World War II, 2,300 staff members enlisted in the armed forces.
The Canadian Bank of Commerce merged with the Imperial Bank of Canada in 1961 to form the Canadian Imperial Bank of Commerce, now one of the Big Five Canadian banks.

Architecture

The following are on the Registry of Historical Places of Canada.
The Canadian Bank of Commerce grew through acquisitions of other banks in Canada: