The Union Bank of Canada was a Canadian chartered bank which operated 1865–1925, primarily in the Canadian Prairies.
 | |
| Founded | 1865 |
|---|---|
| Defunct | 1925 |
| Fate | Merged into the Royal Bank of Canada |
Governance
editThe order of bank presidents was Charles Levy, Andrew Thomson, John Sharples, John Galt, and W.R. Allan.[1]
Earlier expansion
editFounded 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
editIn 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]
Further expansion
editAt 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
| 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
editIn 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
editReferences
edit- ^ "marples"%29 "Winnipeg Tribune". lib.umanitoba.ca. 23 May 1925. p. 2.
- ^ a b c d "Strathmore Times". strathmoretimes.com. 23 May 2013.
- ^ "Winnipeg Places". winnipegdowntownplaces.blogspot.com. 15 Feb 2022.
- ^ a b "Union Bank Building, Winnipeg, Manitoba". www.historicplaces.ca.
- ^ "Daily Colonist". archive.org. 30 May 1903. p. 1.
- ^ "Daily Colonist". archive.org. 29 Jan 1905. p. 1.
- ^ "Daily Colonist". archive.org. 31 Oct 1905. p. 6.
- ^ "Value of Old Banknotes from The United Empire Bank of Canada in Toronto". canadacurrency.com.
- ^ "Omineca Herald". library.ubc.ca. 15 Apr 1911. p. 1.
- ^ "Daily Colonist". archive.org. 28 Dec 1911. p. 18.
- ^ "Creston Review". library.ubc.ca. 10 Jan 1913. p. 6.
- ^ "Prospector". library.ubc.ca. 6 Feb 1914. p. 2.
- ^ "Creston Review". library.ubc.ca. 6 Feb 1920. p. 6.
- ^ "Ledge". library.ubc.ca. 27 Jan 1921. p. 2.
- ^ "Bank of Canada Museum". www.bankofcanadamuseum.ca. 22 Apr 2014.
- ^ a b "Value of Old Banknotes from The Union Bank of Lower Canada in Quebec". canadacurrency.com.
- ^ a b c d e f "Value of Old Banknotes from The Union Bank of Canada in Quebec City". canadacurrency.com.
- ^ "Daily News (Nelson)". library.ubc.ca. 22 Jun 1923. p. 1.
- ^ "Daily News (Nelson)". library.ubc.ca. 26 Jun 1923. p. 1.
- ^ "Daily News (Nelson)". library.ubc.ca. 17 Jan 1924. p. 2.
- ^ "Creston Review". library.ubc.ca. 21 Mar 1924. p. 6.
- ^ "Cranbrook Herald". library.ubc.ca. 28 May 1925. p. 1.
- ^ "Cranbrook Herald". library.ubc.ca. 3 Sep 1925. p. 1.
- ^ "Union Bank Building, Fort Macleod, Alberta". www.historicplaces.ca.
- ^ "Union Bank Building, Carberry, Manitoba". www.mhs.mb.ca.
- ^ "Union Bank Building, Hamiota, Manitoba". www.historicplaces.ca.
- ^ "Union Bank Building, Edmonton, Alberta". www.historicplaces.ca.
- ^ "Orr Law Office, Maple Creek, Saskatchewan". www.historicplaces.ca.
- ^ "Union Bank Building, Vancouver, British Columbia". www.historicplaces.ca.
- ^ "Union Bank Building, Victoria, British Columbia". www.historicplaces.ca.
- ^ "Royal Bank Building, Wawota, Saskatchewan". www.historicplaces.ca.
- ^ "Old Town Office, Eastend, Saskatchewan". www.historicplaces.ca.