Molson Bank

Molson Bank
Industry Bank
Fate Acquired by the Bank of Montreal
Founded Montreal, Quebec, Canada 1850
Founder
Defunct 1925
Headquarters Montreal, Quebec, Canada
Number of locations
 125
Area served

The Molson Bank (sometimes labeled Molsons Bank) was a Canadian bank founded in Montreal, Quebec, by brothers William (1793–1875) and John Molson, Jr. (1787–1860), the sons of brewery magnate John Molson.

History

Newspaper ad from Ontario, 1916.

In 1850, it was constituted under the Free Banking Act passed by the parliament of the Province of Canada. To increase its powers and its revenue, the bank was incorporated in 1855. It was granted a charter on May 19, 1855 in Montreal [1] allowing it to operate its bank in the same way as other banks. With its head office at the corner of St. James & St. Peter streets (today known as Saint-Jacques and Saint-Pierre streets) in Montreal, it continued in operation until 1925 when it merged with the Bank of Montreal.

Branches

The bank operated 125 branches primarily in Quebec and Ontario. It also had branches in western Canada and agents in the US and UK.[2]

The Bank of Montreal at 3 King Street South in Waterloo, Ontario, formerly known as the Molson's Bank, built in 1914 is on the Registry of Historical Places of Canada.[3]

Presidents

William Molson was the first President (1855-1875) and brother John Molson Jr. as vice-president (1855-1860). Other Molsons to work at the bank included:

  • John Thomas Molson was President in 1875
  • John Henry Robinson Molson, President 1889-1897
  • Frederick William Molson(1860-1929) was President of the bank from 1921 to 1924.[4]

See also

References

  1. ↑ Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside.
  2. ↑ Wark, S. Arnold (1919). City of Calgary year book. Calgary. p. 123.
  3. ↑ http://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=14386&pid=0 Bank of Montreal
  4. ↑ http://www.bmo.com/bmo/files/images/4/1/BMOHistoryEng.pdf
  • Denison, Merrill, 1893–1975. Canada's first bank : a history of the Bank of Montreal. Toronto: McClelland and Stewart, c1966. 2 v. : ill., maps, ports., (some folded, some col). ; 25 cm.


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