Eastern Townships Bank

Eastern Township Bank
Location:Eastern Townships, Quebec, Canada
First President:
Existed: 1859-1912
Merged into modern-day Canadian Imperial Bank of Commerce

Eastern Townships Bank was founded in 1859 by Colonel Benjamin Pomroy (1800–1875). It was the first financial institution in the south-east of Quebec, an area known as the Eastern Townships, and issued its own banknotes.

Within a year after its founding, the bank had opened three branches. After consolidating its presence in the Eastern Townships, it opened branches elsewhere in Quebec and in Western Canada (including Grand Forks, British Columbia and Taber, Alberta). By 1911, it had over 100 branches. To increase its presence on a national scale, its shareholders agreed to merge, effective March 1, 1912, with the Canadian Bank of Commerce, which later became Canadian Imperial Bank of Commerce.

The former branch of the Eastern Townships Bank at the corner of Saint Catherine Street and Crescent Street in Montreal is now the flagship store for Parasuco, a line of denim clothing.

The former head office building of the Eastern Townships Bank in Sherbrooke, Quebec is now an art museum, the Musée des beaux-arts de Sherbrooke.

Presidents

See also

References



    This article is issued from Wikipedia - version of the 6/3/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.