Molson Bank
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| Company type | Private |
|---|---|
| Industry | Bank |
| Founded | Montreal, Quebec, Canada 1850 |
| Founder | |
| Defunct | 1925 |
| Fate | Acquired by the Bank of Montreal |
| Headquarters | , |
Number of locations | 125 |
Area served |
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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.
Operations
[edit]
In 1837, the bank opened and issued its first banknotes.[1] 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[2] 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
[edit]The bank operated 125 branches primarily in Quebec and Ontario. It also had branches in western Canada and agents in the US and UK.[3]
The Bank of Montreal at 3 King Street South, Waterloo, Ontario, is a former branch of the Molson Bank that was built in 1914 and is on the Registry of Historical Places of Canada.[4]
Presidents
[edit]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[5]
Gallery
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Molson Bank -
Molson Bank in Montreal -
Waterloo Molsons Bank Building (BMO Branch) with Marsland Centre (BMO Data Centre) behind. -
This BMO branch in Waterloo, Ontario retains the Molsons Bank name on the plinth. -
Molson Bank branch, constructed in 1905, at the corner of Saint-Rémi and Notre-Dame in Montreal, Quebec, Canada
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See also
[edit]References
[edit]- ^ "Value of Old Banknotes from The Molsons Bank of Montreal, Canada". canadacurrency.com.
- ^ Pound, Richard W. (2005). Fitzhenry and Whiteside Book of Canadian Facts and Dates. Fitzhenry and Whiteside.
- ^ Wark, S. Arnold (1919). City of Calgary year book. Calgary. p. 123.
{{cite book}}: CS1 maint: location missing publisher (link)[permanent dead link] - ^ "Bank of Montreal 3, Waterloo". Canada's Historic Places. Parks Canada. Retrieved August 6, 2022.
- ^ http://www.bmo.com/bmo/files/images/4/1/BMOHistoryEng.pdf [bare URL 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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