Posted Jun 24, 2013, 12:21 PM
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Registered User
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Join Date: Mar 2008
Posts: 3,729
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Via CIBC:
Gore Bank, 1836-1870
The Gore Bank, one of the earliest banks in Upper Canada, was founded by a group of well-known Hamiltonians in 1836. While it faced economic depression soon after opening, the bank prospered in the 1850s during a period of railway expansion and rampant land speculation. Yet, it had gambled on continued growth and, with the crop failure of 1857, was hit hard by imprudent lending practices. Its competitors were similarly affected and suspended operations in the late 1860s. These banks were in debt to The Gore and their closure made its recovery impossible. A merger proposal from The Commerce was accepted over a competing bid because the directors felt The Commerce would offer better banking services to western Ontario. The Gore Bank officially amalgamated with The Canadian Bank of Commerce on May 12, 1870.
Hadn't realized that a Bank of Hamilton survives in Winnipeg despite the CIBC's 1979 move to demolish it.
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"Where architectural imagination is absent, the case is hopeless." - Louis Sullivan
Last edited by thistleclub; Jun 24, 2013 at 12:33 PM.
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