{{Short description|Canadian bank (1865–1925)}} {{Infobox company | logo = Union_Bank_of_Canada_crest.png | former_name = Union Bank of Lower Canada | industry = Banking | founded = {{start date|1865|9|18|df=y}} | defunct = 1925 | fate = Merged into the Royal Bank of Canada | hq_location = 54, rue Saint-Pierre | hq_location_city = Quebec City, Quebec }}
The '''Union Bank of Canada''' was a Canadian chartered bank which operated 1865–1925, primarily in the Canadian Prairies.
==Governance== The order of bank presidents was Charles Levy, Andrew Thomson, John Sharples, John Galt, and W.R. Allan.<ref>{{Cite web | url=https://digitalcollections.lib.umanitoba.ca/islandora/object/uofm%3A2153559?solr%5Bquery%5D=%28"marples"%29 |p=2 |title=Winnipeg Tribune |date=23 May 1925 | website=lib.umanitoba.ca}}</ref> thumb|The Union Bank's headquarters in Quebec City at 54 rue Saint-Pierre. ==Earlier expansion== Founded as the Union Bank of Lower Canada in Quebec City in 1865, the name changed to the Union Bank of Canada in 1886.<ref name=23May13>{{Cite web | url=https://strathmoretimes.com/2013/early-canadian-bank-of-commerce |title=Strathmore Times |date=23 May 2013 |website=strathmoretimes.com}}</ref> 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.<ref>{{Cite web | url=https://winnipegdowntownplaces.blogspot.com/2022/02/885-portage-avenue-former-royal-bank-of.html |title=Winnipeg Places |date=15 Feb 2022 |website=winnipegdowntownplaces.blogspot.com}}</ref> 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.<ref name="23May13" /> In 1904, the 10-storey (plus mezzanine floor) Union Bank Building in Winnipeg was completed.<ref name=HisWin>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=8645&pid=0 |title=Union Bank Building, Winnipeg, Manitoba |website=www.historicplaces.ca}}</ref>
==United Empire Bank of Canada== In 1903, the legislative banking committee approved the bill to incorporate the Pacific Bank of Canada with the head office in Victoria.<ref>{{Cite web | url=https://archive.org/details/dailycolonist19030530uvic/mode/2up?view=theater&q=passed |p=1 |title=Daily Colonist |date=30 May 1903 | website=archive.org}}</ref> In 1905, an extension was requested while awaiting a Treasury Board certificate to operate as a chartered bank.<ref>{{Cite web | url=https://archive.org/details/dailycolonist19050129uvic/mode/2up?view=theater&q=bank |p=1 |title=Daily Colonist |date=29 Jan 1905 | website=archive.org}}</ref> 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.<ref>{{Cite web | url=https://archive.org/details/dailycolonist19051031uvic/page/n5/mode/2up?view=theater&q=empire |p=6 |title=Daily Colonist |date=31 Oct 1905 | website=archive.org}}</ref> 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,<ref>{{Cite web | url=https://canadacurrency.com/chartered-bank-notes/toronto/value-of-old-banknotes-from-the-united-empire-bank-of-canada-in-toronto |title=Value of Old Banknotes from The United Empire Bank of Canada in Toronto |website=canadacurrency.com}}</ref> the latter had 25 branches, prior to closures because of duplications with the Union Bank.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/omineca/1.0083027#p0z-4r0f:%22Empire%22 |p=1 |title=Omineca Herald |date=15 Apr 1911 |website=library.ubc.ca}}</ref>
==Further expansion== At 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.<ref>{{Cite web | url=https://archive.org/details/dailycolonist53695uvic/page/n17/mode/1up?view=theater&q=242 |p=18 |title=Daily Colonist |date=28 Dec 1911 | website=archive.org}}</ref>
To be closer to the centre of branch activity, the headquarters moved to Winnipeg in 1912.<ref name="23May13" /> Yearend branch totals were 285 in 1912,<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/xcrestonrev/1.0173116#p5z-4r0f:%22branch%22 |p=6 |title=Creston Review |date=10 Jan 1913 |website=library.ubc.ca}}</ref> 310 in 1913,<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/proslill/1.0212089#p1z-4r0f:%22Union%22 |p=2 |title=Prospector |date=6 Feb 1914 |website=library.ubc.ca}}</ref> 390 in 1919,<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/xcrestonrev/1.0173735#p5z-4r0f:%22branch%22 |p=6 |title=Creston Review |date=6 Feb 1920 |website=library.ubc.ca}}</ref> and 393 in 1920.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/xledgreen/1.0306138#p1z-3r0f:%22393%22 |p=2 |title=Ledge |date=27 Jan 1921 |website=library.ubc.ca}}</ref>
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.<ref>{{Cite web | url=https://www.bankofcanadamuseum.ca/2014/04/notes-collection-recent-acquisitions-ii |title=Bank of Canada Museum |date=22 Apr 2014 |website=www.bankofcanadamuseum.ca}}</ref>
==Banknotes== {| class="wikitable" ! colspan="4" style="background:#ffdead;" | Banknotes issued by the Union Bank |- ! Years !! Denominations !! Printer !! Ref |- | 1866 || $1, $2, $4, $5 || American Bank Note Co. || <ref name=UBLC>{{Cite web | url=https://canadacurrency.com/chartered-bank-notes/quebec-non-specific/value-of-old-banknotes-from-the-union-bank-of-lower-canada-in-quebec |title=Value of Old Banknotes from The Union Bank of Lower Canada in Quebec |website=canadacurrency.com}}</ref> |- | 1870 & 1871 || $4, $5, $10, $20, $50, $100 || British American Bank Note Co. || <ref name="UBLC" /> |- | 1886 || $5, $10, $20, $50, $100 || Canada Bank Note Co. || <ref name=UBC>{{Cite web | url=https://canadacurrency.com/chartered-bank-notes/quebec-city/value-of-old-banknotes-from-the-union-bank-of-canada-in-quebec-city |title=Value of Old Banknotes from The Union Bank of Canada in Quebec City |website=canadacurrency.com}}</ref> |- | 1893 || $5, $10, $20, $50, $100 || British American Bank Note Co. || <ref name="UBC" /> |- | 1903 & 1907 || $5, $10 || American Bank Note Co. || <ref name="UBC" /> |- | 1907 & 1912 || $20, $50, $100 || American Bank Note Co. || <ref name="UBC" /> |- | 1912 || $5, $10 || American Bank Note Co. || <ref name="UBC" /> |- | 1921 || $5, $10, $20, $50, $100 || American Bank Note Co. || <ref name="UBC" /> |}
==Demise== In 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.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/nelsondaily/1.0401028#p0z-2r0f:%22losses%22 |p=1 |title=Daily News (Nelson) |date=22 Jun 1923 |website=library.ubc.ca}}</ref> Even parliament was debating the stability of the bank.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/nelsondaily/1.0401049#p1z-2r0f:%22Union%22 |p=1 |title=Daily News (Nelson) |date=26 Jun 1923 |website=library.ubc.ca}}</ref>
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.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/nelsondaily/1.0400615#p1z-2r0f:%22Union%22 |p=2 |title=Daily News (Nelson) |date=17 Jan 1924 |website=library.ubc.ca}}</ref> However, at least publicly, the Union Bank continued to proclaim its soundness and strength.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/xcrestonrev/1.0174200#p5z-4r0f:%22Union%22 |p=6 |title=Creston Review |date=21 Mar 1924 |website=library.ubc.ca}}</ref>
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.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/cranherald/1.0069279#p0z-3r0f:%22327%22 |p=1 |title=Cranbrook Herald |date=28 May 1925 |website=library.ubc.ca}}</ref> The Union Bank had 320 Canadian branches (204 in the Prairies)<ref name="23May13" /> at the time of absorption into the Royal that September. The 270 to remain open were rebranded.<ref>{{Cite web | url=https://open.library.ubc.ca/viewer/cranherald/1.0069543#p0z-2r0f:%22270%22 |p=1 |title=Cranbrook Herald |date=3 Sep 1925 |website=library.ubc.ca}}</ref>
==Historic buildings== {| class="wikitable" ! colspan="5" style="background:#ffdead;" | Designated Former Union Bank Branches |- ! Completed !! Location !! Comments !! Designated !! Ref |- | {{spaces|4}}1899 || Fort Macleod, Alberta || First major bank in Macleod. Two-and-a-half storey brick building. || {{spaces|5}}2011 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=18049&pid=0 |title=Union Bank Building, Fort Macleod, Alberta |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1901 || Carberry, Manitoba || Three-storey building became a Bank of Montreal branch in 1934. || {{spaces|5}}2007{{ref|Alpha|a}} || <ref>{{cite web | url=https://www.mhs.mb.ca/docs/sites/carberrybankofmontreal.shtml |title=Union Bank Building, Carberry, Manitoba |website=www.mhs.mb.ca}}</ref> |- | {{spaces|4}}1903 || Hamiota, Manitoba || The two-storey storefront structure is typical of the era. || {{spaces|5}}1995 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=4072&pid=0 |title=Union Bank Building, Hamiota, Manitoba |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1904 || Winnipeg, Manitoba || Western Canada's oldest surviving skyscraper. || {{spaces|5}}1995 || <ref name="HisWin" /> |- | {{spaces|4}}1910 || Edmonton, Alberta || Only remaining pre-World War I bank building in Edmonton. || {{spaces|5}}1996 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=3449&pid=0 |title=Union Bank Building, Edmonton, Alberta |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1910 || Maple Creek, Saskatchewan || Surviving pressed tin ceiling, woodwork, mouldings, doors, reception desk, and vault. || {{spaces|5}}2006 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=9045&pid=0 |title=Orr Law Office, Maple Creek, Saskatchewan |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1910 || Vancouver, British Columbia || Represents the importance of Gastown in the Edwardian era. || {{spaces|5}}2003 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=2518&pid=0 |title=Union Bank Building, Vancouver, British Columbia |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1912 || Victoria, British Columbia || Represents the development boom in Victoria 1908–1913. || {{spaces|5}}1995 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=3958&pid=0 |title=Union Bank Building, Victoria, British Columbia |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1919 || Wawota, Saskatchewan || Only financial institution until after World War II. Extended in 1948. || {{spaces|5}}2005 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=3396&pid=0 |title=Royal Bank Building, Wawota, Saskatchewan |website=www.historicplaces.ca}}</ref> |- | {{spaces|4}}1920 || Eastend, Saskatchewan || Built as a bank, became public offices after 1932. || {{spaces|5}}1987 || <ref>{{cite web | url=https://www.historicplaces.ca/en/rep-reg/place-lieu.aspx?id=1957&pid=0 |title=Old Town Office, Eastend, Saskatchewan |website=www.historicplaces.ca}}</ref> |}
{{note|Alpha|a}}. Municipal designation
== Gallery of branches == <gallery mode="nolines"> File:Union Bank Building, Toronto.jpg|Toronto (King & Bay) File:Union Bank Building, Winnipeg.png|Winnipeg File:Union Bank of Canada, Vancouver.png|Vancouver File:Union Bank, Victoria, British Columbia, Canada 05.jpg|Victoria File:Union bank at Pape and Danforth.jpg|Toronto (Danforth & Pape) File:Union-bank-building.jpg|Ottawa File:Union Bank Building, Edmonton (1).JPG|Edmonton File:Former Union Bank of Canada Building.jpg|Vancouver (Cordova & Abbott) File:StJohns UnionBankBuilding 287 DuckworthStreet.jpg|St John's File:The Union Bank Building, Charlottetown, PEI (19436149249).jpg|Charlottetown </gallery>
==See also== * {{section link|List of banks and credit unions in Canada|Defunct and merged banks}} * Canadian chartered bank notes
==References== {{reflist}}
Category:Defunct banks of Canada Category:Banks established in 1865