Bank of Montreal's Chartered Banks Acquisitions Timeline
By thecanadiannumismatist | Wednesday, August 9, 2023
The bank officially began conducting business on November 3, 1817, making it Canada's oldest bank. The Bank of Montreal was founded in Montreal, Quebec, when John Richardson and eight merchants signed the Articles of Association to establish the Montreal Bank in a rented house in Montreal, Quebec. It was previously called Montreal Bank.
By 1822, the bank converted from the status it had held since its founding as a private company owned by a small group of people into a public company owned by 144. At this time, it became officially known by its current name.
In 1942, the Bank of Montreal ended production of its own notes, which were in circulation in Canada since 1871. By 1944, the Bank of Canada became the sole issuer of currency in Canada, and notes from private banks were withdrawn.
The Bank of Montreal also produced tokens.
1840
In 1840, the Bank of Montreal acquired the Bank of the People, a bank based in Toronto.
1903
The Bank of Montreal's expansion into the Maritimes was facilitated with the acquisition of the Exchange Bank of Yarmouth in 1903.
1905
Acquisition of the People's Bank of Halifax.
1906
To help increase its presence in Newfoundland, and areas west of Quebec, the Bank of Montreal acquired the Ontario Bank.
Furthermore, the expansion into the Maritimes continued with the acquisition of the People's Bank of New Brunswick.
1918
Acquisition of the Bank of British North America.
1921
Acquisition of the Merchants Bank of Canada.
1925
Acquisition of the Molson Bank, created by the sons of brewery magnate John Molson.
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