.jpg) Bank of Ottawa branch inCobalt, Ontario | |
| Industry | Banking |
|---|---|
| Founded | 1874; 151 years ago (1874) inOttawa,Ontario, Canada |
| Defunct | 1919 (1919) |
| Fate | Merged into TheBank of Nova Scotia in 1919 |
Areas served | Ottawa,Arnprior,Keewatin, andWinnipeg |
Key people | James Maclaren (first president) |
TheBank of Ottawa was an earlyCanadian banking establishment in the Ottawa Valley, Ontario. Branches includedOttawa, Carp,[1]Pembroke,[2]Keewatin andWinnipeg, Manitoba.[3] It merged with theBank of Nova Scotia in 1919.
The Bank of Ottawa was established in 1874 by Ottawa Valley lumber pioneers, including James Maclaren, who presided over the Bank from 1874 until his death in 1892.[4] Its head office was on Wellington Street and O’,Connor Street (whereVictoria Building (Ottawa)) in Ottawa.[5] John Mather served as a bank director from 1879.
Like the other Canadian chartered banks, it issued its own paper money. The bank issued notes 1874-1913. The end dates are the final dates appearing on notes, which circulated for some time after.
The bank expanded beyond the Ottawa area, and by 1918 had branches in six provinces.[6] The Bank of Ottawa, for example, was the first occupant of the building at 169 John Street North in Arnprior, Ontario, and in 1907 a branch was opened in Tisdale.[7] In 1911, the bank's branch inPorcupine, Ontario, was destroyed along with most of the town in a fire.[8]
After World War I the Bank of Ottawa reached a point where it required new capital and vigorous expansion to remain competitive and maintain its earnings. To achieve this, the bank amalgamated with TheBank of Nova Scotia[9] in 1919.[10] Through this merger, The Bank of Nova Scotia acquired a number of new branches as far west as the Pacific Ocean.[11]
{{cite web}}: CS1 maint: archived copy as title (link) Arnprior Heritage Trail.