Industry Bank Area served Quebec
Ontario Founded 1850 Ceased operations 1925 | Defunct 1925 Headquarters Montreal Number of locations 125 | |
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Fate Acquired by the Bank of Montreal Founders William Molson, John Molson | ||
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.
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History
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 granted a charter on May 19, 1855 in Montreal 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
The bank operated 125 branches primarily in Quebec and rural Ontario:
It also had branches in western Canada and agents in the US and UK.
The Bank of Montreal at 3 King Street South in Waterloo, Ontario, formerly known as the Molson's Bank, built in 1914 is on the Registry of Historical Places of Canada.
Presidents
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: