Bank of Montreal
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Austin Cuvillier co-founded BMO with nine other businessmen in June 1817. 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. [13]
- Founding and Early History: 1817–67
- Post-Confederation
- Early 20th Century and The First World War
- Interwar Years and The Great Depression
- Second World War and Late 20th Century
- 21st Century
BMO Financial Group, commonly known for its Bank of Montreal operations, is Canada’s oldest incorporated bank. Founded in Montreal in 1817 by a group of nine of the city’s most prominent figures, its original name was Montreal Bank. The bank was established primarily for business customers, helping them conduct their trades both in the city and bey...
As Canada continued to grow after Confederation, the Bank of Montreal focused its business lending on the rapidly growing lumber, railway and industrial companies. The boom in Canada’s foreign tradeat the time benefited the bank greatly. This encouraged it to open its first permanent branch in New York in 1859 and in London, England, in 1870. This ...
By the turn of the century, the Bank of Montreal had 52 branches and 562 employees. This growth required the expansion of a new head office in Montreal. It was completed in 1905 and remained its head office until 1960. The bank continued to grow by acquiring the Exchange Bank of Yarmouth, Nova Scotia, in 1903, the People’s Bank of Halifax in 1905, ...
Immediately post-war, in 1918, the Bank of Montreal acquired the Bank of British North America and its 79 branches. This strategic purchase of a prestigious competitor significantly increased the bank’s presence in Western Canada. Around this time, competition for deposits was growing among banks. The Bank of Montreal expanded its operations outsid...
During the Second World War, all activity of the bank was focused on maintaining its business and aiding in the war effort. In March 1942, George Spinney, general manager of the bank, was assigned to head the federal government’s National War Finance Committee. The combination of the depression followed by the war led to a reduction in the number o...
As an alternative to the merger, and to maintain a competitive growth rate, the Bank of Montreal implemented several strategies. First, it augmented the bank’s international operations when it purchased another Midwestern American bank, Marshall & Ilsley (M&I) of Milwaukee, Wisconsin, for US$4.1 billion in 2010. This transaction added US$63.5 billi...
The bank was founded in Chicago in 1882 as N.W. Harris & Co. by Norman Wait Harris before changing its name to Harris Trust and Savings Bank in 1907, and then Harris Bank in 1972. After the Bank of Montreal acquired the company in 1984, it eventually became branded as BMO Harris Bank by 2011.
End of an era: Canada’s central bank, the Bank of Canada, is established. From its founding in 1817, BMO lent its financial expertise to successive governments – first, leading up to the creation of Canada as a country in 1867, and after Confederation as banker to the federal government.
The Bank of Montreal (French: Banque de Montréal) is a Canadian multinational investment bank and financial services company. Founded in Montreal, Quebec, in 1817 as Montreal Bank. Their head office remains in Montreal.
Nov 2, 2007 · BMO Financial Group is celebrating its 190 th anniversary November 3. It was on this day in 1817 when nine Montreal businessmen invested $150,000 to found the Bank. Originally known as Montreal Bank, the Bank opened its doors for the first time on St. Paul Street in Montreal.
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Since 1817, Canada’s first bank has been helping customers make real financial progress and helping communities across North America grow and prosper. We invite you to explore the BMO Archives – a unique collection that traces the financial world’s progress over the centuries, and the people who shaped it.
