Ontario Bank

The Ontario Bank 1868 (Wellington and Scott Streets, Toronto, Canada)

Location: Toronto, Ontario, Canada

First President:

Existed: 1860-1906

Merged into modern-day Bank of Montreal

Ontario Bank was an early bank operating in Toronto, Ontario in 1860. It was last listed as a member of the Canadian Bankers Association in 1901. The bank and its 30 branches across the province were absorbed into the Bank of Montreal in the fall of 1906, after its general manager Charles McGill was found to have been speculating in the U.S. stock markets with bank funds and sustained an estimated $1.25 million in losses from ill-timed short sales. McGill was convicted of filing false tax returns and sentenced to a five year prison term early in 1907.

References

• Mayers, Adam. The Ontario Bank's 1906 Collapse. The Toronto Star. 2008-02-19. Retrieved 2008-07-02.
• Charles Peers Davidson `A Compilation Of The Statutes Passed Since Confederation Relating To Banks And Banking, Government And Other Savings Banks, Promissory Notes And Bills` BiblioLife | January 10, 2010