Bank of British Columbia

Bank of British Columbia

Company type	Private
Industry	Banking, Financial services
Founded	1862 - 1901 (original institution) (merged with Canadian Bank of Commerce); 1966 - 1986 (second institution) (rescued and integrated into Hongkong Bank of Canada)
Headquarters	British Columbia , Canada

Two separate Canadian banks have operated under the name Bank of British Columbia.

The original bank: 1862–1901

Founded by Royal Charter in 1862 with its main office in London, this initial bank issued dollar banknotes from 1862 until 1871. By 1885, its branch network included locations in San Francisco, Portland (established 1866), Victoria (established 1862), and New Westminster (established 1862). A further branch was opened in Seattle in 1889. The bank merged into the Canadian Bank of Commerce in 1901. At that time, it maintained branches in Vancouver (established 1886), Victoria, Kamloops, Nanaimo, Nelson, New Westminster, Rossland, Sandon, San Francisco, Portland, and London.

Banknotes

The total value of surviving banknotes from this institution amounts to $48,797, covering denominations of $1, $5, $10, $20, and $50. These notes were issued between 1863 and 1894 and have commanded prices ranging from $500 to $1,500 each on the collectors’ market since the 1970s.

Architecture

The building that housed the Victoria branch since 1885 has been recognized as a heritage site by the City of Victoria since 1975. Similarly, the Vancouver branch structure, constructed between 1889 and 1891, has been included on Vancouver's Community Heritage Register since 1986.

The second bank: 1966–1986

Chartered in 1966 and based in Vancouver, the second incarnation of the Bank of British Columbia was established by then-Premier of British Columbia, W.A.C. Bennett. Bennett sought to diminish the banking sector's concentration in Central Canada by promoting local loan authorization within British Columbia.

By 1986, this bank had grown to employ 1,410 individuals across 41 branches throughout BC and Alberta, along with offices located in the Cayman Islands, the United States, and Hong Kong. Its assets reached CAD$2.7 billion, placing it as the 27th largest among Canadian banks and financial entities, with annual revenues totaling $324 million.

Financial challenges arose due to a downturn in the western oil sector combined with the collapse of both the Canadian Commercial Bank and Northland Bank. These events particularly impacted banks dependent on wholesale deposit funding. Consequently, the Canadian government authorized acquisition by Hongkong Bank of Canada (HSBC) in 1986 to stabilize operations.

See also

• List of Canadian banks
• Canada Deposit Insurance Corporation
• Canadian chartered bank notes