The Canadian Commercial Bank was an Edmonton, Alberta-based Canadian bank. It received its parliamentary charter in 1975 and established its head office in Edmonton. The bank was privately owned and operated as a wholesale commercial bank. It officially began operations in July 1976, with CDN$22 million of capital. From 1976-1982, it operated profitably—usually in the top quartile of Canadian banking. It built a new headquarters in Edmonton, the Canadian Commercial Bank Tower in 1982. The bank failed and ceased operations on September 3, 1985. It was the largest bank failure in Canadian history and the first in Canada in 60 years.
See also: List of banks in Canada, Canada Deposit Insurance Corporation
Famous quotes containing the words canadian, commercial and/or bank:
“We’re definite in Nova Scotia—’bout things like ships ... and fish, the best in the world.”
—John Rhodes Sturdy, Canadian screenwriter. Richard Rossen. Joyce Cartwright (Ella Raines)
“There is every reason to rejoice with those self-styled prophets of commercial disaster, those harbingers of gloom,
Over the imminent lateness of the denouement that, advancing slowly, never arrives,
At the same time keeping the door open to a tongue-in-cheek attitude on the part of the perpetrators....”
—John Ashbery (b. 1927)
“What’s breaking into a bank compared with founding a bank?”
—Bertolt Brecht (1898–1956)