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.
Famous quotes containing the word bank:
“A man’s labour is not only his capital but his life. When it passes it returns never more. To utilise it, to prevent its wasteful squandering, to enable the poor man to bank it up for use hereafter, this surely is one of the most urgent tasks before civilisation.”
—William Booth (1829–1912)