Date Published:
February 2005

L’Encyclopédie de l’histoire du Québec / The Quebec History Encyclopedia

Molson's Bank

Molson's Bank secured its charter in 1855, under the Free Banking Act, which had been introduced in the legislature by the Hon. W. H. Merritt. According to its terms, banks were to be established under a system analagous to that of the United States. Later the bank procured a charter to conduct its business in the same manner as the older banks. The first president was William Molson, with whom was associated his brother, the Hon. John Molson. By 1890 the bank had a paid-up capital of $2,000,000. In October, 1924, the Bank of Montreal arranged to take over Molson's Bank, and to give 2 shares of its own stock for 3 shares of Molson's stock, in addition to a bonus of $10 for every share of Molson's stock. At this time Molson's Bank had an authorized capital of $5,000,000, of which $4,000,000 was paid up, and a reserve fund of $5,000,000.

Source: W. Stewart WALLACE, ed., The Encyclopedia of Canada, Vol. IV, Toronto, University Associates of Canada, 1948, 400p., p. 316.