Canadian Commercial Bank

Canadian Commercial Bank

Location: Edmonton, Alberta, Canada

First CEO, co-founder: G.Howard Eaton

Existed: 1976-1985

bank failed and ceased operations on September 3, 1985

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, though followed shortly that year by the failure of the Northland Bank. The failures of both banks were the subject of a Commission of Inquiry headed by Supreme Court of Canada Justice Willard Estey, who issued his report in 1986..

See also: List of banks in Canada, Canada Deposit Insurance Corporation

References

• Canadian Commercial Bank Financial Assistance Act [1985, c. 9]