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The Bank of Upper Canada was a Canadian bank established in 1821 under a Charter granted by the colony of Upper Canada in 1819.[1] The incorporators were William Allan, Robert C. Horne, John Scarlett, Francis Jackson, William W. Baldwin, Alexander Legge, Thomas Ridout, his son Samuel Ridout, D’Arcy Boulton Jr., William B. Robinson, James Macaulay, Duncan Cameron, Guy C. Wood, Robert Anderson and John S. Baldwin.[2] The banks first president was William Allan, a member of the elite Toronto society called the Family Compact.
The Bank of Upper Canada suspended payments from Mar 5, 1838-Nov 1, 1839. [3] The bank was a small operation which, like many early Canadian banks, collapsed in 1866.
The building which housed the bank, constructed in 1825, still exists in Toronto's Adelaide St East and has been designated a National Historic Site of Canada. Designed by architect W.W. Baldwin, 1825–27, the bank resembled a London townhouse with a Doric portico.[1] Like the other Canadian chartered banks, it issued its own paper money. The Bank of Canada was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.
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The Bank of Upper Canada in Port Hope, Ontario built in 1857 is on the Registry of Historical Places of Canada.[6] The Bank of Upper Canada building in Toronto, Ontario built in 1827 to 1834 is on the Registry of Historical Places of Canada.[6] The former Bank of Upper Canada Building in Goderich, Ontario built in 1863 is on the Registry of Historical Places of Canada.[6]