Bank of New Brunswick

The Bank of New Brunswick was established on March 25, 1820 in the pre-Confederation Province of New Brunswick, Canada as the first Canadian bank to operate under a charter. Headquartered in a new building on Prince William Street in Saint John in 1826, the neoclassical bank façade consisted of an Ionic temple of finance.

It was founded by some of the colony's most prominent businessmen. At the time, Saint John was the largest city in the Maritime Provinces, exceeding in population both Halifax, Nova Scotia, and for a time during the 19th century, even Toronto, Ontario.

John Robinson was elected the first President of the Bank of New Brunswick and served until 1824 when he was succeeded by Charles Simonds.

The acquisition of the City Bank of Saint John in 1839 and the Summerside Bank of P.E.I. in 1901, expanded the Bank's network. Following the City Bank acquisition, City Bank president Thomas Leavitt became president of the Bank of New Brunswick. Leavitt came from a family of merchants, shipowners and shipmasters of Saint John, New Brunswick, who were related to the early Simonds, White and Hazen families of Saint John.

The Bank of New Brunswick Building in Saint John, New Brunswick built in 1879 is on the Registry of Historical Places of Canada. The Bank of New Brunswick on 268 Water Street, Summerside, Prince Edward Island, built 1909 to 1910 is on the Registry of Historical Places of Canada.

But by the early part of the 20th century it became apparent that the Bank of New Brunswick lacked the capital needed to remain competitive, and its shareholders accepted an offer to merge with the Bank of Nova Scotia on February 15, 1913. Saint John, the largest city, could not attract investment from overseas despite 4% higher returns compared to Upper Canada. The investment funds went to Central Canada. The four banks that had been established in New Brunswick were closed or merged after Confederation in 1867. Manufacturing consequently slid in Saint John from 15% of the total output of Canada in 1867 to less than 5% 70 years later.

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