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Issue (Archive) The Bank of New Brunswick was the first chartered bank in Canada; beginning its operations on June 12th, 1820 when wealth was described in pounds, shillings and pence not dollars and cents. This bank came into being to serve the merchants and traders involved in timber and shipping. In the 1820's in Saint John, shipbuilding employed hundreds of men as shipbuilding thrived. Add to this the timber trade and saw-milling and Saint John was booming, making it a perfect setting for a new bank.
The original bank, completed in 1826, was an edifice in which the people took pride but banking was far different then, than now. You could deposit money but there was no interest. You could borrow money only if you were acquainted with the bank's directors. As well, banks issued their own money. Today bills from the Bank of New Brunswick are rare and any denomination would bring between $500 to $1500 depending on condition. On June 20, 1877 disaster hit Saint John. For nine hours fire swept through the uptown area consuming everything in its path. Five hundred business establishments were gone including the Bank of New Brunswick. In the Story of the Great Fire in St. John, N.B., the author George Stewart Jr., writes: "Éthe old building which was burned inside, exhibited after the fire, walls and pillars as strong and vigorous as they were half a century ago. The vaults preserved their contents, and millions of money were thus plucked from the burning. It was a hale old veteran that had passed through many a disaster. When financial troubles darkened the days of the people, when the dread cholera spread disease and death in households, when fire laid waste the best acres of our territory, the old bank still stood erect, and withstood the shock which threatened her on every side." Without the presence of that Bank, Saint John might never have grown and prospered as it did following the Great Fire of 1877. The money stored in the vaults in the bank was preserved and was available for use during the after-math. This made it possible for Saint Johners to get their lives back in order more quickly than it would have been otherwise. Most of the City was rebuilt within 2 years. Help in rebuilding came from all over North America but mostly from the United States and in 1881, Henry Starbuck, an architect from Boston came to Saint John and designed the new Bank of New Brunswick. Built of stone from Port Philip, N.S., it was meant to look as much as possible like the previous structure. The Prince William Street facade was constructed with a projecting pediment supported by six stone columns. The windows along the front were of plate glass, a new innovation in the late 19th century. It was opened for business in 1881 with great fanfare.
Business resumed as normal and continued on for years. However, the Directors of the Bank of New Brunswick were conservative in their outlook and refused to expand. This had been good business for a long time but things were changing and in 1912, after 92 years in operation, the shareholders agreed to a merger with the Bank of Nova Scotia. This took place on February 15, 1913 and at that time, the Bank of New Brunswick formally ceased to exist. In a booklet published by the Bank of Nova Scotia in 1984, entitled It was Long Ago but Not Far Away, this is written, "Without the example of Canada's first chartered bank, it is doubtful that other banks would have established themselves on such a sound footing. The Old Bank not only charted a path for others to follow; it provided an exemplary standard of service to the people of New Brunswick." The original building sits on the original site on Prince William Street. It is not in good condition and is not cared for by its present owners but the Bank of New Brunswick is nonetheless a treasure, architecturally and historically. * Photo courtesy of Vintage Photo & Frame.
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