Concept

Home Bank of Canada

Summary
The Home Bank of Canada was a Canadian bank that was incorporated July 10, 1903 in Toronto. It succeeded the earlier Toronto Savings Bank, which had been founded in 1854 by Bishop Armand-François-Marie de Charbonnel and the local chapter of the Society of St. Vincent de Paul and later Home Savings and Loans in 1871. The failure of Home Bank on August 18, 1923, was the subject of a Canadian Royal Commission initiated by Prime Minister William Lyon Mackenzie King in 1924. Founded with the support of the Roman Catholic Church, James Mason and Henry Pellatt represented a benign board of directors including E.G. Gooderham, Claude Macdonnell and three other directors from Winnipeg, Manitoba affiliated with the United Grain Growers. Early controversies Early in its history a number of questionable loans were advanced, including one to A.C. Frost Company to buy timber rights in British Columbia, and another to the New Orleans Gouther and Grand Isle Railway secured by a rolling sto
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