Banks in the Glebe
I know that any developing community builds stores and churches and schools, but what about banks? When did the first Bank appear in the Glebe to serve the growing community?
The first banking institution in the Glebe was a small branch office of the Bank of Ottawa. In 1907 it was built on the north east corner of Bank Street and Fourth Avenue (817 Bank Street) where the Wild Oat Bakery is today. The bank manager lived in the apartment upstairs. Business boomed as the Glebe grew, so in 1913, a much larger Bank of Ottawa branch was constructed kitty-corner to the first building. It stood on the south west corner of Bank and Fourth, (828 Bank Street) where the Bank of Nova Scotia's parking lot and Instant Teller are today. Again, the bank manager lived upstairs, in much more spacious quarters.
The Bank of Ottawa was founded in 1874 by a group of prominent local citizens. By 1883 it had its head office on Wellington Street across from Parliament Hill. It grew to be a very successful enterprise, and dominated the banking facilities of Eastern Ontario and Western Quebec.
By the time it merged with the Bank of Nova Scotia on April 30th, 1919, the Bank of Ottawa had 100 branches across Canada. They had 60 branches in Ontario, as well as branches in Quebec, and all of the western provinces. Bank of Ottawa shareholders were given four shares of Bank of Nova Scotia stock for every five shares of Bank of Ottawa stock they held. The merger was quite advantageous to the Bank of Nova Scotia, which had scant representation in the Ottawa Valley or western Canada at the time.
In 1939, the Royal Bank of Canada built a small branch office at the corner of Bank and Third, where Davidson's Jewellers is now. RBC moved from here to their current, larger quarters, 745 Bank Street at First, in 1954.
In 1970, the Bank of Nova Scotia built their current offices on a vacant lot at 832 Bank Street, and then tore down their old quarters immediately to the north to create their parking lot