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Canada Trust
The Canada Trust Company was a Canadian trust company founded in 1894 in Calgary, Alberta, as the General Trust Corporation of Canada. In 1899, it was acquired by the Huron and Erie Savings and Loan Society, which moved the company to London, Ontario, and changed its name to the Canada Trust Company.
In September 1985, Canada Trust was acquired by the conglomerate Genstar Corp. and, at the beginning of 1986, Genstar merged Canada Trust with Canada Permanent. The new company, which became the country's sixth-largest financial institution, was acquired in March 1986 by the tobacco conglomerate Imasco.
In June 1999, Imasco's controlling shareholder, British American Tobacco, announced its plan to increase its share to a majority. As part of the deal, British American would sell Canada Trust to the Toronto-Dominion Bank. The sale, worth CAD$7.8 billion, closed on 1 February 2000.
The articles of incorporation of the General Trust Corporation of Canada received royal assent on 23 July 1894. The founding shareholders were James Alexander Lougheed, Harry Symons, William Roper Hull, John Lineham, Alfred B. Few, George Kidd Leeson, Henry W. C. Meyer, Harry William Nanton, and Edmund Cave. Lougheed served as its first president. Historian Philip Smith wrote that, "having procured their charter, those early westerners do not seem to have done much with it, since references to it through the years in the Huron & Erie's records describe it as 'largely inactive."
In 1899, seven officers of the Huron and Erie Savings and Loan Society of London, Ontario paid a combined $115,000 to acquire the General Trust Corporation of Canada. After the purchase, the group transferred their shares to Huron and Erie, moved General Trust's offices to London, and renamed the business the Canada Trust Company. Canada Trust opened for business in 1901 with Verschoyle Cronyn as its new president, and George Somerville as its managing director.
The parent company changed its name to the Huron and Erie Mortgage Corporation in 1915, then began branding itself as Huron and Erie–Canada Trust;[when?] the branding was changed to Canada Trust–Huron and Erie in 1962 to reflect the company's national reach. In 1976, Huron and Erie changed its name to Canada Trustco Mortgage Company and continued to operate Canada Trust as a subsidiary.
Canada Trust was a trust company that offered the same services as a bank. It was one of Canada's largest non-bank financial institutions, with $38 billion in deposits and $176 billion in assets. It had 11,000 employees and 3.5 million customers and operated a network of 413 branches across Canada; and almost 1,000 automated banking machines. Its banking machines were, at one point in the late 1980s to early 1990s, called "Johnnycash" machines. They were even promoted with lifesize cutouts of Johnny Cash asking the question, "Why walk the line?", a reference to one of his hit songs.
In the United States, CT Financial operated through First Federal Savings and Loan Association. First Federal was founded in 1896, and operated through 82 branches throughout New York State. CT Financial also operated other divisions including Truscan Realty Limited (doing business as Canada Trust Realty), CT Insurance Limited, and Canada Trust Bank N.V.
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Canada Trust
The Canada Trust Company was a Canadian trust company founded in 1894 in Calgary, Alberta, as the General Trust Corporation of Canada. In 1899, it was acquired by the Huron and Erie Savings and Loan Society, which moved the company to London, Ontario, and changed its name to the Canada Trust Company.
In September 1985, Canada Trust was acquired by the conglomerate Genstar Corp. and, at the beginning of 1986, Genstar merged Canada Trust with Canada Permanent. The new company, which became the country's sixth-largest financial institution, was acquired in March 1986 by the tobacco conglomerate Imasco.
In June 1999, Imasco's controlling shareholder, British American Tobacco, announced its plan to increase its share to a majority. As part of the deal, British American would sell Canada Trust to the Toronto-Dominion Bank. The sale, worth CAD$7.8 billion, closed on 1 February 2000.
The articles of incorporation of the General Trust Corporation of Canada received royal assent on 23 July 1894. The founding shareholders were James Alexander Lougheed, Harry Symons, William Roper Hull, John Lineham, Alfred B. Few, George Kidd Leeson, Henry W. C. Meyer, Harry William Nanton, and Edmund Cave. Lougheed served as its first president. Historian Philip Smith wrote that, "having procured their charter, those early westerners do not seem to have done much with it, since references to it through the years in the Huron & Erie's records describe it as 'largely inactive."
In 1899, seven officers of the Huron and Erie Savings and Loan Society of London, Ontario paid a combined $115,000 to acquire the General Trust Corporation of Canada. After the purchase, the group transferred their shares to Huron and Erie, moved General Trust's offices to London, and renamed the business the Canada Trust Company. Canada Trust opened for business in 1901 with Verschoyle Cronyn as its new president, and George Somerville as its managing director.
The parent company changed its name to the Huron and Erie Mortgage Corporation in 1915, then began branding itself as Huron and Erie–Canada Trust;[when?] the branding was changed to Canada Trust–Huron and Erie in 1962 to reflect the company's national reach. In 1976, Huron and Erie changed its name to Canada Trustco Mortgage Company and continued to operate Canada Trust as a subsidiary.
Canada Trust was a trust company that offered the same services as a bank. It was one of Canada's largest non-bank financial institutions, with $38 billion in deposits and $176 billion in assets. It had 11,000 employees and 3.5 million customers and operated a network of 413 branches across Canada; and almost 1,000 automated banking machines. Its banking machines were, at one point in the late 1980s to early 1990s, called "Johnnycash" machines. They were even promoted with lifesize cutouts of Johnny Cash asking the question, "Why walk the line?", a reference to one of his hit songs.
In the United States, CT Financial operated through First Federal Savings and Loan Association. First Federal was founded in 1896, and operated through 82 branches throughout New York State. CT Financial also operated other divisions including Truscan Realty Limited (doing business as Canada Trust Realty), CT Insurance Limited, and Canada Trust Bank N.V.