Bank of Acadia

The Bank of Acadia was a Canadian bank operating in Liverpool, Nova Scotia, from December 1872 to 28 March 1873. Surviving only three months and 26 days, it had the shortest lifespan of any bank in Canadian history.

History

The Bank of Acadia was chartered on 14 June 1872,[1] and opened in December of that year with Thomas Roberts Pattillo as President and G. E. Stevens as the cashier.[a] Pattillo, a successful merchant of Liverpool who owned several square-rigged sailing ships, started the bank in the wake of the foundation of the Bank of Liverpool in November 1871.[2]

In the years following Confederation, the value of wooden sailing ships was falling rapidly, and shipbuilders in Liverpool were borrowing large sums of money from the Bank of Liverpool. As a result, Pattillo opposed providing loans to shipbuilders from the Bank of Acadia, but was outvoted by the cashier and directors.[2] The bank thus provided a sizeable loan to Collie & Spencer, a Liverpool shipbuilding company, in early 1873. Collie & Spencer entered bankruptcy soon after receiving the loan.[2]

The Bank of Acadia failed on 28 March 1873, after only three months and 26 days. It had the shortest lifespan of any bank in Canadian history.[2] The bank reopened a few days after closing and redeemed some of its banknotes, worth a few thousand dollars.[3] It was officially suspended in April.[1] Any remaining banknotes after this point were unable to be redeemed, with the exception of those held by the government, which were redeemed for 25 cents to the dollar.[4] At the date of suspension, the bank held total assets amounting to $213,346[b] and total liabilities of $106,914.[c] Pattillo suffered a heart attack following the failure of the bank, and died on 10 February 1874.[2]

Banknotes

The Bank of Acadia produced banknotes in the denominations of 20 dollars, 10 dollars, five dollars, and four dollars. The banknotes were printed by the British American Bank Note Company, and are dated 2 December 1872.[4]

See also

References

Notes

  1. ^ The position of cashier would be equivalent to general manager.
  2. ^ (equivalent to $6,974,000 in 2025)
  3. ^ (equivalent to $3,495,000 in 2025)

Citations

Sources

  • Fung, Ben; Hendry, Scott; Weber, Warren E. (February 2017). "Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies" (PDF). Ottawa: Bank of Canada. p. 16. ISSN 1701-9397. Retrieved 18 August 2025.
  • Graham, R. J., ed. (2002). The Charlton Standard Catalogue of Canadian Bank Notes (4th ed.). Toronto: Charlton Press. p. 1. ISBN 0-8896-8230-5. Retrieved 18 August 2025 – via the Internet Archive.
  • Raddall, Thomas Head (1965). "The Bank of Acadia at Liverpool N.S. 1872–1873". Dalhousie University Archives. Retrieved 18 August 2025.
  • Walker, B.E. (1909). A History of Banking in Canada. pp. 100–102. Retrieved 18 August 2025 – via the Internet Archive.

Further reading

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