The Toronto Savings Bank was
established in 1854 by Bishop Charbonnel and the Society of St.
Vincent de Paul to solve a number of current and future
problems. According to the constitution, the goal was to
reach the poor of the city "whom we desire to encourage by all
means in the ways of industry, temperance and economy thus
providing for their future days, and particularly for the
education of their children."
The Toronto Savings Bank was
under the patronage of Bishop Charbonnel. The directors
were a roll call of the Society of St. Vincent de Paul,
including J. Elmsley, S.G. Lynn, Chevalier Macdonell, C.
Donlevy, the O'Neill brothers and Maurice Scollard of the bank
of Upper Canada. Although the Bank was an Irish Catholic
institution and served its purpose for a number of decades, it
fell into the hands of the Irish politician, Frank Smith.
Smith utilized it for the benefit of his friends and
eventually had it chartered as The Home Bank which failed.
But due to the foresight of Charbonnel, dividends were paid to
Irish Catholic charitable institutions through trust funds as
late as 1893. It seems that the Irish community lost
confidence in that type of bank as a depository for savings.
In 1890 penny banks were established at schools and churches
in the city, under the auspices of the St. Vincent de Paul
Society to encourage thrift habits among Catholic children
Exerts from a
history document
Professor Murray W. Nicolson M.A., Ph.D.
Society of
St. Vincent de Paul
Toronto Central Council
240 Church
Street Toronto, Ontario M5B 1Z2
Tel: 416-364-5577 Fax: 416-364-2055