History of RBC Financial Group

Fast Facts

Did you know...

• that in 1898 Royal Bank hauled a 4 1/2 ton safe by horse and pulleys over the mountains from Skagway, Alaska to Atlin in northern British Columbia to open a branch during the Klondike gold rush?
  
  
• that the Union Bank of Canada's Lethbridge branch was the first chartered bank to open in the province of Alberta? The branch opened on April 28, 1886. Union Bank of Canada was purchased by Royal Bank in 1925.
  
  
• that during the first winter after Edmonton branch opened in 1906, the only heat came from a wood stove, lit every morning by the bank's junior clerk? The junior's next duty was to melt the ink over the stove so that the staff could commence work.
  
  
• that the first Governor of the Bank of Canada was Graham Towers of Royal Bank? However, another Royal banker, Edson Pease, has been recognized as the first proponent of a Canadian central bank in 1918.
  
  
• that Canadian novelist Sinclair Ross juggled his writing career with a full time banker's job at Royal Bank? At age 16 Ross joined the Union Bank of Canada in 1924, a year before it was purchased by Royal Bank, and worked at Royal Bank until his retirement in 1968.
  
  
• that when Sydney Dobson, president of Royal Bank from 1946 to 1949, began his bank career as a 'junior' in Sydney, Nova Scotia, he traveled a considerable distance each day by rowboat to the branch? His starting salary was $8.33 a month.
  
  
back to top 
• that the Quebec Bank issued one of Canada's earliest bank notes? The bank issued its first $10 bill on May 1, 1819. Until 1944, each Canadian chartered bank issued its own money in denominations of $3 and higher - the Canadian government was responsible for issuing $1 and $2 bills.
  
  
• that during construction of Royal Bank's London England branch in 1932, a mosaic from a buried Roman home was found at a depth of 20 feet during excavations for the vaults?
  
  
• that Royal Bank Letter began publication in 1919 as an economic newsletter? In 1944 it changed to a general interest publication, one which covers an extraordinary variety of subjects in the form of a single-topic essay.
  
  
• that in 1956, Royal Bank President James Muir traveled to the Soviet Union before any Canadian minister of external affairs?
  
  
• that over 93 percent of management employees and 87 percent of employees overall own Royal Bank shares, purchased through the Royal Employee Savings and Share Ownership Plan?
  
  
• that Royal Bank is one of the largest corporate donors in the country, and in 1998 was responsible for nearly $25 million in donations to support communities, federated appeals, arts and culture, education, health, welfare, athletics, research and the environment?
  
  
back to top 
• that in the 1890s, Traders Bank of Canada delivered 'piggy-banks' in the shape of its Toronto head office to rural houses around Toronto, returning the following month to empty the banks and deposit the money for their clients.
  
  
• that Royal Trust was one hundred years old in 1999? The trust company opened in Montreal in November, 1899. Royal Trust merged with Royal Bank in 1993.
  
  
• that in 1900 Royal Bank employed a staff of 245 and operated 40 branches? The average price on the stock market for Royal Bank shares was $177.50 per share.
  
  
• that prior to the Second World War, bank tellers used to work in cages? Constructed of heavy gauge wire, wood and iron, these cages protected branch staff from robbers and served as a reminder to clients that their money was well protected by the bank.
  
  
• that Roger Creamer's book Babe: The Legend Comes to Life recounts the story how Royal Bank of Canada played a role in the historic 1920 trade of Babe Ruth from the Boston Red Sox to the New York Yankees? Red Sox owner Harry Frazee sold Ruth to the Yankees for $125,000 and the promise of a $300,000 personal loan to help Frazee finance a new Broadway show. Royal Bank's New York agency discounted the promissory notes paid to Frazee.
  
  
back to top 
• that in the early years of the twentieth century, marriage was seen as an impediment in the path of any young bank clerk and was prohibited until an employee's salary reached $1,000 a year. It was feared that an early marriage invariably led to debt resulting in possible defalcation. More importantly, marriage retarded the frequent transfers that were required for a young banker's professional development.
  
  
• that Royal Bank was the first Canadian bank to install a computer, when it installed its first IBM 1401 in 1961?
  
  
• that Royal Bank was the first Canadian bank to offer information through the World Wide Web at www.royalbank.com?
  
  
• that RBC Financial Group's Security First Network Bank was the world's first Internet bank?
  
  
• that www.rbc.com online banking hosts an average of 14.8 million sessions a day?
  
  
• that Royal Bank operates 21% of all Canadian automated banking machines?

back to top