Banking in Newfoundland
The Newfoundland Savings Bank was the first bank to open its doors in St. John's. This was followed shortly thereafter by the Bank of British North America, which was founded in St. John's and went on to open branches in Canada and the United States.
These were later joined by the Union Bank and the Commercial Bank of Newfoundland, which became the dominant banks on the island.
In 1894, both banks collapsed.
Banks from Canada and the United States rushed to fill the void, which led to the Canadian and American dollars becoming accepted currency in Newfoundland for the very first time.
The Bank of Montreal was especially generous and became genuinely beloved by people in St. John's for how it refused to take advantage of the situation and instead behaved as a good neighbour, providing the government with loans, even printing Newfoundland currency in some instances.
The Bank of Nova Scotia, too, was one of the very first Canadian banks to operate in Newfoundland.
Following the Great Depression, Canadian banks became heavily favoured by the Newfoundland public as they were considered far safer than American, Newfoundland, and British options available in the city at that time. It was at this point that the Bank of Nova Scotia began to overtake the Bank of Montreal in prominence, influence, and esteem in the city.
By the mid-1940s, the Bank of Nova Scotia and the Bank of Montreal were the main banks of St. John's.
People drove on the left side of the road to Canadian banks.
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