Changes in federal banking legislation allow the Savings Bank to enter the commercial loan market and grant loans to companies of up to $100,000.
The Bank installs its Bancaide system, the first generation of automated banking machines
On May 26, 1846, the Montreal City and District Savings Bank (which was eventually to become Laurentian Bank of Canada) is founded by Monsignor Ignace Bourget, second Bishop of Montreal, and by a group of 15 prominent Montrealers from many linguistic and denominational communities. After its first year of operation, the Banks serves 500 clients with $117,400 in assets.
The Bank’s accounts grow from 1,301 to 3,072 between 1850 and 1860, with deposits totalling $746,043.
Twenty-five years after its creation, the Bank serves 11,000 clients and holds $3 million in deposits. The organization becomes a share capital limited company and is awarded a federal charter. The institution moves to 262, rue Saint-Jacques in Montreal, which remains its Head Office for more than a century.
The Bank celebrates its 50th anniversary with approximately 50,000 depositors and $9.3 million in assets.
The Bank launches an extensive school savings program in collaboration with the Montreal Catholic School Commission.
The bank celebrates its 75th anniversary. Its assets amounted to $ 49 million.
The Bank becomes the first institution of its kind to hold a trust company with the creation of the Montreal City and District Trustees (later to be known as Laurentian Trust). The organization’s workforce numbers 300, and it operates 25 points of service.
Celebrating its centennial, the Bank posts assets of $124 million and profits of $455,000 ($2.27 per share). The institution serves 341,000 clients via its 24 branches.