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Financial

The development of the Crow’s Nest Pass Coal Company mines in 1897 created a huge demand for workers in Fernie. The expansion of the CPR into the Elk Valley provided settlers with a convenient means of transportation to the area without having to travel through the United States. With the influx of settlers to Fernie, the need for a financial institution became very apparent.

Canadian Bank of Commerce interior Fernie, FDHS (P333)

As the Crow’s Nest Pass Coal Company prospered, so did its employees and the businesses they frequented. While miners’ earnings hardly made up for the dangerous, laborious conditions they worked under, they could mostly afford comfortable lifestyles. While the Coal Company paid much of its profits to shareholders outside of the Elk Valley, much of the money was spent in the region. The high circulation of money here, combined with Fernie’s prosperous outlook, attracted four banks to Fernie alone.

The Canadian Bank of Commerce was the first to open here, in September 1898 on the corner of Cox (Fifth) Street and Victoria (Second) Avenue. George Cox, first president of the Crow’s Nest Pass Coal Co. was also president of the Bank of Commerce Headquarters in Toronto. It remained the sole banking establishment in Fernie for another seven years. The bank went up in flames in the downtown fire of 1904 but the building was quickly replaced by a beautiful $10 000 brick structure.

Canadian Bank of Commerce Fernie

A steady stream of immigrants continued to move into Fernie. It soon became apparent to major banks throughout Canada that Fernie could support other branches. The Bank of Hamilton, built on Victoria Avenue, was the second bank to open in Fernie on May 9th, 1905. Soon, the Imperial Bank of Canada and the Home Bank of Canada also established branches in Fernie.

In the early twentieth century money that was deposited was not insured as it is today. If a bank could not pay its account holders, they could lose their savings and receive no compensation. This is what happened in 1923, when the Home Bank of Canada filed for bankruptcy. In Fernie, Home Bank account holders, including the City of Fernie, together lost $800 000. Up until August 1923, the

The Home Bank of Canada after the Great Fire, Fernie, 1908, FDHS (P186)

Home Bank of Canada was one of the busiest banks in the city. Therefore, many local businesses and organizations lost heavily when it collapsed. In that same month the Royal Bank was opened but survived only until 1937.

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