A Virtual Tour of Downtown Hamilton - Canadian Imperial Bank of Commerce

THE HEART OF THE CITY

CANADIAN IMPERIAL
BANK OF COMMERCE

1 and 21 King Street East

CURRENT STATUS (1999)
Present Owner: 775767 Ontario Ltd.
Present Use: CIBC branch
Heritage Status: N/A
Locally Significant Date: N/A

BUILDING INFORMATION
Date Built: 1987 (first tower), 1990
Original Owner: 802700 Ontario Inc.
Original Use: Same as present
Subsequent Uses: Same as present
Previous Building on Site: Ten-storey building formerly occupied by the Canadian Imperial Bank of Commerce (erected in 1892 as the head office of the Bank of Hamilton and enlarged in 1907).

ARCHITECTURE
Size: 16-storeys
Design and Style: International
Architect, Builder: Pellow & Associates Architect Inc.
Construction Materials: Cladding: painted metal and reflective glass
Architectural Integrity: Good
Architectural Features: Octagonal with stepped corners and round columns at street level; wall surfaces comprise grids of aluminum framing members and square or rectangular panes of reflective glass; (reflecting surfaces diminish impact of height and bulk of towers)

IMAGE: Canadian Bank of Commerce office at King and Hughson(12470 bytes) The Canadian Bank of Commerce, ranked among the solidest and most liberal banks in the world, dates back to 1865. The bank had correspondents in nearly every civilized country. The first Hamilton branch was chartered in 1867 and opened the following year. Before joining with the Bank of Hamilton in 1924, the bank occupied the building on the corner of King and Hughson Streets, the site that once housed the Gore Bank. They then moved to the present day location of the CIBC tower, which once housed the Bank of Hamilton.

The building occupied by the Bank of Commerce, located on the corner of King and James Streets, was ten-storeys high. The architecture of the banking building was a fine example of Italian Renaissance style and the interior was decorated with valuable and rare marble. For the longest time the bank was in need of an expansion but could not afford to add to the foundation of the old building. IMAGE: tearing of old building(15704 bytes)

The Bank of Commerce merged with the Imperial Bank in the 1960 thereby becoming the Canadian Imperial Bank of Commerce or CIBC. In 1985, the decision was made to have IMAGE: bank loco(3816 bytes) the ten-storey banking building, then 93 years old, demolished. In its place, two towers were to be erected, in two stages. It was believed that the construction of the new towers would be an exciting prospect for the downtown, as it would add people, jobs, prestige, and confidence to the metropolitan area. The estimated cost of the new towers, designed by Pellow & Associates Architects Inc., was $30,000,000. The design and style of the new building was International. It was constructed of painted metal and reflected glass, having an octagonal shape with stepped corners and round columns at street level. The wall surfaces comprised grids of aluminum framing members and square or rectangular panes of reflective glass.

IMAGE: Canadian Imperial Bank of Commerce (15345 bytes) It took over two years to build the bank. During this time, the electricians and plumbers went on strike. According to the building plans, the first tower was to include a fifteen-storey building and underground parking on King and James Streets and the second tower was to be a seventeen-storey commerce building on the corner of King and MacNab Streets. During the construction, the CIBC bank operated out of the old Bank of Montreal building on Main and James Streets. The first tower of the bank opened in 1987 and the second tower opened in 1990. The building is owned by Canada Life Assurance and CIBC. All commercial banking activities for the province of Ontario, excluding those activities of the City of Toronto, are run from this location. The two-tower construction is now the tallest building in the Gore.