Montreal Main Branch History

Established in 1817 as the Montreal Bank, BMO Financial Group is Canada’s first bank. It has taken part in many projects that have been key to the growth of Canada and Quebec, including the construction of their first canals, telegraphs and railways (most notably the transcontinental Canadian Pacific Railway), major hydroelectric projects, and the development of their energy and mining industries. It issued the country’s first currency and continued to do so until the Bank of Canada, the central bank founded in 1935, took over this role. Today, BMO is one of North America’s leading financial institutions and maintains a substantial presence in the U.S. and on global markets, especially in Europe and Asia.

In 1642, on the northern banks of the Saint Lawrence River near what is now Place d’Armes, Paul de Chomedey, Sieur de Maisonneuve, founded the city of Montreal. Later, on the site of the memorial directly in front of the Montreal Main Branch, de Maisonneuve and a group of French settlers defeated a band of Iroquois warriors who were trying to reclaim their land. The battle is commemorated on a historical plaque on the building that bears de Maisonneuve’s name (105 Saint Jacques Street). Historical plaques in surrounding streets commemorate other early settlers and explorers who once lived here, including Antoine de la Mothe Cadillac, the founder of Detroit; Daniel Greysolen, Sieur du Luth, who gave his name to the city of Duluth, Minnesota; and Jeanne Mance, Marguerite d’Youville and Marguerite Bourgeoys, who, in the 17th and 18th centuries, founded hospitals and teaching institutions that still serve the public today.

At Notre-Dame Basilica, on the opposite side of the square, Dollard des Ormeaux and his companions attended mass in 1660 before meeting their deaths at Long Sault while defending Montreal from an anticipated attack by the Iroquois.

In the 18th and 19th centuries, the area now known as Old Montreal was a bustling port and commercial centre. Saint James Street, as Saint Jacques Street was then known, was the undisputed financial hub of British North America, and many of its elegant buildings date from the Victorian era.

The plans chosen for the main branch were those of local architect John Wells, who was inspired by the design of the Commercial Bank of Scotland building, then under construction in Edinburgh. The major difference between the two buildings is that the narrower Montréal site required a less elaborate portico while permitting construction of a dome—modelled on that of Rome’s Pantheon—to balance the portico’s six Corinthian columns.

Construction began in 1845 and was completed in 1847. Made of local stone, the building gives an impression of solidity and dignity that accorded well with the Bank’s public image, and the design long served as an inspiration for bank branches across Canada. Built during the 1901-1905 renovation, the rear façade on Saint Antoine Street is considered by many architects to be a masterpiece of design. It is windowless to a height of 5.2 m. Above this level, massive Tuscan pilasters and heavily grilled windows recall the palaces of Florentine bankers of the Renaissance, while carrying through the Corinthian architecture of the older Place d’Armes façade.

In Krieghoff’s famous painting of Place d’Armes, done in about 1853, the pediment of the Bank building is unadorned. The heroic statuary group we see today was commissioned in 1859 from the well-known Scottish sculptor John Steell. His composition symbolizes Canada, with the Bank’s coat of arms flanked by two indigenous Canadians along with a sailor and settler who represent commerce and agriculture. Carved in Scotland, the group was installed in 1867, after being shipped in pieces across the Atlantic. It is 15.8 m long, weighs 25 tons, and remains one of the most monumental works of sculpture in Canada.

At the centre of the composition are the Bank’s coat of arms and motto, Concordia Salus (meaning “prosperity through harmony”), which are similar to those that the City of Montreal began using around 1833 under its first mayor, Jacques Viger. In acknowledgement of its close relationship with the city, the Bank adopted the coat of arms as its own, which is now registered by the Bank with the Windsor Herald at the College of Arms, in London.

The Bank Museum is located in the passageway connecting the Main Branch and Head Office buildings. Open Monday through Friday, from 9 a.m. to 5 p.m., it features a replica of the Bank’s first office; a model depicting early Saint Jacques Street; displays of bank notes, coins, and tokens; a collection of rare mechanical piggy banks; and many other interesting banking memorabilia.

The central hall is dominated by the statue of Patria, a memorial to honour the sacrifices made by employees during World War I. The marble statue was sculpted by American artist James Earle Fraser. The figure represents Victory, with her arms folded over a sword covered with palm fronds. A contemporary critic remarked that the figure appears to be “meditating not upon the thrill of battle, but upon the cost of peace.”

More than 2,800 Bank of Montreal employees served in the two world wars. Of these, 314 lost their lives, 313 were wounded and 40 were made prisoners of war. Many employees served with great distinction, with 273 being decorated for bravery. The names of those who made the ultimate sacrifice appear on the east wall of the hall.

Displayed on the west wall are the names of the men and women who have led the bank over the years. The installations were unveiled to mark the Bank’s Centenary and Bicentenary, respectively.

In the main banking hall are war memorials, in the form of tablets, that honour employees of the Merchants Bank of Canada and Molsons Bank who served in World War I. These two financial institutions once had their head offices on Saint Jacques Street and were acquired by Bank of Montreal in 1922 and 1925 respectively. After the acquisitions, most of their employees continued to work for Bank of Montreal.

The De Maisonneuve House is located on the very site where the Ville-Marie settlement once stood. Named in honour of Montreal’s founder, it was constructed in 1913 by the renowned architectural firm McKim, Mead and White. Renovated in 1983 at a cost of more than $4 million, the building blends perfectly with the adjacent Montreal Main Branch. During its restoration in 1984, state-of-the-art security and energy conservation systems were installed, while respecting the style and architecture of this historic building.

In December 1985, the De Maisonneuve House won the Orange Award for the quality of its renovation which, as Sauvons Montréal noted, allowed a part of Montreal’s architectural heritage to be kept intact. Bank of Montreal won a second Orange Award in 1988 for the major work carried out to repair the façade and replace the copper roofing of the Montreal Main Branch dome. All the work was done in accordance with trade practices, while maintaining the original architectural design.