Canadian Commercial Bank (CCB) was a bank based in Edmonton, Alberta, Canada, which failed in 1985. It received its parliamentary charter in 1975 and established its head office in Edmonton.[2] The bank was privately owned and operated as a wholesale commercial bank.
History
The Canadian Commercial Bank officially began operations in July 1976, with CDN$22 million of capital. From 1976 to 1982, it operated profitably—usually in the top quartile of Canadian banking. It built a new headquarters in Edmonton, the Canadian Commercial Bank Tower in 1982.
In early 1985, after investing heavily in real estate and energy sector companies, the bank became insolvent during a period of rising interest rates and a falling Canadian dollar.[3] The federal government arranged a $255 million bailout ($ billion today) in an effort to keep the failing institution afloat.[4] In spite of this, the bank ceased operations on September 3, 1985.[5]