The Trust Builders

Author:  Philip Smith

dscf0004The Huron & Erie Savings and Loan Society started up in 1864.

Caution and financial conservatism symbolized the society’s mortgage loans. The money that was advanced to the borrower was less than one third of the value of the property given in security. One half of the cash value of the land was opposed as too risky. Farm property with thrifty farmers and a high quality soil located in prosperous areas. Being choosy reduced risk because the bank used information and assessment to make an informed and responsible decision about the deployment of its funds. Through a long series of mergers and acquisitions, Huron and Erie becomes Canada Trustco Mortgage Company in April of 1976. The name would be shorted to Canada Trust. The principles of savings and soundness, and long term planning allowed this company to thrive in the depression of 1929 and thrive in the cut - throat age of the big banks. Canada trust eventually falls prey to a takeover from a larger company.

 

Go to top