THE CANADIAN IMPERIAL BANK OF COMMERCE
The community of Coaticook is currently served by three chartered banks and a Caisse Populaire. In 1831, the early days of settlement, an initial attempt was made to incorporate a bank under the name, Stanstead County Bank. This project failed. It was not until some years later, in 1855, that a general cry for banking service became the focus of need in the area.
The promoter and supporter of this project was Colonel Benjamin Pomroy from Compton. This valiant pioneer undertook the task of visiting by horseback, all the townships and each farm in the area, on a one to one basis. He would go on to explain to the prospective investors the workings and advantages of a chartered bank. On June 6,1859, as a consequence, the unitholders met in Sherbrooke, assumed the name of the Eastern Townships Bank and formed the first board of directors composed of the following men: A.A. Adams, Coaticook; H. Robinson, Waterloo; J.H. Pope, M.P.P, Eaton; G.K. Foster, Richmond; Charles Brooks, Lennoxville; R. W. Heneker, Sherbrooke; and, Colonel Benjamin Pomroy, who was elected to be their first President. He remained in this post from 1859 to 1874.
The Eastern Townships Bank started operations on September 19, 1859 with a capital investment of $100,000 with the head office located in Sherbrooke. It was not until 1871 that a branch office was located in Coaticook. Mr. M.B. Austin was transferred from the main office in Montreal to become the manager of the Coaticook branch in 1898. Mr. Austin was replaced in this capacity by Mr. E.N. Robinson who took over the position until 1908.
Mr. L.N. Thomas became the next manager of the bank. It was on March 1, 19l2 that the Canadian Bank of Commerce bought up the interests of the Eastern Townships Bank. Mr. Thomas remained as manager until 1933. Mr. Thomas was followed by other managers: A.T. Ro, 1933 to 1943; J.K. Goodfellow, 1953 to 1958; P.H.D. McCarthy, 1958 to 1960; P.R. Provencher, 1960 to 1962; J.C. Poitras, 1962 to 1967; J.L. Grimard, 1967 to 1969; G.A. Marcoux, 1969 to 1973; J.M. Laroche, 1973 until the present day.
It should be noted that in 1961, The Canadian Bank of Commerce and the Imperial Bank of Canada joined together to become The Canadian Imperial Bank of Commerce.
Source: L'Histoire de Coaticook, Rock Dandenault, 1976
