Middle-Market Commercial Real Estate Lending, Domestic and International Cash Management Commercial Banking, Wealth Management, Retail Banking,
50-476: Middle-Market Commercial Real Estate Lending, Domestic and International Cash Management Commercial Banking, Wealth Management, Retail Banking, LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. (formerly Standard Federal Bank ). With US$ 116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago , Illinois. LaSalle Bank Corporation
100-481: A "brand consolidation" instead of a merger with Chicago -based LaSalle Bank N.A. to pool the two banks' marketing resources. On April 23, 2007, ABN AMRO announced the sale of LaSalle Bank Corporation to Bank of America for $ 21 billion, and a net sale of $ 16 billion after the return of $ 5 billion in excess capital. A consortium led by Royal Bank of Scotland filed a legal challenge to the deal as ABN AMRO did not seek higher bids from other potential purchasers, however,
150-693: A branch in Dawson City . Wood, Gundy & Company , the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a prominent and active role in the organization of Victory Loans. Acquisitions in the 1920s caused the Commerce Bank to become one of the strongest branch networks in Canada with over 700 local branches; and the bank opened international branches in Cuba, Jamaica, Barbados and Trinidad during
200-733: A holding company. On November 21, 1996, ABN AMRO reached an agreement to purchase Standard Federal Bancorporation for $ 1.9 billion; the acquisition completed on May 1, 1997. In 1996, Standard Federal was the largest savings bank in the Midwest, and the fourth largest bank in the State of Michigan. At December 31, 1996, Standard Federal's total assets amounted to $ 15.7 billion, with total deposits of $ 11.0 billion, loans serviced for others of $ 10.5 billion and stockholders' equity of $ 956.8 million. In 2001, ABN AMRO acquired Michigan National Bank and merged it into Standard Federal. The merged bank adopted
250-522: A larger building at the corner of Griswold and Larned Streets in 1914. It purchased land in 1927 and constructed its own headquarters at the northwest corner of Griswold and Jefferson in 1927. This lot was known as "the Cornerstone of Detroit", as it was the site of the first building ever raised in the city: Ste. Anne's Church , built July 26, 1701. In that year assets surpassed $ 10 million. "Safety For Savings Since 1893"... an old Standard slogan that
300-829: A larger building in Troy at 2401 Big Beaver Road. It acquired Wayne Federal Savings (Michigan) in 1975 and in 1980 First Federal Savings of Niles (Michigan) merged with Standard Federal. In 1981, it purchased Landmark Savings and Loan (Saginaw/Bay City, Michigan) and First Savings Association of Dowagiac (Michigan). In the largest merger in Standard Federal's history, it took control of American Federal Savings of Fort Wayne, First Federal Savings of Fort Wayne, Fort Wayne Federal Savings, and South Bend Federal Savings and Loan Association (all of Indiana) in November 1983. The following year, assets totaled $ 5 billion. On January 1, 1985,
350-649: A mutual company to a publicly owned stock company listed on the New York Stock Exchange took place on January 28, 1987. This was one of the largest stock conversions by dollar amount in the history of the thrift industry. Standard Federal completed the acquisition of Tower Federal Savings Bank of South Bend (Indiana) on June 18, 1988. During 1989, the bank acquired two savings institutions in Michigan: First Federal Savings and Loan Association of Kalamazoo (originally known as
400-596: A personal loans department. Following World War II, both banks opened new branches. Although the banks had been barred from the mortgage business in 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction. The origins of the Imperial–Commerce merger lay in the actions of Barclays Bank . Barclays began operating in Canada in 1929, but in 1956 sold its Canadian operations to
450-537: A potential rival for the CEO post. Denham was reportedly a close ally of Hunkin and Kassie, and McCaughey wanted to build his own senior executive team. Current executive team: Current members of the board of directors : As a founding partner of the Toronto Blue Jays baseball club, CIBC was the team's official bank until selling its ownership stake in 2000. Other sporting events sponsored by CIBC include
500-696: A public share issue. Between 1993 and 1996, the bank restructured its holdings in the Caribbean, with the incorporation of CIBC West Indies Holdings Limited and CIBC Caribbean Limited. CIBC West Indies Holdings then sold 30% of its shares to the public. In 1997, CIBC issued 5 million shares in CIBC Bahamas Limited to the public. On October 31, 2001, Barclays and CIBC agreed to combine their Caribbean operations to establish FirstCaribbean International Bank. CIBC bought Barclays' stake in 2006 to give it control of approximately 92% of FirstCaribbean, which
550-553: A sale. In February, 2010 CIBC became the first chartered bank in Canada to launch a mobile banking iPhone App. It surpassed 100,000 downloads in just over one month following launch, with over 1 million client logins to CIBC Mobile Banking since its introduction. Four months later, the bank announced it signed a deal to buy a CA$ 2.1-billion credit card portfolio from Citigroup 's Citibank Canada MasterCard business. Finally in October of that year, CIBC announced that it would be
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#1732787094635600-1430: A team led by John Nuveen acquired control. In the 1960s LaSalle acquired the Mutual National Bank of Chicago founded by Frank C. Rathje . Algemene Bank Nederland (ABN) acquired the bank in 1979. In a merger of co-owned banks, the LaSalle Bank N.A. name was adopted in 1999. It was the largest bank headquartered in Chicago with US$ 72.2 billion in assets and US$ 46.8 billion in deposits. LaSalle Bank maintained 146 retail locations and 450 ATMs throughout Chicago and its neighboring suburbs. LaSalle Bank maintained regional offices in Atlanta , Boca Raton , Boston , Cincinnati , Cleveland , Columbus , Connecticut , Dallas , Denver , Des Moines , Houston , Indianapolis , Kansas City , Los Angeles , Miami , Milwaukee , Minneapolis , Nashville , New Jersey , New York City , Omaha , Philadelphia , Pittsburgh , San Francisco , St. Louis , Tampa , Troy , Tustin , and Washington, D.C. Subsidiaries included LaSalle National Leasing Corporation, LaSalle Business Credit, LLC, LaSalle Financial Services Inc, LaSalle ABN Capital Markets LLC, AMO Capital Markets, AMO Commercial Holdings LLC, ABN Commercial Real Estate Holdings LLC. Upon
650-690: The Bank of Montreal with the Royal Bank of Canada – as not in the best interest of Canadians. In 2000, CIBC signed an agreement with the New York-based Aplettix Inc., a firm specializing in secure transaction systems in the banking sector; although the partnership was later abandoned for alternatives such as VeriSign. The early 2000s saw the bank divest from its real estate and investments outside of its business strategy. In 2000, CIBC sold its 10 per cent stake to Rogers Media . CIBC
700-712: The Bank of Montreal ; by 1874 it had 24 branches. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland . By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18. The 1896 gold strike in the Yukon prompted the Dominion Government to ask the Canadian Bank of Commerce to open
750-905: The Financial District of Toronto , Ontario . The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank . The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in
800-610: The United States , the Caribbean , Asia , and United Kingdom . Globally, CIBC serves more than eleven million clients, and has over 40,000 employees. The company ranks at number 172 on the Forbes Global 2000 listing. CIBC's Institution Number (or bank number) is 010, and its SWIFT code is CIBCCATT. William McMaster founded the Canadian Bank of Commerce which opened on May 15, 1867, in Toronto as competition for
850-574: The thrift applied for and received a federal charter in 1950. This expanded its lending powers and Standard became known as Standard Federal Savings & Loan Association. The first branch office outside Detroit city limits opened in 1957 in suburban Royal Oak on North Woodward near 12 Mile Road. Assets meanwhile amounted to $ 100 million in 1957. In 1970, Birmingham Federal Savings (Michigan) merged with Standard Federal. Main offices moved to Birmingham on Woodward Avenue near Big Beaver Road. Total assets in 1973 reached $ 1 billion. In 1973, offices moved to
900-405: The 57-storey building was the tallest in Canada, and the largest stainless-steel-clad building in the world. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987. CIBC quickly took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to
950-520: The ATM. Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei to design a three-building complex. The result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786 ft (240 m) Commerce Court West. When completed in 1973,
1000-1182: The Bay Park Centre under development by Hines Interests Limited Partnership and Ivanhoé Cambridge . Under the terms of its lease, the complex became CIBC Square . CIBC Square formally became CIBC's principal office and headquarters on 1 November 2021. In November 2018, CBC reported that CIBC was among the top brands used in phishing attacks, with the bank seeing a surge in fake mail attempts that prior quarter by 600%. Bank of Canada (1858, charter dormant, acquired in 1867) Gore Bank (1870) Bank of British Columbia (1901) Halifax Banking Company (1903) Merchants Bank of Prince Edward Island (1906) Eastern Townships Bank (1912) Bank of Hamilton (1924) Standard Bank of Canada (1928) Niagara District Bank (1875) Weyburn Security Bank (1931) Barclays Bank (Canada) (1956) Wood Gundy (1988) President's Choice Financial (1998; Simplii Financial from 2017) FirstCaribbean International Bank (2006) Atlantic Trust (2013) Privatebancorp (2016, later renamed CIBC Bank USA ) In 1920, Canadian Bank of Commerce established its first branches in
1050-639: The Canadian Imperial Bank of Commerce with over 1,200 branches across Canada. The new bank possessed the greatest resources and the most branches of any bank in the country. In 1964, the bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. Lawrence River in Quebec , billed as the only floating branch in Canada for 5000 customers. In 1967, both Canada and CIBC celebrated their centenaries and CIBC
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#17327870946351100-588: The Dutch Supreme Court ultimately approved the sale. Bank of America closed the purchase on October 1, 2007, and LaSalle Bank Midwest began doing business under the Bank of America brand on May 5, 2008. Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce ( CIBC ; French : Banque canadienne impériale de commerce ) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in
1150-500: The Imperial Bank. Barclays took payment partly in the form of Imperial stock. In 1960, without informing Imperial's board, Barclays began buying additional Imperial stock on the open market. L. Stuart Mackersy , chairman of Imperial, believed Barclays was making a play to take over Imperial. Mackersy thought that a takeover of a small bank such as Imperial was inevitable, but preferred to work with domestic rather than British concerns. In October 1960, Mackersy approached Neil J. McKinnon ,
1200-702: The Kalamazoo County Building Loan Association) and Peoples Savings Bank, F.S.B. in Monroe . On September 6, 1991, Standard Federal entered the Ohio market, gaining a significant presence in the northwest Ohio area through the acquisition of United Home Federal Savings and Loan Association of Toledo. It purchased First Federal Savings and Loan Association of Lenawee County, Adrian (Michigan) on August 8, 1992. On April 25, 1993, Standard Federal celebrated its centennial. The bank stood as
1250-519: The LaSalle name. As of 2007, it was one of the largest banks in the Midwest, with US$ 43 billion in assets and US$ 24.1 billion in deposits. It operated 264 branches and 1,000 ATMs in Michigan and Indiana. On April 23, 2007, an agreement was made to sell LaSalle Bank Corporation to Bank of America for US$ 21 billion. Bank of America officially took over LaSalle on October 1, 2007. This
1300-1090: The West Indies in Bridgetown , Barbados and in Kingston, Jamaica . The same year it also opened branches in Port of Spain , Trinidad and Havana , Cuba . Its first branch in Mexico City opened in 1910. In 1957, the bank opened a branch in Nassau , the Bahamas , and in the subsequent years expanded its operations in Jamaica. Between 1963 and 1988, the bank expanded its branch network in Barbados opened branches in St. Vincent , Antigua , and St Lucia . In 1988, CIBC sold 45% of its shares in CIBC Jamaica via
1350-407: The acquired bank's national bank charter and the bank became Standard Federal Bank N.A., closing 59 overlapping branch offices and making Standard Federal Michigan's largest bank by the number of branch offices. On September 12, 2005, ABN AMRO and its American subsidiary LaSalle Bank Corporation officially changed the name of Standard Federal Bank N.A. to LaSalle Bank Midwest N.A. in what it called
1400-570: The acquisition Nova Global Markets and Nova Holdings became a part of the official records. In 1996, ABN AMRO acquired Troy, Michigan -based Standard Federal Bancorporation , the largest savings bank in the Midwest. In 2000, ABN AMRO acquired Michigan National Corporation of Bloomfield Hills and merged it into Standard Federal. The merged bank took the Standard Federal name, but operated under Michigan National's charter. In 2005, it changed its name to LaSalle Bank Midwest N.A. when ABN AMRO consolidated its U.S. commercial banking operations under
1450-495: The bank and its parent LaSalle Bank Corporation on October 1, 2007 and all branches were rebranded Bank of America on May 5, 2008. Standard Federal began as Standard Savings & Loan Association; established on April 25, 1893, assuming the charter of the Workman's Savings and Loan Association. Offices opened in the basement of the old McGraw Building at the corner of Griswold and Lafayette in downtown Detroit . Standard moved to
1500-534: The bank converted from a federally chartered mutual savings and loan association to a federally chartered mutual savings bank and changed its name from Standard Federal Savings and Loan Association to Standard Federal Bank. On August 28, 1986, the bank's board of directors adopted a Plan of Conversion providing for the bank's conversion from a mutual to a stock institution. As of December 31, 1986, Standard Federal had 83 offices in 16 counties in Michigan and Indiana; 78 of which were full-service branches. The conversion from
1550-469: The company saw a competition between Wood Gundy (now CIBC World Markets) chief John S. Hunkin and Personal/Commercial banking head Holger Kluge, with Kluge retiring after Hunkin became chairman. In February 2004, Hunkin forced his friend and heir-apparent, David Kassie, to resign as chairman and CEO of World Markets after several scandals in the US. Both men had waived their bonuses in 2002 after that year produced
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1600-614: The division CIBC FirstCaribbean International Bank in 2011. On February 12, 2009, the Trinidad and Tobago Express reported that CIBC was pursuing discussions to buy CL Financial 's stake in the Republic Bank of Trinidad and Tobago . As part of a "bail out" agreement of CL Financial by the government of Trinidad and Tobago during the 2007–2008 financial crisis , the corporation was required to sell Republic and other assets. As of February 2011, CL Financial had yet to agree to
1650-718: The first bank in Canada to introduce the internationally used Visa-branded debit card. In April 2013, CIBC reached an agreement with Invesco to acquire Atlantic Trust , the company's wealth management unit for US$ 210 million. CIBC announced in June 2016 that it would acquire the Chicago-based commercial bank PrivateBancorp for US$ 3.8 billion. The sale completed in June 2017 and in August PrivateBank announced it would rebrand itself as CIBC Bank USA . In April 2017, CIBC, announced it would move its headquarters to
1700-667: The largest foreign shareholder in the bank for over two decades, but in early 2005 he sold his portion (est. CA$ 1.2 billion) to establish a Canadian charity, the Li Ka Shing Foundation. CIBC was Li's choice for financing many of his Canadian ventures, like Husky Energy . Li had reportedly backed personal and commercial banking head Holger Kluge to succeed Al Flood as CEO of CIBC in 1999. CIBC sold its corporate and purchasing credit card business to U.S. Bank Canada in October 2006 which joined it with business charge cards it previously acquired from Royal Bank of Canada . In
1750-617: The largest thrift institution in the Midwest and the seventh largest in the United States, with assets of approximately $ 10 billion. In December of the same year, Standard made its largest single acquisition in history — Heritage Federal Savings Bank in Taylor (Michigan). Other acquisitions include InterFirst Bankcorp (1993), Colonial Central Savings Bank (1994) and Fidelity Savings Bank (1996). Effective May 1, 1995, Standard Federal Bank reorganized as Standard Federal Bancorporation, Inc.,
1800-593: The president and chairman of the Commerce, with a proposal to merge the two banks. Their first meeting took place secretively at McKinnon's house at 116 Dunvegan Road in Forest Hill , making the house the birthplace of the CIBC. According to Mackersy, within ten minutes he and McKinnon reached an agreement to merge their banks. On 1 June 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form
1850-643: The public. In 1988, CIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting. Shortly thereafter, the corporation merged Wood Gundy and CIBC Securities under the name CIBC Wood Gundy which became CIBC Oppenheimer in 1997 and later, CIBC World Markets . In 1992, CIBC introduced automated telephone banking; in 1995 the bank launched its website, and shortly thereafter began offering banking services online. In 1996, CIBC formed HP Intria Items, alongside Hewlett-Packard and Fiserv Canada. In 2005, CIBC acquired
1900-541: The same period. The Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city. At a height of 145 metres (476 ft), it was the tallest building in the Commonwealth of Nations until 1962 with the completion of CIBC Tower in Montreal. In 1936, the Commerce was the first Canadian bank to establish
1950-399: The same year, CIBC signed a 10-year agreement with TSYS of Columbus, Georgia to outsource credit card processing operations. In 2004, the bank sold Juniper Financial Corporation to Barclays Bank . Juniper Financial was previously acquired by CIBC in 2001. The bank sold EDULINX Canada Corporation to Nelnet Canada Inc., the Canadian unit of Nelnet, Inc. , in late 2004. Li Ka Shing was
2000-497: The same year, CIBC's stock ticker symbol on the New York Stock Exchange changed from BCM to CM to bring it in line with the ticker symbol on the Toronto Stock Exchange . In December 2006, CIBC acquired majority control of its publicly held joint venture FirstCaribbean International Bank for just over US$ 1 billion, ( Bds$ 2 billion), when it purchased the 43.7% stake owned by Barclays Bank. CIBC rebranded
2050-556: The shares of the company from Fiserv Canada, resulting in Intria Items becoming a unit of CIBC. In 1998, CIBC joined with Loblaws to create President's Choice Financial which it launched in 28 Ottawa area stores. CIBC agreed to merge with the Toronto-Dominion Bank in 1998. However the Government of Canada , at the recommendation of the minister of finance , Paul Martin , blocked the merger – as well as another proposed by
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2100-553: The worst results in the history of the bank. Kassie afterwards founded Genuity Capital and was alleged to have raided 20 key employees from World Markets for his new startup, causing CIBC to file suit. Gerald T. McCaughey became Kassie's replacement heading World Markets and in February 2004, was promoted to president and chief operating officer, assuring his succession as CEO. Shortly after assuming his position, McCaughey reportedly dismissed Jill Denham, vice chair of retail markets and
2150-462: Was a Troy, Michigan -based bank serving Michigan and Northern Indiana in the United States which was acquired by Bank of America on 5 May 2008. In 2005, Standard Federal was the largest bank in Michigan based on number of retail branches (265), ATMs (more than 1,000) and deposits (US 23.3B, 15.06% market share); it ranked second in assets. After ABN AMRO acquired it, the bank was renamed LaSalle Bank Midwest in 2005. Bank of America purchased
2200-403: Was a defensive move by ABN AMRO to stave off its own purchase by a consortium led by Royal Bank of Scotland . RBS wanted to merge LaSalle with its Citizens Financial Group division. At one stroke, this made Bank of America the largest bank by deposits in both Chicago and Detroit; Bank of America previously had a minimal presence in Chicago and none at all in Michigan. The investment banking arm
2250-646: Was a minority shareholder in Major League Baseball 's Toronto Blue Jays , with partner Labatt's Breweries from their inception in 1977. The CIBC Leadership Centre in King City , was sold to Benchmark Hospitality in 2001. In 2002, CIBC disbanded Amicus FSB, and sold its assets to E*Trade Bank. Amicus FSB was formed in 1999 in the United States with Winn Dixie and Safeway Inc. under the Marketplace Bank and Safeway Select Bank brands. In
2300-488: Was formerly an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V., one of the world's largest banks, with total assets of EUR 986 billion, more than 3,000 locations in over 60 countries and a staff of more than 105,000. Bank of America acquired LaSalle Bank Corp. effective October 1, 2007, and officially adopted the Bank of America name on May 5, 2008. Founded in 1927 as National Builders Bank of Chicago, it changed its name to LaSalle National Bank in 1940 after
2350-630: Was never tested so severely as during the Wall Street Crash of 1929 and subsequent Great Depression . It weathered the 1929 stock market crash, and stayed open even as many Detroit banks and thrifts permanently closed after the 1933 bank holiday. The first branch office opened in 1948 on Grand River near Southfield Road in Northwest Detroit. Standard's name changes over the years reflected growth in its scope and capabilities. After 57 years as Standard Savings & Loan Association,
2400-640: Was purchased by the third largest bank in Canada by deposits and market capitalization. Strong connections exist to the Chicago-based PrivateBank as a swath of bankers moved to establish that bank in the mold of the original LaSalle Bank and to avoid the big bank takeover. PrivateBank was later sold to the US division of Canadian Imperial Bank of Commerce (CIBC). LaSalle sponsored a number of events in its Chicago home. Many of these events will now be re-branded with Bank of America's name. Standard Federal Bank Standard Federal Bank
2450-416: Was rebranded as CIBC FirstCaribbean International Bank . In 2010, CIBC acquired a 22.5% equity of Butterfield Bank of Bermuda . CIBC is well known for its publicized battles of succession to the top position of president and CEO (formerly styled chairman and CEO until 2003 when the positions were separated). When Al Flood became CEO, one of his first acts was to fire his chief rival Paul Cantor. In 1999,
2500-476: Was the only chartered bank to have a branch on-site at Expo 67 . Also at this time computerization began to change banking services and the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books via computer. This also marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would eventually become
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