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Northland Bank

Currency:CAD Category:Coins & Paper Money Start Price:50.00 CAD Estimated At:100.00 - 200.00 CAD
Northland Bank
SOLD
300.00CAD+ (60.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2020 Oct 02 @ 18:37UTC-4 : AST/EDT

Buyer’s Premiums will be added on all items as per the Terms & Conditions of the sale. Invoices will be emailed out after The Toronto Coin Expo.

50 shrs Blue 1984 allegorical vignette at top, F-VF folded, crisp paper, small tear at L does not effect border design. #NB 10667 EST: $100-200

This Calgary based bank was established in 1974 to finance various ventures in western Canada that eastern based bank were unable or unwilling to finance. This bank grew to control assets in excess of $1.4 billion. Unfortunately, with the bank’s rapid growth came excessive risk taking that became its undoing. The recession of the early 1980s along with turmoil in senior management spelled the demise of the Northland Bank. The lack of controls and prudent lending policies did not help matters. The high concentration of bad real estate and oil & gas loans concentrated in Western Canada coupled with the inability to roll over their deposits meant that the bank became insolvent and was eventually wound down. Shareholders lost everything.

Share certificates from Canadian banks are incredibly scarce, especially from the smaller banks. This is a rare certificate from a dark chapter in Canadian banking history and is worthy of serious bid.