Built in 1849 as the British Bank of North America, the building at 278 Duckworth Street was Newfoundland’s first bank building. The building is significant in the economic development of the province. It’s also a prized part of the city’s built heritage.

The Start of the Renovations

This Italianate-style structure is believed to be an early work of well-known Halifax architect David Stirling who designed many Halifax buildings in the 1860s. Stirling is known for the BBNA’s building in Halifax and later churches in the Gothic Revival style.

Formed in 1835, the Bank of British North America established its first colonial branch in Newfoundland in 1837. In Newfoundland the BBNA faced stiff competition from the rival Union Bank, formed in 1854, and was forced out of business in 1857. The newly formed Commercial Bank of Newfoundland purchased and operated out of the building from 1857 to 1894. It was during the occupancy of the Commercial Bank in 1885 that a mansard roof was installed to replace the hipped roof providing extra space.

It was also during this second phase of ownership that the building received considerable damage from the Great Fire that ravaged much of the city in 1892. The building itself was one of the few structures to survive the devastation, although the interior sustained considerable damage and was reconstructed, most likely based upon the plans of well-known Newfoundland architect William Howe Greene. The top three floors were elaborate living quarters for the resident bank manager.

On December 10, 1894 an epic event occurred. Both the Commercial and the Union closed. Canadian banks rushed to Newfoundland’s assistance and began to establish branches in the colony. The Bank of Montreal made the greatest contribution by lending the Newfoundland government sufficient funds to meet interest payments and for a resumption of the construction of the railway. In addition, they lent sufficient funds to allow a local merchant firm to buy fish from distressed fishermen. By 1897 the Bank of Montreal exclusively controlled the Newfoundland government’s accounts. This led to the establishment of Canadian currency as legal tender within Newfoundland and the local currency compatible with that of the Dominion of Canada.

In 1895 the Bank of Montreal moved into the building. Two years later, the only Newfoundland bank to survive the 1894 Crash, the Newfoundland Savings Bank, moved into the building and ran its operations from there for 65 years. The Savings Bank was an important tool that the Newfoundland government used to raise money for the war effort from 1914-1918 via a savings stamp plan that involved thousands of school children. In 1962 the Bank of Montreal purchased the Savings Bank and reacquired the building. The Bank of Montreal sustained a branch in the building until 1985 when it donated the building to the City of St. John’s. The Anna Templeton Centre for Craft Art & Design  currently leases the building for arts and cultural purposes.