Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
The Elgin State Bank The Elgin State Bank Elgin State Bank was a bank headquartered in Elgin, Illinois. In 2011, the bank was acquired by Wintrust Financial for $13.75 million in cash and stock and its branches were re-branded as St. Charles Bank & Trust Company. The bank had 3 branches, all of which were in Elgin, Illinois. The bank was founded in 1964. On September 9, 2010, the Federal Deposit Insurance Corporation issued an order against the bank, citing "unsafe or unsound banking practices". In 2011, the bank was acquired by Wintrust Financial for $13.75 million in cash and stock and its branches