In the 19th century, in 1857, the Ontario Bank was founded in Bowmanville, with local resident John Simpson as its first president. The bank, while appearing to be a local enterprise, was primarily controlled by 16 Montreal businessmen. The Ontario bank eventually opened local branches including locations in Whitby, Oshawa, and Port Hope. In 1874, it was moved to Toronto, and would later become insolvent as a result of investing in speculative stocks in 1906. The historic Ontario Bank building at the intersection of King and Temperance was demolished in 1971