Crown Trust Company

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Crown Trust Company

Company type| Trust company
Industry| financial service activities, except insurance and pension funding
Founded| 1909
Defunct| 1983
Headquarters|

Toronto

The Crown Trust Company was an Ontario-based firm that operated in most of Canada[1][2] prior to its bankruptcy, along with several other trusts, in 1983. The bankruptcies occurred when a major Canadian recession drove down speculative real estate values into which the trusts had made increasingly bad loans during a period of rising inflation and interest rates. Crown Trust, and many other Canadian financial institutions, were left with an overwhelming volume of defaulted mortgages.

## History[edit]

The Trusts and Guarantee Building at 302 Bay Street in Toronto. This became Crown's headquarters after it was taken over in 1946.

In January 1946, the Trust and Guarantee Company Limited acquired Crown Trust.[3] For one year it operated under the name the Crown Trust and Guarantee Company. In December 1947 it was renamed the Crown Trust Company.

It eventually came to be controlled by Argus Corporation.

## References[edit]

* Banks portal

1. ^ montreal.qc.ca: "Saint-Jacques, la rue des banques: FICHE D'UN BÂTIMENT - 393, rue Saint-Jacques"
2. ^ nslegislature.ca: "Central Trust Company Act - CHAPTER 64 OF THE REVISED STATUTES, 1989"
3. ^ news.google.com: "The Montreal Gazette - Feb 7, 1946"

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