The old banks of Hamilton — sturdy branches reborn
But what does a new owner do with an old vault?
Banks used to care about their buildings. They spent money on sombre stone fronts, high ceilings, marble trim. The message — we’re here for the long haul. Your money is safe with us.
Hamilton’s finest survivor of those days is the monumental 1928 Bank of Montreal at James South and Main, now home to the law firm of Gowling WLG. At the same intersection, there’s the palatial 1908 Landed Banking & Loan, office space these days. We’re lucky they’re both still standing.
Outside the heart of downtown, there are plenty of other bank buildings worth saving. And so far, so good. The branches have been reborn.
The newest development is at King East and Sherman. The Bank of Nova Scotia had been on that corner since 1913, and in 1952 it opened a modern new branch there with large windows and a straight-line counter that replaced the old enclosed cages.
The bank’s crest — representing maritime history, economy, natural habitat — is still mounted on the limestone exterior. But the sign overhead now says Hakim Optical. The shop opened early this year.
It turns out the decision to locate here was made by none other than Karim Hakimi. His 170-store empire stretches from Vancouver to Halifax. He discovered Hamilton 40 years ago while chasing down an overdue account.
Locating in the old bank at King and Sherman could cost him. “It’s a very handsome building,” he says, then declares “I know I’m not going to make money there, but I want to encourage others …. The area seems rather depressed. Someone has to take the first step.”
He’s leasing with an option to buy. He spent about $250,000 on renovations and the place shines. It comes as news to him that there is a notice taped to the front door of his renewed premises — an Order to Comply from the city. It seems no one got the permit required for a change of use such as this.
The order has been stuck to that door since early April. It’s a good bet Hakimi will now get that cleared up fast.
The location came with two vaults. The one in the basement is still there. The other found its way to an island Hakimi owns off the coast of Belize.
He’s building a resort for the wealthy there, and the 100-room hotel is nearly finished. The Hamilton vault will be handy, he says with a smile, “so when we have a lot of money we can keep it safe.”
A few blocks away, another old bank has just been reborn. CIBC arrived at Barton and Sherman about 1924, but its building is now home to La Luna’s new Middle Eastern Bread & Bakery.
Mohammed Harb says that with the building purchase and renovations, they’ve invested $1 million in that corner. It’s worth it, he says. “Banks are solid buildings.”
The bakery is not open to the public quite yet, but pita breads are already rolling off the line — about 18,000 a day, for La Luna restaurants and small stores from Niagara Falls to London.
That bank came with four vaults. Two in the basement are used for storage. One upstairs is now a cooler, the other a freezer.
Hrab knew old banks make good locations. A couple of years ago, he turned the handsome 1909 Bank of Montreal at Barton and Victoria into La Luna Express. “I believe in Barton,” he says. “It’s the best decision I made yet.” Some other banks reborn: Upper James at Fennell: former Bank of Montreal now the Jump Off clothing store
Upper James at Brucedale: former Bank of Nova Scotia now a medical centre
Main West near Cline: former Royal Bank now the Fred Astaire Dance Studio
Main West at Thorndale: former Bank of Montreal now the LubaMera Spa
Barton East at Westinghouse: former Bank of British North America now the 541 Eatery & Exchange