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- calendar_today October 25, 2026
The Race to Prince George's First Bank
A new book, The Pioneer Bankers: Three Scots, $50,000 & The Race to Prince George, by author Vivien Lougheed, chronicles a dramatic race in 1910 British Columbia to establish a bank in what would become the city of Prince George. The story follows three bankers as they travel vast distances through daunting conditions to ensure they were the first to open a bank in the growing settlement.
Driven by Expansion and Opportunity
The journey northward was prompted by the news that the Grand Trunk Pacific Railway was set to reach the area, causing rival townsites to spring up and sparking a rush for land claims. As hundreds of new residents sought financial support through loans, the need for a banking institution became urgent and fiercely competitive.
"They had to be the first," Lougheed explained, noting the critical advantage for whichever bank arrived before its competition. "Prince George had no banks ... and the first ones in the community would get all the business."
The Grueling Journey
In early April 1910, the team of three—Bank of British North America chief inspector James Anderson, bank manager Lorne G. MacHaffie, and 24-year-old clerk John (Jock) Munro—set off with $50,000 in currency, an amount equivalent to over $1 million today. Their journey required horseback, canoe, carriage, wagon, and even travel on foot through snow, ice, and mud. Photos from Lougheed’s book show the men navigating treacherous conditions, often soaked by melting snow and forced to guard their precious cargo through the wilderness.
The severe spring weather made travel difficult, as ice blocked waterways and forced the men off their intended sternwheeler and onto a challenging trek north on foot. Ultimately, their hardships paid off as they beat their competitors by a mere 23 hours.
Establishing the First Bank Branch
Arriving at Fort George, the trio hastily assembled a shack and a tarp to serve as the first bank branch in the area. In doing so, they cemented the Bank of British North America as the first financial institution in what would soon become Prince George.
The win proved to be significant, with the city experiencing rapid population growth in the following years. The Bank of British North America itself would later merge with the Bank of Montreal in 1918, further highlighting its historical importance in early Canadian banking.
Personal Stories and Local Legacy
Lougheed’s research was enriched with archival materials from Munro’s step-grandson, Rod Duncan, who provided personal photos and family history. "He had all these photos ... and pretty soon we didn't just have a story, we had a book," Lougheed told CBC. Her book delves into the lives of these pioneer bankers, including Anderson, who left as soon as possible, MacHaffie, who moved on to Edmonton, and Munro, who remained in Prince George to raise a family.
Enduring Impact of the Bankers’ Journey
The legacy of this race lingers in Prince George. The city was formally established in 1915 after the displacement of the Lheidli T'enneh First Nation, whose stewardship of the land had previously gone unrecognized. The arrival of the bank and subsequent city growth marked a defining period in the region's scarce banking history and economic development. Even today, Munro’s family remains well known in Prince George, and the remarkable journey of these pioneer bankers offers a rarely-told chapter in early Canadian banking.
Source: cbc.ca.
