Our History
Founded as a land and lumber company in 1899 and incorporated in 1926, Weyburn Security has always been invested in the betterment of the community, the surrounding area, and it's people throughout it's long history.
1899
Canadian Investment Company
Six Americans – Alex Simpson, Joseph Mergens, John Erickson, O.H. Hellekson, W.F. Murphy, S.E. Oscarson buy 50,000 acres of land to sell to settlers in S.E Saskatchewan.
In 1899 six American businessmen bought 50,000 acres of land in the Weyburn District to capitalize on settlement activity generated by the new Soo Line Railway. Most of the 6 investors came from banking positions in Minnesota, Wisconsin and South Dakota. Alex Simpson (grain merchant), O.H. Hellekson (merchant), W.F. Murphy (lawyer), Joe Mergens (Weyburn Resident-local realtor), John Erickson (merchant), S.E. Oscarson (merchant). The land would be sold through both Weyburn Security Company and eventually, The Weyburn Security Bank.
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1902
Weyburn Security Company Bankers
Weyburn Security Company is formed as a partnership after seeing a need for private banking and land development.
In 1902 The 6 businessmen formed Weyburn Security Company partnership whose business was in lumber sales, insurance, mortgages, private banking. Many of the American businessmen had previous banking experience which foreshadowed what was to come.
1906
Weyburn Security hires First Manager
H.O. Powell is hired as first to manage the growing company and expands branches of Weyburn Security Company.
By 1906 Weyburn Security Company had branches in Midale, Yellow Grass, McTaggart, and Halbrite. Harvey or H.O. Powell was hired to manage and expand the business in SE Saskatchewan. Powell was very well-liked and respected in the community. They say he had a way of putting confidence into the residents of the area. During 1908 WSC added the branches of Colgate, Griffin, and Radville, and by 1910 more branches were added. 4 of the branches fell to the Weyburn Security Bank from the Bank of Commerce and 3 others from the Standard Bank.
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1910
Weyburn Security Bank Building
Weyburn Security has enough confidence in the surrounding area to build an impressive head office building in Weyburn.
At a meeting in 1910 the Company had enough confidence in the surrounding area to commission the building of the head office of Weyburn Security Company which would later become the Weyburn Security Bank.
1911
Weyburn Security Bank Charter
The Weyburn Security Bank was held separately from Weyburn Security Company with each doing their own business but helping each other. Ownership structure was identical to the company, but Bank shares were given to employees in later years. The Bank was granted its bank charter in May of 1910, and bank notes were granted on Dec 19th of 1910, with actual operations beginning Jan 3, 1911, to coincide with the availability of the printed bills arriving. It was the first chartered bank based in Saskatchewan, and originally applied as the “Bank of Saskatchewan”. In its first year the Bank took over 9 offices of the company. The company continued to conduct business from these locations using the bank employees as agents. The only assets transferred to the bank were its premises including the head office. Powell conducted a highly personalized style of banking in the district, measuring credit-worthiness of his customers from criteria other than net-worth statements. An amendment to the Bank Act of 1923 allowed the Weyburn Bank to sell hail insurance, (they called it the Weyburn Amendment). No other bank in Canada fit that criteria that was put into the act. Other insurance agents lobbied to have the amendment deleted. By 1925 there was $725,000 of Weyburn Security bank notes in circulation.
Weyburn Security is granted a bank charter on May 4, 1910, bank notes granted Dec 19, 1910, with actual operations beginning Jan 3, 1911.
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1926
Weyburn Security Company Limited
Weyburn Security becomes an incorporated business on May 5, 1926.
In 1926 H.O. Powell wanted to separate the company from the Bank to protect the company’s future, so he filed for incorporation papers for the company to create our company today – Weyburn Security Company Limited. Weyburn Security Company were primarily dealing with land sales and longer-term mortgages when the bank was operating. The bank would act as an agent for land sales. The Bank continued to prosper and would provide $2M annually in the mid 20’s to primarily develop agriculture and provide a safe-haven for customer deposits. (** in 1927 & 28, the bank practiced paying 4% on its deposits compared to other banks who commonly paid 3%). The peak of prosperity for the bank would come between 1927 and 1928. The bank would grow to 30 branches by 1929. Then, there was the stock market crash of 1929, and the 30’s hit with multiple crop failures and poor prices causing financial harm to the farmers and Bank alike.
1931
Weyburn Security Bank is Sold
The smallest of Canada’s chartered Canadian banks and last to have its head office in the west is sold to the Imperial Bank.
On Jan 22, 1931, there was an announcement from government and bank officials that the smallest of Canada’s chartered banks and last to have its head office in the west, had been acquired by the Imperial Bank of Canada. During 1931 alone, 1326 American banks failed, (10 in Canada between 1921 and 1930 and 6,171 in the United States during the same period) Between 1916 and 1931 Canada’s chartered banks went from 22 to 10.
The company remained in considerable debt to the Bank of Commerce until 1946 because of a previous arrangement on a loan to keep the company afloat. The company reported losses from 1931 to 1948 due to this association and debt. If it wasn’t for this association with the bank, the company, most likely, would not have survived the depression.
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1970
Weyburn Security purchases General Insurance
Weyburn Security purchases Schultz general insurance agency business and building at 111 Second St. The board then decides to plan to build a new office building at this location.
1971
Weyburn Security Moves
Weyburn Security moves into a new building from its 75 Third St. location to its current address at 111 Second Street. Contractor was Gord Ledingham Construction. The office is approximately 2500 sq. ft.
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1978
Takeover Attempt
Takeover attempt by Saskatchewan Trust and Baker Holdings.
The Weyburn Security board sends a letter out to its shareholders advising them to reject the $50/share offering from Saskatchewan Trust sent to them in a formal letter. The takeover offer was rejected by shareholders.
1988
Weyburn Security purchases its first Computers
Weyburn Security automates its business processes by purchasing its first computer system from a computer firm in Regina. The company would automate all parts of its business operations.
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1996
Building Expansion
Weyburn Security doubles its office space at its current location
Weyburn Security purchases a vacant building (Benning Sport & Paint) next to its current location doubling its square footage to about 5000 sq. ft.
Additional offices for real estate agents, employees, and a boardroom are highlights of the addition.
2014
Weyburn Security ends Real Estate brokerage business
Weyburn Security ended its business in Real Estate as profits prove to be marginal with increasing administration requirements and now focuses on expanding its other business operations.
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2024
Weyburn Security ends General Insurance business
Weyburn Security sells its general insurance to local insurance broker Westland Insurance. The firm will focus on its investment advisory business as well as other business units.
2026
Weyburn Security celebrates 100 Years of Incorporation
Weyburn Security Company Limited celebrates 100 years of incorporation since May 5, 1926.
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