Original sentence: Allan was routinely elected president until 1877 and then was re-elected president in 1882.Andrew Allan, who was on the board from 1861 to 1883, succeeded his brother as president in 1882 and their brother-in-law, Jackson Rae, was the bank’s first cashier.By the late 1870s, however, there were other large shareholders in the bank, such as Robert Anderson whose 5,042 shares held in 1878 exceeded the combined holdings of the Allans.He soon became the richest man in Canada with a personal estate estimated between to have been between six and ten million dollars.He was a director of the Montreal Credit Company (1871), held 100 shares in the Maritime Bank of the Dominion of Canada (1873), and was president of the Provincial Permanent Building Society (1871) which became the Provincial Loan Company in 1875.His most important banking endeavour began when, as a source of capital and to service his financial needs, he established the Merchants’ Bank of Canada.Hugh Allan had from a young age displayed an early and persistent interest in banking and credit institutions.In 1856, in addition to 204 shares in the Bank of Montreal, he had shares worth £8,000 in the Commercial Bank of Canada, £1,000 in the Bank of Upper Canada, and £2,020 in the City Bank of Montreal.In 1868 Hugh, the bank’s largest shareholder, held 2,658 of its 12,176 shares while Andrew had 875 shares.While still in his thirties he became a director of the Bank of Montreal and remained on the board for ten years (1847–57)
Edited sentence: Allan served as president of the bank until his death when he was succeeded by his brother, Andrew.He also held signifigant shares in the Commercial Bank of Canada, the Bank of Upper Canada, the Maritime Bank of the Dominion of Canada and the City Bank of Montreal.He was a director of the Montreal Credit Company and president of the Provincial Permanent Building Society which became the Provincial Loan Company in 1875.To service his financial needs and as a source of capital, Allan established the Merchants’ Bank of Canada.While still in his thirties Allan became a director of the Bank of Montreal and remained on the board for ten years (1847–57)