Since its founding, Scotiabank has built on its principles of strength, integrity and service. Scotiabankers enthusiastically participated in yearly traditions that have come to characterize the generous spirit of the staff. Two holiday traditions that defined and informed our holiday traditions date from 1951 and 1985: the Bank’s annual holiday tree and the Annual Teddy Bear Campaign.

The Holiday Tree

A highlight of the holiday season is the process of selecting and decorating the perfect holiday tree.

The traditions of the holiday season were celebrated by Scotiabank between 1951 until 1999, decorating the Main Banking Hall of the General Office, located at 44 King Street West, Toronto, with a tree that stood an impressive 37 feet and 8 inches tall (or 4 storeys). Scotiabankers as well as visitors came to “delight in the sight of… [the] magnificent fir tree”, which at the time was the largest indoor temporary holiday tree in Canada. The tree served as the main backdrop to the annual Executive Offices and Toronto Region Christmas party, where children came to visit and receive gifts from Santa and his elves.

As illustrated in the December 1995 issue of the Scotiabanker, the Bank’s staff magazine, the selection of the perfect tree and its journey to the General Office was one that was carefully planned months in advance. Individuals looking for the “perfect” tree canvassed sites within a 250-km radius of Toronto, searching for a tree that was “the right height and well shaped, neither too wide nor too slender”. A week before its installation, the tree was selected, cut, trimmed, covered with fire retardant, wrapped and shipped to the bank. It arrived in the early morning hours and employees of Worden & Watson Limited used a hoist to unload it and bring it into the Banking Hall, a process that took roughly 14 to 16 people to complete.

Once inside, the tree was unwrapped and placed into position such that it could be decorated. Due to its massive height, the tree was tilted at an angle and decorated from the top down. Overall, this process took eight people to complete over a six hour period.

Unfortunately, this Scotiabank tradition came to an abrupt end on December 14, 1999, when the tree caught fire, damaging the Main Banking Hall and the adjoining atrium of Scotia Plaza. Thankfully, no one was injured in the fire. Although this tradition has come to an end, Scotiabankers continue to uphold other holiday customs. One such tradition is the Bank’s Annual Teddy Bear Campaign.

The Annual Teddy Bear Campaign

Every year, Scotiabankers are filled with the spirit of giving and the opportunity to donate to charities within Canada and across the World. In 1985, the Bank’s Comptroller and Chief Accountant’s Department came up with an idea that has today become a Scotiabank tradition. The department decided to forego exchanging Christmas gifts in favour of a party where the cost of admission was the donation of a Teddy Bear. The Teddy Bear was then donated to the Salvation Army’s Toy Time program, a program that is operated for parents who required assistance in providing toys for their children.

In the first year, a total of 64 bears were collected. The following year, the Finance Department challenged other General Office departments to participate in what became known as the Great Teddy Bear Challenge. From 64 bears, Scotiabank staff collected an outstanding “hug” of 571 Teddy Bears. (According to experts in the field, a “hug” is the collective term for a group of Teddy Bears.)

In 1987, the challenge was extended to even more departments as well as branches throughout the Metro Toronto area. The goal that year was to collect 1,000 stuffed animals and have them distributed not only to the Salvation Army but also to a number of other service organizations including the Children’s Aid Society. In total, Scotiabankers collected 2,560 bears, a record that made front-page news. The newspaper read: “Bankers go bonkers for bears”.

By 1989, the Annual Teddy Bear Challenge, as it became known, exceeded the total number of bears collected in 1988 by 19%, and the number of charities that received the teddy bears increased to approximately 28 organizations. Some of the charities included: Anduhyuan; Calvery Baptist Church; Catholic Children’s Aid; Children’s Aid Society of Metro; Council Fire Native Culture Centre; Humewood House; North York Women’s Shelter; Parkdale Community Centre; Scadding Court Community Centre; Serve Canada; Victoria Daycare Services; West-End Creche Child & Family Clinic; Women in Transition; Woodgreen Red Door Family Shelter; and Working Women Community Centre.

By 1995, the Annual Teddy Bear Challenge extended to Scotiabank branches across Canada as well in Mexico and Puerto Rico. In 1997, Scotiabank de Puerto Rico expanded the campaign to include dolls, which were sold to the public. All money raised was used to purchase toys for children in need. Scotiabank Inverlat in Mexico also adopted the tradition in 1999. Staff in Mexico collected 732 stuffed toys which were distributed on January 6, the Day of the Three Wise Men. By 2000, the campaign collected roughly 2,500 teddy bears that were donated to children.

The success of the Teddy Bear campaign is clearly visible in its growth from the original 64 bears collected in 1985 to the more than 4,500 “hugs” collected each holiday season. As illustrated in the 1987 Employee Annual Report by Paul Girvan, Senior Financial Analyst at the time and one of the people who helped launch the project in 1985, “it is always fun to buy a Teddy Bear […] but it’s the end result – seeing a child cuddle it … realizing what it means to him or her to have something to love. That’s what brings home the real meaning.”