Following the establishment of the Eastern Townships Bank in Waterloo in 1859, the population literally exploded, going from 400 to 2,500 in a matter of fifteen years. Over the same period, the train arrived in town, the Allen, Taylor & Co. foundry expanded its facilities, the Shaw tannery opened its doors and a variety of smaller manufacturing establishments also opened. This activity bestowed the status of regional capital on the town of Waterloo and made it fertile ground for an expansion of the bank. Among the bank’s shareholders outside of the urban areas, there were more in Waterloo than anywhere else, and their investments were the most important. Waterloo’s 37 shareholders in the Eastern Townships Bank were representative of the social groups that made up the sector of the population with Anglo-American roots: merchants, industrialists, professionals, and large-scale farmers.