The Bank in Winterthur, founded in 1862 with an initial share capital of CHF 5 million, focused on providing financing for industry and other companies,[72][71] and had profited considerably from its close railroad connections and large warehousing facilities during the American Civil War when cotton prices rose dramatically.[84] The Toggenburger Bank was founded in 1863 with an initial share capital of CHF 1.5 million,[71] and specialized as a savings and mortgage bank for individual customers, maintaining a branch office network in eastern Switzerland.[85][71] The new company was initially traded under the English name Swiss Banking Association, but in 1921 it was changed to Union Bank of Switzerland (UBS) to mirror its French name, Union de Banques Suisses.