HOME

TheInfoList



OR:

The Dominion Bank was a Canadian
bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...
that was chartered in 1869 and based in
Toronto, Ontario Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...
. On February 1, 1955, it merged with the
Bank of Toronto The Bank of Toronto was a Canadian bank that was founded in 1855 by a group of grain dealers and flour millers. On February 1, 1955, it merged with The Dominion Bank to form the Toronto-Dominion Bank, which is now known as the present-day TD Ban ...
to form the Toronto-Dominion Bank, which is known as the present-day
TD Bank Group Toronto-Dominion Bank (french: links=no, Banque Toronto-Dominion), doing business as TD Bank Group (french: links=no, Groupe Banque TD), is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. T ...
.


History

In 1871, the Dominion Bank was launched by entrepreneurs and professionals under the leadership of James Austin with the opening of its first branch on King Street in Toronto, Ontario. They were dedicated to creating a new institution “conducive to the general prosperity of that section of the country.” The Dominion Bank was a cautious institution, “selecting its customers carefully, serving them well, and duly prospering with them” (in the words of the official history). It too created a network of branches, and in 1872 became the first Canadian bank to have two branches in one city – Toronto. With the maturing of the Canadian economy and the opening of northern Ontario and the West in 1880s and 1890s, the banks became more aggressive in loans to resource industries, utilities, and manufacturing. In 1897, the Dominion Bank opened its first western branch in
Winnipeg Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749, ...
. In the first decade of the twentieth century, the bank rapidly expanded their branch networks in central Canada and across the west. To mark its rise as a significant national institution, the Dominion Bank moved to a landmark head office at King and
Yonge Street Yonge Street (; pronounced "young") is a major arterial route in the Canadian province of Ontario connecting the shores of Lake Ontario in Toronto to Lake Simcoe, a gateway to the Upper Great Lakes. Once the southernmost leg of provincial H ...
in 1879. The
First World War World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
brought new challenges for the bank when they were called upon to finance war expenditures and to support the innovation of
war bonds War bonds (sometimes referred to as Victory bonds, particularly in propaganda) are debt securities issued by a government to finance military operations and other expenditure in times of war without raising taxes to an unpopular level. They are a ...
marketed to the general public. Half the staff of the bank served in the armed forces. Except for some contraction in the western provinces due to drought, the decade following the war was one of expansion and increasing profitability due to resource development and industrial expansion. Both banks weathered the storm of Great Depression in the 1930s without great difficulty, despite a decline in earnings. Like all Canadian banks, they endured criticism of its
credit Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt) ...
policies and resisted the introduction of a
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...
to control the
money supply In macroeconomics, the money supply (or money stock) refers to the total volume of currency held by the public at a particular point in time. There are several ways to define "money", but standard measures usually include currency in circul ...
and advise on
fiscal policy In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variab ...
. Ultimately the Bank of Canada was established and the banks relinquished their right to issue their own currency. The coming of the
Second World War World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposi ...
involved the banks, once again, in the marketing of war bonds and in participation in the control of foreign exchange,
rationing Rationing is the controlled distribution of scarce resources, goods, services, or an artificial restriction of demand. Rationing controls the size of the ration, which is one's allowed portion of the resources being distributed on a particular ...
, and other financial war measures. Approximately 500 staff, or almost half the total, entered the armed forces. The Dominion Bank emerged from the war in 1945 stronger than ever, with assets more than doubled since 1939. With the post-war boom, they became more active in business lending and in the penetration of new markets. However, they quickly realized that the costs of expansion and competition with much larger rivals made their objectives difficult to realize. The bank had engaged in acquisitions or mergers in order to grow, but determined that a union with a bank of equal size would place it in a much stronger position to take advantage of the opportunities of the post-war economy.


Amalgamation

In 1954, negotiations began between the
Bank of Toronto The Bank of Toronto was a Canadian bank that was founded in 1855 by a group of grain dealers and flour millers. On February 1, 1955, it merged with The Dominion Bank to form the Toronto-Dominion Bank, which is now known as the present-day TD Ban ...
and the Dominion Bank, and by the end of the year, an amalgamation agreement was reached. In their brief to the
Minister of Finance A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
, the banks stated: “It is more burdensome for a small bank to keep pace with the development of our country than for a large bank, with the result that the effective growth and comparative influence of smaller banks will probably in the future decline in comparison with that of the larger banks.” On November 1, 1954, Canada's minister of finance announced that the amalgamation was accepted, and shareholders were asked for their approval. This was forthcoming in December, and on February 1, 1955, the Bank of Toronto and the Dominion Bank became the
Toronto-Dominion Bank Toronto-Dominion Bank (french: links=no, Banque Toronto-Dominion), doing business as TD Bank Group (french: links=no, Groupe Banque TD), is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. T ...
.


Presidents

* James Austin, 1871-1897 *Sir Frank Smith, 1897-1901 *Sir Edmund Osler, 1901-1924 *Sir Augustus Nanton, 1924-1925 * Albert W. Austin, 1925-1933 *Clarence A. Bogert, 1933-1948 *C. H. Carlisle, 1934-1948 *Robert Rae - 1948


Architecture

The Dominion (Toronto-Dominion) Bank building in Calgary, Alberta, built in 1911, is on the Registry of Historical Places of Canada. The Dominion Bank Building in
Winnipeg, Manitoba Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...
, built in 1907, is on the Registry of Historical Places of Canada.Dominion Bank Building
Retrieved 2013-11-11 John M. Lyle was the architect for the Dominion Bank (and the
Bank of Toronto The Bank of Toronto was a Canadian bank that was founded in 1855 by a group of grain dealers and flour millers. On February 1, 1955, it merged with The Dominion Bank to form the Toronto-Dominion Bank, which is now known as the present-day TD Ban ...
) for many branches in Toronto and throughout Ontario from 1911 to 1939. File:King Street looking east, Toronto, Ontario.JPG File:Bank at Logan and Danforth.jpg


See also

* List of Canadian banks * One King Street West *
Robert Henry Bethune Robert Henry Bethune (May 5, 1836 – March 27, 1895) was a Canadian banker born in Cobourg, Upper Canada. He was a son of Alexander Neil Bethune and Jane Eliza Crooks (1809-1861). Robert was raised in Cobourg, educated in private schools and ...


References


External links


''Quebec History - Dominion Bank''''TD Bank Financial Group: Celebrating a rich history''
{{DEFAULTSORT:Dominion Bank Defunct banks of Canada Banks established in 1869 Banks disestablished in 1955 Toronto-Dominion Bank 1869 establishments in Ontario 1955 disestablishments in Ontario Canadian companies established in 1869