The origins of TD
TD's earliest predecessor, The Bank of Toronto, was founded in 1855 by a group of millers and merchants. Rooted in Canada's emerging grain industry, the new bank provided essential financial services. As the bank's business grew, a provincial branch network was built and expanded outside Ontario, to Montreal in 1860.
Inspired by the prosperity and optimism following Canada's founding in 1867, a group of professionals, industrialists and financiers raised funds to create a new financial institution. Eager to help the young country finance important nation-building projects, the Canadian Parliament issued a charter to The Dominion Bank in 1869. Opening its first branch in 1871, The Dominion Bank kept pace with The Bank of Toronto in extending its services to customers and communities across central Canada.
As the Canadian west opened to development in the 1880s, the banks began extending loans to the resource, utilities and manufacturing sectors. The Dominion Bank made the first move west, opening in Winnipeg, Manitoba in 1897, and two years later The Bank of Toronto opened a branch in the British Columbia mining town of Rossland.
The new century heralded impressive growth for both banks, with The Bank of Toronto expanding from 16 branches in 1900 to 161 branches by 1920. The Dominion Bank made its first international venture in 1911, with the opening of an office in London England, followed by a New York office in 1919.
Overcoming the challenges of the Great Depression and the war years, both banks extended their branch networks rapidly, mirroring Canada's industrial and building boom through the 1940s and 1950s. Recognizing that a union of equals would help them grow with the post-war economy, The Bank of Toronto and The Dominion Bank negotiated an amalgamation in 1954.
On February 1, 1955, the Toronto Dominion Bank was born with 499 branches and a combined team of 5,500 employees. The new bank philosophy emphasized customer service and product knowledge. "The Best in Banking Service", TD's first slogan, evolved into "The Bank Where People Make the Difference."
