CIBC Timeline

1867-1895 | 1896-1930 | 1931-1960 | 1961-1986 | 1987-2008

A New Bank, 1961-1986

On June 1, 1961, the Canadian Imperial Bank of Commerce was formed through the merger of The Canadian Bank of Commerce and the Imperial Bank of Canada. With assets of $4.6 billion and over 1,200 branches across Canada, the new bank had the most resources and the most branches of any bank in the country. This remains the largest merger of 2 chartered banks in Canadian history.

The new bank soon needed a new head office - CIBC had outgrown the old head offices of The Commerce and the Imperial on the southeast corner of King and Bay streets. While the bank intended to retain the old Head Office of The Canadian Bank of Commerce, it needed a new office tower to accommodate its expanded operations. Renowned architect I. M. Pei designed a 3-building complex, with a landscaped courtyard, to complement the existing building. The showpiece of the complex was Commerce Court West, a 786-foot building of glass and steel. When it was completed in 1973, the 57-storey building was the tallest building in Canada, as well as the largest stainless-steel-clad building in the world.

Canadian Imperial Bank of Commerce Head Office, 1973

Crowds outside the CIBC branch at Expo 67

Both CIBC and Canada celebrated their centenaries in 1967; the same year people from all over the world came to Expo 67 in Montreal. The highlight of Canada's centennial celebrations, Expo 67 attracted more than 50 million visitors over a period of 6 months, and CIBC was the only chartered bank to have a branch on-site. Trained to handle a variety of transactions and currency, the branch staff exceeded 100 and served as many as 10 thousand customers a day. The most hectic job was that of the bank hostesses who cashed traveller's cheques. They stood at the front of the branch with trays of envelopes containing the Canadian currency equivalent of a $20 US traveller's cheque. On one day, they cashed 4,500 cheques.

The centennial year also marked the beginning of a new era for Canadian banking. Computerization began to change how banks served their clients, allowing for faster and more efficient service. That year, the Yonge and Bloor branch in Toronto was the first Canadian bank branch to use a computer to update customer bankbooks rather than have a teller do it manually. The introduction of inter-branch banking enabled customers to bank at any computerized branch.

Banking was also becoming easier and more convenient for customers. In 1969, CIBC was the first Canadian bank to introduce a 24-hour cash dispenser. The forerunner of the automated teller machine, it was activated with a key, a plastic card and a personal identification number. Customers could not withdraw more than $30 daily from the machine. Self-service proved to be popular and in 1979, the automated teller machine replaced the cash dispenser. In the early 1980s, the bank added a drive-in automated teller and a passbook-updating machine.

24-Hour Cash Dispenser, 1969