CIBC Timeline

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

Establishing Foundations, 1867-1895

The Canadian Bank of Commerce opened for business on May 15, 1867 in Toronto. The head office and main branch were located on the corner of Yonge and Colborne streets, in what would become Toronto's financial district. The Honourable William McMaster, a prominent Toronto businessman and philanthropist, was the principal founder of the bank and its first president. Concerned about Montreal's influence over the economy of Upper Canada, McMaster founded the bank mainly as competition for the Bank of Montreal. An aggressive businessman, he rapidly expanded the bank and its network of branches; by 1874 it had 24 branches, making it the largest bank headquartered in Ontario.

The Canadian Bank of Commerce Head Office, 1867

The Imperial Bank of Canada opened in Toronto on March 18, 1875. Its original premises were located at 18 Toronto Street, not far from The Canadian Bank of Commerce. Henry Stark Howland, previously vice-president of The Commerce, was the principal founder and first president of the new bank. Having a different philosophy than McMaster, Howland had resigned from The Commerce because he believed the rapid expansion of capital and branches was too risky. Still, he was not opposed to venturing into new territory in search of business.

Imperial Bank of Canada Head Office, 1876

In 1880, Howland and his vice-president made the long rail journey to Winnipeg, the capital of the new province of Manitoba. The men were impressed with the booming western town and arrangements were made to open a branch, their first outside Ontario. The Imperial continued its pioneer banking in the West, opening its first branch in Calgary in 1886 and then in Edmonton in 1891.

During a time when many banks were disappearing, The Commerce and the Imperial were prospering. By the end of 1895, The Canadian Bank of Commerce had 58 branches and the Imperial Bank of Canada 18.