Amalgamation
In 1954 negotiations began between the Bank of Toronto and the Dominion Bank, and by the end of the year an amalgamation agreement was reached. In their brief to the Minister of Finance 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.
The building of 78 Church Street was listed on the City of Toronto Heritage Property Inventory on August 14, 1991, in hopes of preserving some of its historical physical attributes.
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