The largest fusion of two chartered banks in Canadian history took place on June 1, 1961. The Canadian Bank of Commerce established 1867 and the Imperial Bank of Canada established 1875 combines together to create the Canadian Imperial Bank of Commerce. Its history covers almost two centuries and is filled with adventure and enterprise.

The Canadian Bank of Commerce opened for business on May 15, 1867 in Toronto. The head office and main branch were situated on the corner of Yonge and Colborne streets, in what would turn out to be Toronto's financial district. The Honorable William McMaster, a well-known Toronto businessman and philanthropist, was the primary founder of the bank and its first president. Worried about Montreal's influence over the economy of Upper Canada, McMaster founded the bank mostly as competition for the Bank of Montreal. An aggressive businessman, rapidly expansion of the bank was done as well as to its network of branches. By 1874, it had 24 branches, making it the major bank headquartered in Ontario.

The Imperial Bank of Canada opened in Toronto on March 18, 1875. Its original premises were sited at 18 Toronto Street, not far from The Canadian Bank of Commerce. Henry Stark Howland, formerly the vice-president of The Commerce, was the key founder and first president of the new bank. Having a dissimilar philosophy than McMaster, Howland had resigned from The Commerce for the reason that he believed the swift expansion of capital and branches were too dangerous. Still, he was not opposed to venturing into new territory in search of business.

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