Bank of Toronto (Yellowknife)

The Bank of Toronto is a historic cabin located in Old Town, Yellowknife, Northwest Territories, Canada. The log cabin was constructed in 1939 by John Stakson, an expert log builder, in the commercial district of the Yellowknife community for use as a residence. In October 1944, the Bank of Toronto purchased the cabin and opened a new bank for the community, joining the Bank of Commerce (Yellowknife's first bank in 1938). The bank arrived in Yellowknife in response to new financial activity brought about by the intersection of gold in shear zones at Giant Mine and the resulting staking spree around the region. As the gold rush ended, the volume of business was insufficient to keep the bank profitable, and the Bank of Toronto closed this branch in August 1951.

Bank of Toronto 1944-1951.
Yellowknife Heritage 2000 - Yellowknife's Bank of Toronto - 1939 - This log structure served as Yellowknife's first branch of the Bank of Toronto from 1938 to the 1950s. In the Dogrib language the building was known as Sombasheko ("house where money grows"). An early branch manager, Allan Lambert, eventually served as President and Chair of the Toronto Dominion Bank of Canada. The City of Yellowknife Heritage Committee declared the bank building a heritage building in 1998. This old log structure represents the early beginning of branch banking in Yellowknife and the Northwest Territories. *Funding assistance for this plaque provided by the TD Bank Financial Group
'Yellowknife Heritage 2000' Plaque

Purchased by prospector Sam Otto in 1964, the old log cabin was renovated and moved to its current location on Latham Island for use as a rental residence. The Bank of Toronto was designated a City of Yellowknife Heritage Site in 1998.[1]

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Coordinates: 62°28′12″N 114°20′38″W / 62.4700°N 114.3440°W / 62.4700; -114.3440