The Toronto-Dominion Bank
Company History
TD Bank History: Founding, Growth & Key Milestones
Founded 1955 in Toronto, Ontario, Canada
When was TD Bank founded?
TD Bank was founded in 1955 in Toronto, Ontario, Canada by Founders of Bank of Toronto and Founders of Dominion Bank, making it 71 years old.
- Founded
- 1955
- Founding place
- Toronto, Ontario, Canada
- Founders
- Founders of Bank of Toronto and Founders of Dominion Bank
- Headquarters today
- Toronto, Ontario, Canada
- Milestones documented
- 15 (1855–2025)
- Current CEO
- Raymond Chun
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1855 | Bank of Toronto founded |
| 1869 | Dominion Bank chartered |
| 1955 | Merger creates Toronto-Dominion Bank |
| 1969 | TD Shield launched as corporate identity |
| 1992 | Acquisition of Central Guaranty Trust |
| 1996 | Acquisition of Waterhouse Investor Services |
| 2000 | Acquisition of Canada Trust |
| 2007 | Acquisition of Commerce Bancorp |
| 2010 | Acquisition of South Financial Group |
| 2011 | Acquisition of Chrysler Financial |
| 2020 | Strategic partnership with Charles Schwab |
| 2022 | First Horizon acquisition announced |
| 2023 | First Horizon deal terminated; Cowen acquired |
| 2024 | $3 billion AML fine and guilty plea |
| 2025 | Schwab stake sold; Raymond Chun becomes CEO |
- Where was TD Bank founded?
- TD Bank was founded in Toronto, Ontario, Canada in 1955.
- Who founded TD Bank?
- TD Bank was founded by Founders of Bank of Toronto and Founders of Dominion Bank.
- When did TD Bank start?
- TD Bank was founded in 1955.
- How old is TD Bank?
- TD Bank is 71 years old as of 2026.
Founding Story
The Toronto-Dominion Bank was officially formed in 1955 through the massive, highly strategic merger of the Bank of Toronto (founded in 1855) and The Dominion Bank (founded in 1869). Both legacy banks had deep, incredibly robust roots in financing the massive industrial and agricultural expansion of early Canada. The merger was a brilliant masterstroke to create an absolutely massive, unified national powerhouse capable of competing with the Bank of Montreal and RBC. Decades later, TD completely revolutionized the sleepy Canadian banking industry by aggressively expanding its retail hours, becoming famous as the absolute most convenient bank in the country.
Founders
Founders of Bank of Toronto
The Bank of Toronto was chartered in 1855 by a group of Toronto millers and grain merchants who wanted local credit for Upper Canada's grain and milling trade. It grew into a national bank over the next century and merged with The Dominion Bank in 1955 to form the Toronto-Dominion Bank. (Exact birth year remains publicly undisclosed).
Founders of Dominion Bank
The Dominion Bank was founded in 1869 by Toronto businessmen and opened for business in 1871. It expanded its branch network across Ontario and western Canada and merged with the Bank of Toronto in 1955 to form the Toronto-Dominion Bank. (Exact birth year remains publicly undisclosed).
Key Milestones
Bank of Toronto founded
The Bank of Toronto was founded by a consortium of millers and merchants in Toronto, with initial capital of CAD $200,000, to serve Canada's emerging grain industry.
Source: en.wikipedia.orgDominion Bank chartered
The Dominion Bank was chartered by Canadian Parliament with backing from industrialists and financiers, opening its first branch in 1871 with initial capital of CAD $500,000.
Source: en.wikipedia.orgMerger creates Toronto-Dominion Bank
On February 1, 1955, the Bank of Toronto and The Dominion Bank merged to form the Toronto-Dominion Bank with 499 branches, 5,500 employees, and combined assets of CAD $1.1 billion.
Source: en.wikipedia.orgTD Shield launched as corporate identity
The TD Shield was introduced as the official corporate identity, replacing the separate branding of the predecessor banks and establishing the visual identity that remains today.
Source: en.wikipedia.orgAcquisition of Central Guaranty Trust
TD acquired Central Guaranty Trust, expanding its retail banking and trust services footprint in Canada.
Source: en.wikipedia.orgAcquisition of Waterhouse Investor Services
TD purchased Waterhouse Investor Services for approximately $1.1 billion, establishing a major presence in discount brokerage and online investing.
Source: en.wikipedia.orgAcquisition of Canada Trust
TD acquired Canada Trust for CAD $8 billion, creating the TD Canada Trust retail banking brand and adding approximately 4 million customers and 500 branches.
Source: en.wikipedia.orgAcquisition of Commerce Bancorp
TD acquired Commerce Bancorp for $8.5 billion, establishing a major US retail banking presence in the Northeast with the 'America's Most Convenient Bank' branding.
Source: en.wikipedia.orgAcquisition of South Financial Group
TD acquired South Financial Group, expanding its US presence in the Carolinas and Florida.
Source: en.wikipedia.orgAcquisition of Chrysler Financial
TD acquired Chrysler Financial, establishing TD Auto Finance as a major US auto lending platform.
Source: en.wikipedia.orgStrategic partnership with Charles Schwab
TD contributed its US brokerage business to Charles Schwab in exchange for a 13.4% stake in the combined entity, valued at approximately $13 billion.
Source: en.wikipedia.orgFirst Horizon acquisition announced
TD announced the $13.4 billion acquisition of First Horizon Corporation, which would have created a top-6 US bank with 1,560 branches across 22 states.
Source: en.wikipedia.orgFirst Horizon deal terminated; Cowen acquired
On May 4, 2023, TD terminated the First Horizon merger due to regulatory refusal, paying $225 million in fees. On March 1, 2023, TD completed the $1.3 billion acquisition of Cowen Inc.
Source: en.wikipedia.org$3 billion AML fine and guilty plea
In October 2024, TD pleaded guilty to criminal BSA violations and conspiracy to commit money laundering, agreeing to pay over $3 billion in fines and accepting a $434 billion asset cap on US operations.
Source: en.wikipedia.orgSchwab stake sold; Raymond Chun becomes CEO
On February 12, 2025, TD completed the sale of its entire 10.1% Schwab stake for approximately $14.6 billion. Raymond Chun became CEO on February 1, 2025, replacing Bharat Masrani.
Source: en.wikipedia.orgMajor Acquisitions
Canada Trust
2000To create a nationwide Canadian retail banking franchise by acquiring Canada Trust, a trust company known for extended hours and customer-friendly service. The deal added approximately 4 million customers and 500 branches.
Commerce Bancorp
2007To establish a major US retail banking presence by acquiring Commerce Bancorp, which operated under the 'America's Most Convenient Bank' brand with extended hours and a customer-centric model.
Cowen Inc.
2023To accelerate TD Securities' US growth strategy by acquiring Cowen, a leading independent dealer with a premier US equities business and diversified investment bank. Added 1,700 employees and established TD Cowen.
First Horizon Corporation (terminated)
2023To create a top-6 US bank with 1,560 branches across 22 states, adding approximately $80 billion in assets and expanding into the fast-growing US Southeast.
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TD Bank Company History FAQ
When, where, and how was The Toronto-Dominion Bank originally founded?
The Toronto-Dominion Bank was officially created on February 1, 1955, in Toronto, Ontario, Canada, through the amalgamation of two venerable 19th-century Canadian financial institutions: the Bank of Toronto (chartered in 1855) and The Dominion Bank (chartered in 1869).
What were the origins and early focus of the Bank of Toronto (1855)?
The Bank of Toronto was chartered in 1855 by a syndicate of flour millers and grain merchants led by John G. Chewett. It focused on financing agricultural commerce, timber, and mercantile trade across Upper Canada and the Great Lakes basin.
What was The Dominion Bank (1869) and why was it established?
The Dominion Bank was founded in Toronto in 1869 by prominent entrepreneurs including James Austin and John Worthington to finance rapid post-Confederation industrialization, commercial railway expansion, and municipal utility construction in Ontario.
Why did the Bank of Toronto and The Dominion Bank merge in 1955?
In the post-WWII economic expansion, both banks recognized that their individual branch networks and capital reserves were insufficient to compete with nationwide heavyweights like the Royal Bank of Canada (RBC) and Bank of Montreal (BMO). Merging created a unified national lender with over 450 branches.
How did the acquisition of Canada Trust in 2000 transform TD's retail banking culture?
In February 2000, TD acquired CT Financial Services (Canada Trust) for C$8 billion. Led by Canada Trust chief Ed Clark, TD adopted Canada Trust's customer-first culture, pioneering extended 8 a.m. to 8 p.m. branch hours and 6-day (and later 7-day) banking across Canada.
How did TD Bank enter the United States retail banking market in the 2000s?
TD entered the U.S. by acquiring a majority stake in New England lender Banknorth in 2004 (completed 2007), followed by the landmark US$8.5 billion acquisition of New Jersey-based Commerce Bancorp in 2008, rebranding the unified U.S. network as "TD Bank, America's Most Convenient Bank."
What was the relationship between TD Bank, TD Ameritrade, and Charles Schwab?
In 2006, TD merged its U.S. discount brokerage TD Waterhouse into Ameritrade to form TD Ameritrade. When Charles Schwab acquired TD Ameritrade in 2020 for US$26 billion, TD received a 13.5% stake in Schwab, which it subsequently monetized in early 2025 to bolster Tier 1 capital.
Why did TD Bank terminate its US$13.4 billion acquisition of First Horizon in 2023?
In May 2023, TD and Tennessee-based First Horizon mutually terminated their proposed US$13.4 billion merger after U.S. federal regulators withheld approvals due to severe deficiencies in TD Bank's anti-money laundering (AML) controls.
What was the landmark October 2024 U.S. AML settlement and asset cap imposed on TD Bank?
In October 2024, TD Bank pleaded guilty to Bank Secrecy Act and money-laundering conspiracy charges, paying US$3.09 billion in penalties to the DOJ, FinCEN, OCC, and Federal Reserve, alongside an unprecedented US$434 billion asset cap on its U.S. banking subsidiaries.
How did TD establish TD Securities and expand into institutional wholesale banking?
TD established TD Securities in 1987 as its institutional investment banking and capital markets division. In March 2023, TD acquired New York boutique investment bank Cowen Inc. for US$1.3 billion, creating TD Cowen to scale healthcare, technology, and equities research.
Who succeeded Bharat Masrani as CEO following the AML remediation program?
Bharat Masrani retired in early 2025 after a decade as Group President and CEO, and Raymond Chun—previously head of Canadian Personal Bank and Wealth Management—assumed the role of Group President and CEO on February 1, 2025.
Where is TD Bank headquartered and what is its corporate structure today?
The Toronto-Dominion Bank is headquartered at the Toronto-Dominion Centre in Toronto, Ontario, Canada. Its U.S. retail subsidiary, TD Bank, N.A., maintains its operational corporate headquarters in Cherry Hill, New Jersey.
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