Bank of Toronto (Yellowknife) facts for kids

The Bank of Toronto building between 1944 and 1951.

A plaque explaining the history of the Bank of Toronto building.

The Bank of Toronto building is a special old log cabin found in Old Town, Yellowknife, Canada. It's a historic spot that tells a story about Yellowknife's early days.

A Home Becomes a Bank

This sturdy log cabin was built in 1939. A skilled builder named John Stakson created it. At first, it was a home in Yellowknife's busy commercial area.

But things changed in October 1944. The Bank of Toronto bought the cabin. They turned it into a new bank branch for the growing community. It joined another bank, the Canadian Bank of Commerce, which had opened in 1938.

Why a Bank in Yellowknife?

The Bank of Toronto came to Yellowknife because of a "gold rush." People were finding lots of gold near places like Giant Mine. This brought many new people and businesses to the area. More money was moving around, so a new bank was needed.

The Gold Rush Ends

However, the gold rush didn't last forever. When the gold mining slowed down, there wasn't enough business for two banks. So, the Bank of Toronto branch closed its doors in August 1951.

A New Life for the Cabin

Years later, in 1964, a prospector named Sam Otto bought the old cabin. He fixed it up and moved it to a new spot on Latham Island. It became a place for people to rent and live in.

In 1998, the City of Yellowknife recognized the cabin's importance. They officially named the Bank of Toronto building a City of Yellowknife Heritage Site. This means it's a protected building because of its history. It helps us remember the exciting early days of Yellowknife.