Bank of Toronto (Yellowknife) 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
Yellowknife also resulted in new discoveries at the Con Mine, greatly extending the life of the mine. The Yellowknife townsite expanded from the Old Town waterfront, and the new townsite was established during 1945–1946. The Discovery Mine, with its own townsite, operated to the north-northeast of Yellowknife from 1950 to 1969. Between 1939 and 1953, Yellowknife was controlled by the Northern Affairs department (now Indigenous and Northern Affairs Canada) of the Government of Canada. A small council, partially elected and partially appointed, made decisions. By 1953, Yellowknife had grown so much that it was made a municipality, with its own council