Opening in 1910, a branch of the Bank of Montreal operated on this site for 90 years. The bank marked one corner of a major Toronto intersection, Yonge and Queen, where Simpson's and Eaton's department stores were major shopping destinations.
The bank's design was inspired by Italianate Renaissance architecture. On the Yonge and Queen Street facades, intricate Classical decoration was applied in terra cotta to imitate stone.
On the interior, the reconstructed Banking Hall continues the Classical theme with rich marble and detailed plaster finishes. The vaulted ceiling is the highlight of the design. Overhead, the ceiling ribs are decorated with fruits, flowers and leaves. The octagonal columns and pilasters have cast capitals with female heads and shields with the intertwined initials, "B" and "M".