In each incident, the suspects walked into a bank with their faces concealed using a combination of garments including sunglasses, scarves, hats, hoods and half-face masks.
As they approached the teller, one of the boys would hand over a note indicating he was armed with a weapon and making a demand for cash.
The suspects received an undisclosed amount of money in each of the robberies.
Toronto police said Tuesday that two 16-year-old boys had been arrested in connection with their investigation.
The first suspect was charged with four counts of robbery and four counts of disguise with intent.
The second suspect was charged with one count of robbery and one count of disguise with intent.
Both teens cannot be named under the provisions of the Youth Criminal Justice Act and are expected to appear in court on Thursday.
Anyone with new information about the investigation is being asked to call police at 416-808-7350 or Crime Stoppers anonymously at 416-222-TIPS (8477).