First Nations Bank of Canada
| First Nations Bank of Canada | |
|---|---|
| legal form | Private |
| founding | 1996 |
| Seat |
Saskatoon , Saskatchewan Canada
|
| management | Keith Martell |
| Branch | Banking, finance |
| Website | FN Bank of Canada |
The First Nations Bank of Canada (FNBC) is the first indigenous majority-owned bank in Canada . It offers all banking services, but has its focus on corresponding services for the First Nations , as the Indians are called in Canada.
The bank has between eight and eleven directors. The First Nations are represented by Bill Namagoose from Québec , Crystal McLeod from Saskatchewan , Mark Wedge from the Yukon , Ken Toner from Nunavut and Keith Martell from Saskatchewan. Keith Martell is also Executive Chair of the Board . Arden Buskell was President and Chief Operating Officer in early 2010 .
The bank was founded when it was approved on November 19, 1996. It emerged from a 1993 joint venture between Toronto-Dominion Bank (now TD Canada Trust) and the Saskatchewan Indian Equity Foundation . The Federation of Saskatchewan Indian Nations gave its approval for the establishment. It was $ 10 million in initial capital available, of which the Saskatchewan Indian Equity Foundation contributed 20%, 80% came from TD Bank.
She opened her first branch in 1997 in Saskatoon, Saskatchewan Province, where the company's headquarters are (224 4th Avenue South). Others followed in Chisasibi in Québec at the James Bay Cree (May 1998), Walpole Island (March 1999), Wallaceburg in Ontario , in Winnipeg (March 2003) and Whitehorse (July 2007), the capitals of Manitoba and Yukon , as well as in Meadow Lake (December 2008) in Saskatchewan. The expansion to Manitoba and the Northwest was made possible by new shareholders and took place from 2001. In addition, there are positions in Buffalo River at the Buffalo River Dene Nation in Dillon , and Onion Lake in Saskatchewan (2005) and in Nemaska in Québec at the Cree Nation of Nemaska. In June 2010 a separate department was set up in Iqaluit in Nunavut .
In October 2007 the private placement of $ 14 million was successful . At the same time, TD Bank's share of voting rights decreased to 9% (its total share is just under 20%). According to the provinces and territories of Canada, the remaining eligibility is distributed as follows: Saskatchewan: 26.37%, Nunavut: 20.05, Quebec 19.71, Yukon 13.17, Northwest Territories 8.02 and Manitoba 3.68%. The bank is to be independent from TD by 2014.
At the end of 2009, the First Nations Bank had granted loans amounting to 160.2 million dollars, the total of all investments (assets) amounted to 266.5 million. The profit increased from 2008 to 2009 from 8,000 to 157,000 dollars.
The bank belongs to the Canadian Bankers Association , belongs to the Canada Deposit Insurance Corporation , which makes it subject to deposit insurance.
Web link
Remarks
- ↑ Branches and Offices ( Memento of the original from March 3, 2009 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Promising expansion, aboriginal bank opens branch in Iqaluit , in: Nunatsiaq online, June 24, 2010.
- ^ First Nations Bank of Canada reports strong results for fiscal 2009 , Newswire, January 28, 2010
