First Nations Bank of Canada

The First Nations Bank of Canada ( FNBC ) is the first bank in Canada, which is majority owned by the original inhabitants. It offers all banking services, however, has its focus on appropriate services for First Nations, as the Indians are called in Canada.

The bank face between eight and eleven directors. The First Nations are officially represented by Bill Namagoose from Québec, Crystal McLeod from Saskatchewan, Mark Wedge from the Yukon, Nunavut and Ken toner from Keith Martell from Saskatchewan. Keith Martell is also Executive Chair of the Board. Arden Buskell was early 2010, President and Chief Operating Officer.

The bank was founded when she was admitted on 19 November 1996. It emerged from a joint venture formed in 1993 the Toronto - Dominion Bank (now TD Canada Trust) and the Saskatchewan Indian Equity Foundation. The Federation of Saskatchewan Indian Nations gave its approval for the formation. The focus was $ 10 million start-up capital available, of which the Saskatchewan Indian Equity Foundation contributed 20%, 80 % from the TD Bank.

Your first branch they opened in 1997 in Saskatoon, Saskatchewan, where there is also the corporate headquarters is (224 4th Avenue South ). Others followed in Chisasibi in Quebec in the James Bay Cree ( May 1998), Walpole Iceland (March 1999), Wallaceburg, 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 extent to Manitoba and the Northwest was made possible by new shareholders and was from 2001. Moreover, sites exist in Buffalo River at the Buffalo River Dene Nation in Dillon, and Onion Lake, Saskatchewan (2005) and in Nemaska ​​in Quebec City in the Cree nation of Nemaska ​​. In June 2010, a separate department in Iqaluit in Nunavut was created.

In October 2007, the private placement of shares in the amount of $ 14,000,000 succeeded. Simultaneously, the voting rights of TD Bank to 9% reduced ( their total share is almost 20 %). In accordance with the provinces and territories of Canada distributed the other voting rights as follows: Saskatchewan: 26.37 %, Nunavut: 20,05, 19,71 Quebec, Yukon 13,17, Northwest Territories and Manitoba 8.02 3.68%. By 2014, the Bank of TD should be independent.

First Nations Bank had awarded credits for a total of $ 160.2 million in late 2009, the sum of all investments (assets ) amounted to 266.5 million. Profit rose from 2008 to 2009 from 8,000 to 157,000 dollars.

The bank is part of the Canadian Bankers Association, is a member of the Canada Deposit Insurance Corporation, which it is subject to deposit insurance.

Weblink

  • Website of the First Nations Bank of Canada

Comments

  • Credit Institute (Canada)
  • Insurance Company (Canada)
Types of business entity Whitehorse, Yukon
335529
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