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First Nations Bank of Canada

 

First Nations Bank of Canada

First Nations Bank of Canada
Private
Industry financial services
Founded 1996
Headquarters Saskatoon, Saskatchewan, Canada
Total assets CAD
Number of employees
(Full-time equivalent, 2009)
Website First Nations Bank of Canada

First Nations Bank of Canada (FNBC) (French: La Banque des Premières Nations du Canada) is the first Canadian bank to be independently controlled by Aboriginal people and shareholders.[1] FNBC is a Schedule 1 Federally Regulated Bank and in accordance with The Bank Act of Canada[2] received its charter in 1996. The bank headquarters are located in Saskatoon, Saskatchewan, Canada.

Contents

  • History 1
  • Services 2
  • Operations 3
  • Membership 4
  • External links 5
  • References 6

History

It began as a venture between TD Bank (now TD Canada Trust) and Saskatchewan Indian Equity Foundation in 1993-94. It began operating on September 23, 1997 with the opening of its first branch in Saskatoon SK. $2 million of start-up capital was provided by the Saskatchewan Indian Equity Foundation.

First Nations Bank of Canada, Chisabi branch

A branch in Chisasibi, Quebec opened in July 1998. A branch in Walpole Island, Ontario opened in March 1999. FNBC was created to service First Nations businesses, individuals and to be the bank of choice for land claims money.[3] First Nations Bank took full control of its operations from TD Canada Trust on November 1, 2009. As of September 10, 2012 First Nations Bank has moved away from TD Canada Trust and has become Canada's first independent Aboriginal bank. According to the First Nations Bank's 2013 Annual Report, the Toronto-Dominion Bank owns 19.8% of the FNB.

First Nations Bank of Canada plans to expand its Community Banking Centres to Baker Lake, Kugluktuk, and Pond Inlet in 2014. A full service branch in Yellowknife, NT is also scheduled to open in 2014.[4]

Services

FNBC offers services to Aboriginal and non-Aboriginal customers:

  • Deposit accounts
  • Investments
  • Commercial Loans
  • Mortgages
  • Micro Loans
  • Cash Management
  • Credit Products
  • ABM access

Operations

Corporate Offices:

FNBC Branches:

Community Banking Centres:

Membership

FNBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

External links

  • First Nations Bank of Canada

References

  1. ^ http://www.fnbc.ca/fileadmin/user_upload/content/pdfs/12-259-032%20FNB%202012%20AR%20LR%20Mar20.pdf
  2. ^ http://www.laws.justice.gc.ca/eng/acts/B-1.01/
  3. ^ Pound, Richard W. (2005). 'Fitzhenry and Whiteside Book of Canadian Facts and Dates'. Fitzhenry and Whiteside. 
  4. ^ "First Nations Bank to open in Baker Lake by February". CBC. 2013-11-14. 


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