Bank of Alberta

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Bank of Alberta
Fate Bank of Alberta and the Western & Pacific Bank of Canada merged to become Canadian Western Bank
Successor Merged into modern-day Canadian Western Bank (CWB)
Founded 1984
Founder Dr. Charles Allard and Eugene Pechet
Defunct 1988
Headquarters Edmonton, Alberta, Canada

The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.[1]

The Bank later became part of Canadian Western Bank (CWB), and was formed during a challenging economic environment that pushed many competitors to rein in their activities in key western markets.[1] As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada.[2]

In 1988, the Bank of Alberta amalgamated with Western & Pacific Bank to become Canadian Western Bank (CWB).[1] As of 2010, the CWB has total balance sheet assets of just under $12 billion, assets under administration of over $8 billion and assets under management approaching $1 billion.[3]

Formation[edit]

When the bank commenced operations in 1984 it was led by Canadian Business Hall of Fame member Dr. Charles Allard[1][4] and Eugene Pechet,[1][4][5] starting with three employees working out of a boardroom located in one of Pechet’s hotels in Edmonton, Alberta.[5]

The government supported the newly formed Bank of Alberta by investing in 5% of its shares.[6]

See also[edit]

References[edit]

  1. ^ a b c d e "About Us: Our Story". Canadian Western Bank Group Corporate Website. Canadian Western Bank Group. Retrieved 10 November 2015. 
  2. ^ Dale Orr. "The Economic Determinants of Entry into Canadian Banking: 1963-7". 7. Canadian Journal of Economics: 82–99. JSTOR 134216. 
  3. ^ "Canadian Western Bank Group". 
  4. ^ a b "Canadian Western Bank celebrates 20th birthday". Investment Executive. March 22, 2004. Retrieved 10 November 2015. 
  5. ^ a b "Canadian Western Bank Group, Annual Report 2008, Page 20" (PDF). Canadian Western Bank Group Corporate Website. Canadian Western Bank Group. Retrieved 10 November 2015. 
  6. ^ "Canadian Parliamentary Review, Legislative Reports, Vol 7 no 3, 1984". 

External links[edit]