Bank of Alberta

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

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]

Support for the arts

The bank supported the artist Peter Shostak.[7]

See also

References

  1. 1 2 3 4 5 "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. 1 2 "Canadian Western Bank celebrates 20th birthday". Investment Executive. March 22, 2004. Retrieved 10 November 2015.
  5. 1 2 "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".
  7. "Perter Shostak profile, Corporate and Public Collections". Jenkins Showler Gallery.

External links

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