Bank of Alberta
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The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.
The Bank later became part of Canadian Western Bank (CWB), and was formed during a challenging economic environment that pushed many competitors to reign in their activities in key western markets[citation needed]. As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada[1].
In 1988, the Bank of Alberta amalgamated with Western & Pacific Bank to become Canadian Western Bank (CWB). As of 2009, the CWB has total balance sheet assets of just under $11 billion, assets under administration of over $4 billion and assets under management approaching $1 billion.
Formation
When the bank commenced operations in 1984 it was led by Canadian Business Hall of Fame member Dr. Charles Allard[2][3] and Eugene Pechet[2][4][3], starting with three employees working out of a boardroom located in one of Mr. Pechet’s hotels in Edmonton, Alberta.[4]
The government supported the newly formed Bank of Alberta by investing in 5% of its shares[5].
Support for the arts
The bank supports the artist Peter Shostak[6].
References
- ^ Dale Orr. "The Economic Determinants of Entry into Canadian Banking: 1963-7". Canadian Journal of Economics.
- ^ a b "Canadian Western Bank celebrates 25 years of success" (PDF). CWB Corporate Website.
- ^ a b "Canadian Western Bank celebrates 25 years of success". TradingMarkets.com. March 23, 2009.
- ^ a b "Canadian Western Bank Group, Annual Report 2008" (PDF). p. 20.
- ^ "Canadian Parliamentary Review, Legislative Reports, Vol 7 no 3, 1984".
- ^ "Perter Shostak profile, Corporate and Public Collections". Jenkins Showler Gallery.