Bank of Alberta
Encyclopedia
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. As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada.
In 1988, the Bank of Alberta amalgamated with Western & Pacific Bank to become Canadian Western Bank
(CWB). 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.
member Dr. Charles Allard and Eugene Pechet
, starting with three employees working out of a boardroom located in one of Mr. Pechet’s hotels in Edmonton, Alberta.
The government supported the newly formed Bank of Alberta by investing in 5% of its shares.
Edmonton
Edmonton is the capital of the Canadian province of Alberta and is the province's second-largest city. Edmonton is located on the North Saskatchewan River and is the centre of the Edmonton Capital Region, which is surrounded by the central region of the province.The city and its census...
, Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, Canada. It was chartered in 1984.
The Bank later became part of Canadian Western Bank
Canadian Western Bank
The Canadian Western Bank is a bank that is based in Edmonton, and which operates primarily in western Canada. The bank serves personal and commercial clients in Western Canada.-History:...
(CWB), and was formed during a challenging economic environment that pushed many competitors to reign in their activities in key western markets. As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada.
In 1988, the Bank of Alberta amalgamated with Western & Pacific Bank to become Canadian Western Bank
Canadian Western Bank
The Canadian Western Bank is a bank that is based in Edmonton, and which operates primarily in western Canada. The bank serves personal and commercial clients in Western Canada.-History:...
(CWB). 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
Assets under management
Assets under management is a financial term used denote the market value of funds being managed by a financial instutition on behalf of its clients, investors, depositors, etc. This metric is a sign of size and success against competition...
approaching $1 billion.
Formation
When the bank commenced operations in 1984 it was led by Canadian Business Hall of FameCanadian Business Hall of Fame
The Canadian Business Hall of Fame honours "Canada's most distinguished business leaders", selected by an independent panel representing Canadian business, academic and media institutions....
member Dr. Charles Allard and Eugene Pechet
Eugene Pechet
Eugene Pechet was a Canadian hotelier and banker. He bought his first hotel in 1942 and went on to build and operate 22 hotels throughout Western Canada and the United States.-Banking industry involvement:...
, starting with three employees working out of a boardroom located in one of Mr. Pechet’s hotels in Edmonton, Alberta.
The government supported the newly formed Bank of Alberta by investing in 5% of its shares.