ATB Financial
From Wikipedia, the free encyclopedia
| ATB Financial | |
 |
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| Type | Crown Corporation |
|---|---|
| Founded | 1938 |
| Headquarters | Edmonton, Alberta |
| Industry | Financial services |
| Products | Financial services |
| Revenue |  617 million CAD (2006) |
| Employees | 3,400 |
| Website | http://www.atb.com |
Alberta Treasury Branches, also known as ATB Financial, is a full service financial institution and crown corporation owned by the Government of Alberta and based in Edmonton, Alberta. ATB operates in Alberta only, providing financial services to some 600,000 people. ATB has 152 branches as well as 135 agencies, serving a total of 245 communities in Alberta. Wealth management services are offered under the name ATB Investor Services or ATBIS. ATB has 3,400 employees. Head offices are in Edmonton, Alberta, Canada. With assets of C$17.6 billion, ATB is the largest Albertan-based financial institution.
ATB is not a chartered bank, and unlike other banks operating in Canada, ATB is regulated entirely by the Government of Alberta, under the authority of the Alberta Treasury Branches Act, Chapter A-37.9, 1997, and Treasury Branches Regulation 187/97. The legislation is modeled on the statutes and regulations governing other financial institutions and other guidelines to financial institutions issued by the federal Office of the Superintendent of Financial Institutions and the Canada Deposit Insurance Corporation. ATB Financial is one of fifteen financial institutions that participates in Canada's Large Value Transfer System.
ATB was created by the first Social Credit ministry under William Aberhart in 1938, after earlier attempts to place Alberta's banks under the provincial government's control were thwarted by the federal government. The first Alberta Treasury Branch was opened in Rocky Mountain House on September 29 of that year. ATB is the most significant surviving remnant of social credit economic policies in Alberta.
ATB was the subject of scandal in the late 1980s after clients such as Peter Pocklington's Gainers Foods defaulted on loans that were often granted for political reasons. In the 1990s, the government reformed ATB with the intention of transforming it into a competitive financial institution. In October 1997, ATB formally became a provincial crown corporation. It adopted the moniker ATB Financial in January 2002.
As of 1997, ATB operates under a board of directors nominally appointed by the Lieutenant-Governor of Alberta, although in practice these appointments are done by the Premier of Alberta. As of March 31, 2006 ATB reported assets of $17.6 billion, deposits of $15.9 billion, loans of $14.8 billion, equity of $1.35 billion, and a net income $198.7 million.
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| Commercial banks in Canada |  |
|---|---|
| AMEX Bank of Canada | ATB Financial | Bank of Montreal | BDC | CIBC | CTFS | Canadian Western Bank | Citibank Canada | Citizens Bank of Canada | First Nations | HSBC Bank Canada | Laurentian Bank | Manulife | National Bank | President's Choice Financial | RBC | Scotiabank | TD Canada Trust | |
