ATB Financial

ATB Financial[2] is a financial institution and Crown corporation wholly owned by the Province of Alberta. Originally established as Alberta Treasury Branches in 1938, ATB Financial operates primarily in Alberta and provides financial services to over 770,000 Alberta residents and businesses. Headquartered in Edmonton, ATB has over 170 branches and over 140 agencies serving over 240 communities in Alberta.[1] Wealth management services are offered by ATB Wealth (formerly known as ATB Investor Services or ATBIS).

ATB Financial
FormerlyAlberta Treasury Branches (1938–2017)
TypeCrown corporation
IndustryFinancial services
FoundedSeptember 29, 1938 (1938-09-29) in Rocky Mountain House, Alberta
HeadquartersATB Place, Edmonton, Alberta
Key people
    • Curtis Stange (President & CEO)
    • Joan Hertz (Chair)
ProductsRetail and business financial services, Wealth Management
Revenue $1.7 billion CAD[1]
OwnerGovernment of Alberta
Number of employees
5,383[1]
Websitehttp://www.atb.com

ATB is not a chartered bank, meaning it is not regulated by the Canadian federal government under the Bank Act and associated regulations. ATB is instead regulated entirely by the Government of Alberta under the authority of the ATB Financial Act and associated regulations;[2][3] the legislation is modeled on the statutes, regulations, and guidelines which govern banks and other federally chartered financial institutions. ATB is not a member of the Canada Deposit Insurance Corporation or Alberta's provincial Credit Union Deposit Guarantee Corporation, deposits are instead fully guaranteed by the Government of Alberta itself.[4][5] ATB Financial is one of fifteen financial institutions that participates in Canada's Large Value Transfer System.

History

The Alberta Treasury Branches were created on September 29, 1938, by the first Social Credit government of Premier William Aberhart, after earlier attempts to impose policies based on social credit theory on banks operating in Alberta were thwarted by the federal government. The first Alberta Treasury Branch was opened in Rocky Mountain House. ATB Financial 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[6][7][8] and the Ghermezian Brothers' West Edmonton Mall[9][10] defaulted on loans.

In the 1990s, the government reformed Alberta Treasury Branches with the intention of transforming it into a competitive financial institution. An independent board of directors made up of government appointees was established in 1996 and ATB formally became a provincial Crown corporation on October 8, 1997. It adopted the brand name ATB Financial in January 2002, and the Crown corporation's name was officially changed to ATB Financial in 2017.[2]

Financials

As of May 24, 2018, ATB reported assets of $51.9 billion, deposits of $32.7 billion, loans of $44.1 billion, and a net income of $274.6 million.[11]

ATB Branch, Edmonton.

Awards
  • In 2017, ATB Financial was named second best workplace in all of Canada by Great Place to Work.[12]
  • In 2015, ATB Financial was named one of Alberta's Top Employers by Mediacorp Canada Inc.[13]
  • Ranked 4 of Canada's Top 50 Best Workplaces, Large and Multinational in 2016.[14]
  • Received two governance awards from the Canadian Society of Corporate Secretaries in 2014.[15]
  • Awarded Outstanding Corporation award in the Edmonton Philanthropy Day celebrations.
  • ATB Financial won the People's Choice Award for Alberta BoostR at the 2014 North America Corporate Entrepreneur Awards[16]

Memberships

See also

References
  1. "2019-20 Financial Highlights". ATB Financial 2020 Annual and Corporate Social Responsibility Report. ATB Financial.
  2. "Miscellaneous Statutes Amendment Act, 2017". CanLII. Retrieved 9 July 2020.
  3. "O.C. 241/2018". Queen's Printer for Alberta. Retrieved July 9, 2020.
  4. "Financial service providers regulated in Alberta". Alberta.ca. Government of Alberta. Retrieved 14 July 2019. The repayment of money deposited with ATB Financial and interest payable on that money is guaranteed by the Alberta government.
  5. Greenwood, John (10 May 2011). "Is Alberta Treasury Branches the nation's strongest bank?". Financial Post. Postmedia Network. Retrieved 14 July 2019.
  6. "Alberta Treasury Branches and the Edmonton Oilers sale". atb.com. October 2, 1997. Archived from the original on 2003-12-17. Retrieved 2015-04-04.
  7. "Peter Puck's last stand". Archived from the original on 2009-11-05. Retrieved 29 June 2013.
  8. "www.prairiepost.net". www.prairiepost.net. Archived from the original on 2016-01-08. Retrieved 2015-12-27.
  9. https://www.assembly.ab.ca/ISYS/LADDAR_files%5Cdocs%5Chansards%5Chan%5Clegislature_24%5Csession_3%5C19990421_1330_01_han.pdf
  10. "Archived copy". Archived from the original on 2005-04-18. Retrieved 2009-06-27.CS1 maint: archived copy as title (link)
  11. "2018 Annual Report" (PDF). atb.com. Archived (PDF) from the original on 14 September 2016. Retrieved 25 May 2018.
  12. "The Best Workplaces in Canada". Retrieved 25 May 2018.
  13. "Alberta's Top Employers 2015". canadastop100.com. Retrieved 9 June 2015.
  14. "Best Workplaces in Canada". greatplacetowork.ca. Archived from the original on 23 July 2016. Retrieved 26 July 2016.
  15. "Excellence in Governance Awards". cscs.org. Archived from the original on 2015-04-17. Retrieved 9 June 2015.
  16. "ATB Financial recognized for crowdfunding platform". Archived from the original on January 2, 2015. Retrieved December 19, 2014.
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