First Nations Bank of Canada

In 1993 the Federation of Saskatchewan Indian Nations (FSIN) proposed the creation of a First Nations bank and approached a number of financial institutions for support. In 1994 the Saskatchewan Indian Equity Foundation Incorporated (SIEF) accepted a successful bid from the Toronto-Dominion Bank (TD). In that year negotiations began, and on September 16, 1996, the Toronto Dominion, SIEF, and the FSIN announced their intention to create the First Nations Bank of Canada. November 19, 1996, saw the First Nations Bank of Canada being granted Letters of Patent, and on December 4, 1996, the Bank's application for membership in the Canadian Deposit Insurance Corporation received regulatory approval. On December 9, 1996, the Toronto Dominion, SIEF, FSIN partners officially unveiled the First Nations Bank of Canada. The Bank was created with an investment of $2 million from SIEF, which is owned by the FSIN member Nations, and an investment of $8 million from the TD Financial Group. The next three years saw the opening of three branches: the first in Saskatoon in early 1997; the second in Chisasibi, Quebec (James Bay) in July 1998; and the third branch, purchased from the TD in March 1999 at Walpole Island, Ontario. In 2002 the Bank had assets of $98.4 million and a net income of $557,000. The First Nations Bank of Canada offers a wide range of lending and investment services in both the personal and business sectors.

Rob Nestor