Co-operative Trust Company of Canada

Co-operative Trust Company of Canada is a financial services institution owned by Canadian credit unions. The company was incorporated in 1952 by special act of the Saskatchewan Legislature, and continued in 1967 under a federal charter. Co-operative Trust is the only national financial institution with its headquarters in Saskatchewan. The company maintains eight regional Relationship Management & Sales Offices across the country, and employs over 200 people nationwide. Assets under administration are currently about $12.4 billion, and corporate assets approximately $1.3 billion. Co-operative Trust is a national trust company specializing in business-to-business financial and trust services for credit unions and varied corporations across Canada. Initially, Co-operative Trust was created by credit unions and other co-operatives in order to expand member services, predominantly in personal trust services and mortgage funding. In the 1950s credit unions concentrated on short-term lending and needed a special vehicle to offer long-term credit. As credit unions expanded, there was a need for Co-operative Trust to provide a more diverse range of services. In response to changing needs, the company expanded services to include financial intermediary and trusteeship services nationwide. Because Co-operative Trust's activities connect with and have sometimes overlapped the functions of other financial co-operatives and centrals, it has had to be flexible, collaborative, and innovative within the co-operative financial sector.

The company sees itself as founded on co-operative values emphasizing teamwork and community development. The staff and company are actively involved in community initiatives, giving time as volunteers, as well as monetary support to charities. Commitment to the community is seen as part of the corporate culture and as one of the benchmarks by which corporate success is measured. In 2004, for the fourth consecutive year, Co-operative Trust was again designated as one of Canada's Top 100 Employers. As well, due to Co-operative Trust's commitment to best practices, operational excellence, innovative culture, and strong financial achievements, the company was named one of Canada's fifty best-managed companies for 2004 and 2005. With a willingness to change as part of its success, Co-operative Trust is presently reinventing itself in partnership with Credit Union Central of Saskatchewan. This restructuring will include the creation of two new organizations: Concentra Financial and Concentra Trust. Once implemented, the Co-operative Trust name will be retired and these two new organizations will work together to provide an expanded line of financial intermediation and trust services. The goals of this initiative are to offer significantly expanded commercial banking capability nationwide, and promote growth in the Canadian Credit Union System.

Karen Zemlak

Further Reading

Purden, C. 1980. Agents for Change: Credit Unions in Saskatchewan. Regina: Credit Union Central of Saskatchewan.