Vancity Community Investment Bank

Vancity Community Investment Bank
Formerly
 Citizens Bank of Canada
Bank
Industry Financial services
Founded 1997
Headquarters Vancouver, British Columbia
Key people
 Jay-Ann Gilfoy (CEO)
Number of employees
 380
Parent Vancity
Website www.vancitycommunityinvestmentbank.ca

Vancity Community Investment Bank, formerly known as Citizens Bank of Canada, is a British Columbia, Canada-based direct bank owned by Vancity.

The bank operated three branches, one each in Calgary, Vancouver and Toronto.

Products offered

Personal

Business

As a chartered financial institution, deposit accounts are insured by Canada Deposit Insurance Corporation (CDIC).

History

From 1997 until 2009, The bank offered personal and business banking services over the internet.

On August 5, 2009, the bank announced that it would focus its operations on Visa card services and foreign exchange services for non-retail members, and was leaving the personal banking marketplace. The bank became a non-deposit-taking bank and entered into an agreement to sell its residential mortgages, personal loans and real estate secured lines of credit to Toronto-Dominion Bank.[1] Savings and chequing accounts of B.C. customers were transferred to Vancity in B.C., or to another financial institution of their choice. Customers outside of B.C. had to transfer their accounts to other financial institutions.

Public social responsibility stance

In 2014, Vancity was on Maclean's list of 50 Most Socially Responsible Corporations in Canada.[2]

Since December 31, 2007, Vancity and its subsidiaries has been carbon-neutral.[3]

References

  1. ↑ "Vancity shifts Citizens Bank focus to Visa card services and foreign exchange" (Press release). VanCity. August 5, 2009.
  2. ↑ "Vancity earns spot on latest corporate social responsibility list by Maclean's" (Press release). VanCity. June 9, 2014.
  3. ↑ "Vancity is carbon neutral". VanCity.
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