ATB Financial

ATB Financial, also doing business as ATB, is a financial institution and Crown corporation owned by the Province of Alberta. Previously named Alberta Treasury Branches, the name ATB Financial was made official by Order in Council in 2018.

ATB Financial
ATB Financial
Crown corporation
IndustryFinancial services
FoundedRocky Mountain House, Alberta, 1938
HeadquartersATB Place, Edmonton, Alberta
Key people
Curtis Stange, President and CEO, Joan Hertz, Board Chair
ProductsRetail and business financial services, Wealth Management
Revenue $1.7 billion CAD[1]
OwnerGovernment of Alberta
Number of employees
Over 5,000
Websitehttp://www.atb.com

ATB operates in Alberta only, providing financial services to nearly 770,000 Albertans and Alberta-based businesses. ATB has 175 branches and 139 agencies, serving a total of 245 communities in Alberta. Wealth management services are offered by ATB Wealth (formerly known as ATB Investor Services or ATBIS). ATB has more than 5,000 employees. Headquartered in Edmonton, with total assets of C$55.8 billion (2020 Annual Report), ATB is the largest Alberta-based financial institution.

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 Alberta Treasury Branches Act and Treasury Branches Regulation 187/97; 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.[2][3] ATB Financial is one of 15 financial institutions that participates in Canada's Large Value Transfer System.

History

ATB Financial was created by the first Social Credit government of Premier William Aberhart on September 29, 1938, after earlier attempts to impose government control over banks operating in Alberta were thwarted by the federal government. The first Alberta Treasury Branch was opened in Rocky Mountain House on September 29 of that year. ATB Financial is the most significant surviving remnant of social credit economic policies in Alberta.

ATB Financial was the subject of scandal in the late 1980s after clients such as Peter Pocklington's Gainers Foods[4][5][6] and the Ghermezian Brothers' West Edmonton Mall[7][8] defaulted on loans.

In the 1990s, the government reformed ATB Financial with the intention of transforming it into a competitive financial institution. An independent board of directors was established in 1996. On October 8, 1997, ATB Financial formally became a provincial crown corporation. Since then, it has operated under a board of directors selected by the Alberta government. It adopted the brand name ATB Financial in January 2002 and in 2018 officially changed its name to ATB Financial.

Financials

As of May 29, 2020, ATB reported assets of $55.8 billion, deposits of $35.4 billion, loans of $47 billion, and a net income of $101.9 million.[9]

ATB Branch, Edmonton.

Awards
  • ATB was named first (2020) and second (2019) overall in Canada by Great Place to Work Canada®.[10]
  • In 2020, ATB was named one of the best places to work for women by Great Place to Work Canada®.
  • Kincentric listed ATB as one of the best employers in Canada in 2019.[11]
  • ATB made the 2019 list for Bestworkplaces™ for Mental Wellness.[12]
  • Mediacorp Canada chose ATB as one of Canada’s Top Employers for Young People in 2019.[13]
  • In 2019, ATB made the Mediacorp Canada Top 75 list of Alberta’s Top Employers.[14]
  • JD Power named ATB #2 midsized bank Canada retail in 2019.[15]
  • ATB was named as part of Forbes’ list of World's Best Banks in 2019 and 2020.[16]
  • ATB received two governance awards from the Canadian Society of Corporate Secretaries in 2014.[17]
  • ATB Financial won the People's Choice Award for Alberta BoostR at the 2014 North America Corporate Entrepreneur Awards[18]

Memberships

See also

References
  1. "Annual Report 2019". ATB Financial. Archived from the original on 5 June 2018. Retrieved 16 October 2018.
  2. "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.
  3. Greenwood, John (10 May 2011). "Is Alberta Treasury Branches the nation's strongest bank?". Financial Post. Postmedia Network. Retrieved 14 July 2019.
  4. "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.
  5. "Peter Puck's last stand". Archived from the original on 2009-11-05. Retrieved 29 June 2013.
  6. "www.prairiepost.net". www.prairiepost.net. Archived from the original on 2016-01-08. Retrieved 2015-12-27.
  7. https://www.assembly.ab.ca/ISYS/LADDAR_files%5Cdocs%5Chansards%5Chan%5Clegislature_24%5Csession_3%5C19990421_1330_01_han.pdf
  8. "Archived copy". Archived from the original on 2005-04-18. Retrieved 2009-06-27.CS1 maint: archived copy as title (link)
  9. "2020 Annual Report". atb.com. Archived (PDF) from the original on 14 September 2016.
  10. Abhishek. "Best Workplaces in Canada 2020 - 1000+ employees". Great Place to Work. Retrieved 2020-06-24.
  11. "Market Best Employers | Kincentric". www.kincentric.com. Retrieved 2020-06-24.
  12. Lauren. "Best Workplaces Mental Wellness - 2020". Great Place to Work. Retrieved 2020-06-24.
  13. "Canada's Top Employers for Young People (2020)". www.canadastop100.com. Retrieved 2020-06-24.
  14. Employers, Alberta's Top. "Alberta's Top Employers (2020)". www.canadastop100.com. Retrieved 2020-06-24.
  15. "2019 Canada Retail Banking Satisfaction Study". J.D. Power. Retrieved 2020-06-24.
  16. "The World's Best Banks 2020". Forbes. Retrieved 2020-06-24.
  17. "Excellence in Governance Awards". cscs.org. Archived from the original on 2015-04-17. Retrieved 9 June 2015.
  18. "ATB Financial recognized for crowdfunding platform". Archived from the original on January 2, 2015. Retrieved December 19, 2014.
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