ATB Financial
Encyclopedia
Alberta Treasury Branches, doing business as ATB Financial, is a financial institution
and crown corporation owned by the Province of Alberta. ATB operates in Alberta only, providing financial services to 680,000 Albertans and Alberta-based businesses. ATB has 167 branches and 130 agencies, serving a total of 242 communities in Alberta. Wealth management services are offered under the name ATB Investor Services or ATBIS. ATB has more than 5,300 employees.
Headquartered in Edmonton, Alberta, Canada, with total assets of C$27.4 billion, ATB is the largest Alberta-based financial institution.
ATB is not a chartered bank
, and unlike all banks operating in Canada, ATB is regulated entirely by the Government of Alberta, under the authority of the Alberta Treasury Branches Act, Chapter A-37.9, 1997, and Treasury Branches Regulation 187/97. The legislation is modeled on the statutes and regulations governing other financial institutions and other guidelines to financial institutions issued by the federal Office of the Superintendent of Financial Institutions and the Canada Deposit Insurance Corporation. ATB Financial is one of fifteen financial institutions that participates in Canada's Large Value Transfer System
.
ministry under William Aberhart
on September 29, 1938, after earlier attempts to place Alberta's banks under the provincial government's control were thwarted by the federal government
. The first Alberta Treasury Branch was opened in Rocky Mountain House
on September 29 of that year. ATB 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 and the Ghermezian Brothers' West Edmonton Mall
defaulted on loans that were often granted for political reasons.
In the 1990s, the government reformed ATB 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 formally became a provincial crown corporation. Since then, it has operated under a board of directors selected by the Alberta government. It adopted the moniker ATB Financial in January 2002.
s of $
27.4 billion, deposits of $24.0 billion, loan
s of $22.9 billion, equity
of $1.96 billion, and a net income
of $198.5 million.
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
and crown corporation owned by the Province of Alberta. ATB operates in Alberta only, providing financial services to 680,000 Albertans and Alberta-based businesses. ATB has 167 branches and 130 agencies, serving a total of 242 communities in Alberta. Wealth management services are offered under the name ATB Investor Services or ATBIS. ATB has more than 5,300 employees.
Headquartered in Edmonton, Alberta, Canada, with total assets of C$27.4 billion, ATB is the largest Alberta-based financial institution.
ATB is not a chartered bank
Banking in Canada
Banking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world's soundest banking system for the past three years according to reports by the World Economic Forum. Released at October 2010, Global Finance magazine put Royal Bank of Canada at...
, and unlike all banks operating in Canada, ATB is regulated entirely by the Government of Alberta, under the authority of the Alberta Treasury Branches Act, Chapter A-37.9, 1997, and Treasury Branches Regulation 187/97. The legislation is modeled on the statutes and regulations governing other financial institutions and other guidelines to financial institutions issued by the federal Office of the Superintendent of Financial Institutions and the Canada Deposit Insurance Corporation. ATB Financial is one of fifteen financial institutions that participates in Canada's Large Value Transfer System
Large Value Transfer System
The Large Value Transfer System, or LVTS, is a system in Canada for electronic wire transfers of large sums of money; it permits the participating institutions and their clients to send large sums of money securely in real-time with complete certainty that the payment will settle...
.
History
ATB was created by the first Social CreditSocial Credit Party of Alberta
The Alberta Social Credit Party is a provincial political party in Alberta, Canada, that was founded on the social credit monetary policy and conservative Christian social values....
ministry under William Aberhart
William Aberhart
William Aberhart , also known as Bible Bill for his outspoken Baptist views, was a Canadian politician and the seventh Premier of Alberta between 1935 and 1943. The Social Credit party believed the reason for the depression was that people did not have enough money to spend, so the government...
on September 29, 1938, after earlier attempts to place Alberta's banks under the provincial government's control were thwarted by the federal government
Government of Canada
The Government of Canada, formally Her Majesty's Government, is the system whereby the federation of Canada is administered by a common authority; in Canadian English, the term can mean either the collective set of institutions or specifically the Queen-in-Council...
. The first Alberta Treasury Branch was opened in Rocky Mountain House
Rocky Mountain House, Alberta
Rocky Mountain House is a town in west-central Alberta, Canada, approximately west of the City of Red Deer. It is located at the confluence of the Clearwater and North Saskatchewan Rivers, and at the crossroads of Highway 22 and Highway 11 .- History :The town has a long history dating to the...
on September 29 of that year. ATB is the most significant surviving remnant of social credit
Social Credit
Social Credit is an economic philosophy developed by C. H. Douglas , a British engineer, who wrote a book by that name in 1924. Social Credit is described by Douglas as "the policy of a philosophy"; he called his philosophy "practical Christianity"...
economic policies in Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
.
ATB was the subject of scandal in the late 1980s after clients such as Peter Pocklington
Peter Pocklington
Peter Hugh Pocklington is a Canadian entrepreneur.He made his initial fortune as the owner of one of the largest auto dealerships in Canada, and later took over a meat packing company involved in a high-profile labour strike....
's Gainers Foods and the Ghermezian Brothers' West Edmonton Mall
West Edmonton Mall
West Edmonton Mall , located in Edmonton, Alberta, Canada, is the largest shopping mall in North America and the fifth largest in the world. The mall was founded by the Ghermezian brothers, who emigrated from Iran in 1959. It was the world's largest mall until 2004.West Edmonton Mall covers a gross...
defaulted on loans that were often granted for political reasons.
In the 1990s, the government reformed ATB with the intention of transforming it into a competitive financial institution. An independent board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
was established in 1996. On October 8, 1997, ATB formally became a provincial crown corporation. Since then, it has operated under a board of directors selected by the Alberta government. It adopted the moniker ATB Financial in January 2002.
Financials
As of March 31, 2011, ATB reported assetAsset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s of $
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
27.4 billion, deposits of $24.0 billion, loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
s of $22.9 billion, equity
Ownership equity
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...
of $1.96 billion, and a net income
Net income
Net income is the residual income of a firm after adding total revenue and gains and subtracting all expenses and losses for the reporting period. Net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings...
of $198.5 million.
Awards
- In October 2008, ATB was named one of Alberta’s Top Employers by Mediacorp Canada Inc., which was announced by the Calgary HeraldCalgary HeraldThe Calgary Herald is a daily newspaper published in the Canadian city of Calgary, Alberta.- History :The paper was first published on August 31, 1883 by Andrew Armour and Thomas Braden as The Calgary Herald, Mining and Ranche Advocate and General Advertiser. It started as a weekly paper with only...
and the Edmonton JournalEdmonton JournalThe Edmonton Journal is a daily newspaper in Edmonton, Alberta. It is part of the Postmedia Network.-History:The Journal was founded in 1903 by three local businessmen — John Macpherson, Arthur Moore and J.W. Cunningham — as a rival to Alberta's first newspaper, the 23-year-old...
. - Named one of Alberta’s top 35 companies to work for.
- Received honourable mention in Alberta Venture’s awards for the Best Workplace for Volunteerism and Community Involvement, the Best Workplace for Working Parents, and the Best Workplace for Millennials.
- Awarded Outstanding Corporation award in the Edmonton Philanthropy Day celebrations.
Memberships
- Canadian Payments AssociationCanadian payments associationThe Canadian Payments Association is a not-for-profit organization that:*operates and maintains national systems for the clearing and settlement of payments and other arrangements for the making or exchange of payments;...
- Interac Association
- MasterCard Canada
- Interac Network
- Alberta Regional Network (ARN)
- NYCENYCEThe New York Currency Exchange is an interbank network connecting the ATMs of various financial institutions in the United States and Canada. NYCE also serves as an EFTPOS network for NYCE-linked ATM cards....
- Cirrus