First Nations Bank of Canada facts for kids
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| Private | |
| Industry | Financial services |
| Founded | 1996 |
| Headquarters | Saskatoon, Saskatchewan, Canada |
| Total assets | CAD |
The First Nations Bank of Canada (FNBC) (French: La Banque des Premières Nations du Canada) is a special bank in Canada. It's the first bank in the country to be mostly owned and run by Indigenous groups. FNBC started on November 19, 1996. Its main office is in Saskatoon, Saskatchewan, Canada. Most of the bank (80%) is owned by Indigenous Canadian groups.
How the Bank Started
FNBC began in 1996. It was a project started by First Nations in Saskatchewan. The bank was created through a partnership. This partnership included the Saskatchewan Indian Equity Foundation and the Federation of Sovereign Indigenous Nations. TD Bank was also part of this early group.
The very first branch of FNBC opened in Saskatoon. A special event was held in Toronto in 1996. This event celebrated the official launch of the bank.
Who the Bank Helps
The bank mainly helps businesses and groups in areas with many Indigenous peoples. This includes businesses owned by Indigenous people. It also helps Indigenous governments and organizations. The bank also works with non-Indigenous businesses that serve Indigenous communities.
FNBC also offers many personal loans and mortgages. These are mainly for people in the areas where the bank has branches. The bank has grown to include nine full-service branches. It also has eight community banking centres.
In 2009, the bank had loaned out $160.2 million. Its total assets were $266.5 million. The bank's profit grew from $8,000 in 2008 to $157,000 in 2009. In 2010, the bank reported an income of $10.2 million.
In 2012, FNBC became fully independent from TD Bank. The two banks had worked together for seven years, starting in 2007. Today, 78 Indigenous shareholders own more than 80% of the bank.
Services Offered
FNBC offers many services for both Indigenous and non-Indigenous customers. These services help people manage their money.
- Deposit accounts (like savings and checking accounts)
- Investments (helping your money grow)
- Commercial Loans (loans for businesses)
- Mortgages (loans to buy a home)
- Micro Loans (small loans)
- Cash Management (helping businesses handle their money)
- Credit Products (like credit cards)
- ABM access (getting cash from machines)
Bank Locations
The main office for FNBC is in Saskatoon, Saskatchewan.
FNBC has branches in many different places:
- Saskatoon, Saskatchewan (opened 1997)
- Cree Nation of Chisasibi, Quebec (opened 1998)
- Walpole Island First Nation, Ontario (opened 1999)
- Winnipeg, Manitoba (opened 2003)
- Whitehorse, Yukon (opened 2007)
- Meadow Lake, Saskatchewan (opened 2008)
- Iqaluit, Nunavut (opened 2010)
- Yellowknife, Northwest Territories (opened 2014)
- Enoch Cree Nation, Alberta (opened 2019)
The bank also has smaller Community Banking Centres:
- Buffalo River Dene Nation, Saskatchewan (opened 2000)
- Cree Nation of Nemaska, Quebec (opened 2003)
- Baker Lake, Nunavut (opened 2014)
- Pond Inlet, Nunavut (opened 2014)
- Kugluktuk, Nunavut (opened 2015)
- Pangnirtung, Nunavut (opened 2018)
- Arviat, Nunavut (opened 2019)
- Whapmagoostui, Quebec (opened 2019)
Bank Memberships
FNBC is a member of the Canadian Bankers Association (CBA). This means it's part of the group that represents banks in Canada. It is also a registered member of the Canada Deposit Insurance Corporation (CDIC). The CDIC is a government agency that protects money in your bank account.
FNBC is also a member of these important networks:
- Interac (for debit card payments)
- VISA International (for credit card payments)
- Canada Mortgage and Housing Corporation (helps with housing)
- Payments Canada (manages how money is moved between banks)
- THE EXCHANGE Network (for ABM access)
