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First Nations Bank of Canada facts for kids

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First Nations Bank of Canada
Private
Industry Financial services
Founded 1996
Headquarters Saskatoon, Saskatchewan, Canada
Total assets CAD

First Nations Bank of Canada (FNBC) (French: La Banque des Premières Nations du Canada) is a special bank in Canada. It is the first Canadian bank to be mainly owned and controlled by Indigenous shareholders. FNBC follows Canada's banking rules and officially became a bank on November 19, 1996. Its main office is in Saskatoon, Saskatchewan, Canada.

As of 2014, Indigenous Canadian groups owned 80 percent of the bank.

A Bank for Indigenous Communities

How FNBC Started

The First Nations Bank of Canada began in 1996. It was a project started by First Nations in Saskatchewan and other groups. These included the Saskatchewan Indian Equity Foundation, the Federation of Sovereign Indigenous Nations, and TD Bank. The very first branch opened in Saskatoon. A special event was held in Toronto in 1996 to celebrate the bank's launch.

Helping Businesses and People

FNBC focuses on helping businesses in areas where many Indigenous peoples live. This includes Indigenous businesses, Indigenous governments, and other organizations. It also helps non-Indigenous businesses that serve Indigenous communities.

The bank also offers more and more personal loans and mortgages. These are mainly for people in its growing network of branches. FNBC has nine full-service branches and eight community banking centres. These are in places with many Indigenous peoples.

Growth and Independence

By the end of 2009, the First Nations Bank had lent 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, the bank became fully independent from TD Bank. The two banks had worked together in a partnership that started in 2007. Today, 78 Indigenous shareholders own more than 80% of the bank's shares.

What Services Does FNBC Offer?

FNBC provides many services for both Indigenous and non-Indigenous customers. These services help people manage their money and reach their financial goals.

  • Deposit accounts: Places to keep your money safe, like savings or checking accounts.
  • Investments: Ways to grow your money over time.
  • Commercial Loans: Money lent to businesses to help them grow.
  • Mortgages: Loans to help people buy homes.
  • Micro Loans: Small loans, often for new businesses or individuals.
  • Cash Management: Services to help businesses handle their money flow.
  • Credit Products: Things like credit cards or lines of credit.
  • ABM access: Ways to get cash or do banking at automated teller machines.

Where FNBC Operates

FNBC has its main offices and branches in many different locations across Canada.

Corporate Offices

FNBC Branches

Community Banking Centres

Important Memberships

FNBC is part of several important groups that help banks work smoothly and keep customers' money safe.

  • Canadian Bankers Association (CBA): This group represents banks in Canada.
  • Canada Deposit Insurance Corporation (CDIC): This is a federal agency that insures deposits (money you put in the bank) at all Canadian banks. So, your money is protected!
  • Interac: This network allows you to use your debit card for payments and at ATMs.
  • VISA International: A global payment network for credit and debit cards.
  • Canada Mortgage and Housing Corporation: This organization helps Canadians get housing.
  • Payments Canada: This group makes sure that payments between banks happen safely and quickly.
  • THE EXCHANGE Network: This network allows you to use ATMs from different banks without extra fees.
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