Bank of Alberta
| Fate | Bank of Alberta and the Western & Pacific Bank of Canada merged to become Canadian Western Bank |
|---|---|
| Successor | Merged into modern-day Canadian Western Bank (CWB) |
| Founded | 1984 |
| Founder | Dr. Charles Allard and Eugene Pechet |
| Defunct | 1988 |
| Headquarters | Edmonton, Alberta, Canada |
The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.
The Bank later became part of Canadian Western Bank (CWB), and was formed during a challenging economic environment that pushed many competitors to rein in their activities in key western markets. As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada.
In 1988, the Bank of Alberta amalgamated with Western & Pacific Bank to become Canadian Western Bank (CWB). As of 2010, the CWB has total balance sheet assets of just under $12 billion, assets under administration of over $8 billion and assets under management approaching $1 billion.
When the bank commenced operations in 1984 it was led by Canadian Business Hall of Fame member Dr. Charles Allard and Eugene Pechet, starting with three employees working out of a boardroom located in one of Pechet’s hotels in Edmonton, Alberta.
The government supported the newly formed Bank of Alberta by investing in 5% of its shares.
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