Defunct 1988 Ceased operations 1988 | Founded 1984 | |
Fate Successor Merged into modern-day Canadian Western Bank (CWB) | ||
The Bank of Alberta was a bank based in Edmonton, Alberta, Canada. It was chartered in 1984.
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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.
Formation
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.
Support for the arts
The bank supported the artist Peter Shostak.