Founded | 1984 |
---|---|
Founder | |
Defunct | 1988 |
Fate | Merged with Western & Pacific Bank |
Successor | Canadian Western Bank |
Headquarters |
Edmonton, Alberta , |
The Bank of Alberta was a bank based in Edmonton, Alberta, Canada from 1984 to 1988. [1] It was formed during a challenging economic environment[ vague] that pushed many competitors to rein in their activities in key western markets. [1] As a result, the bank ultimately had a significant impact on the evolution of modern banking in Western Canada. [2]
When the bank commenced operations in 1984 it was led by Canadian Business Hall of Fame member Dr. Charles Allard [1] [3] and Eugene Pechet, [1] [3] [4] starting with three employees working out of a boardroom located in one of Pechet's hotels in Edmonton, Alberta. [4] The Government of Alberta supported the newly formed Bank of Alberta by investing in 5% of its shares. [5]
In 1988, the Bank of Alberta merged with Western & Pacific Bank to form Canadian Western Bank (CWB). [1]