Mississaugas of the Credit First Nation invests $15M in First Nations Bank of Canada

The Story

First Nations Bank of Canada says the Mississaugas of the Credit First Nation is investing $15 million in the chartered bank.

The bank says the Nation is becoming one of its largest shareholders with about a 10 per cent ownership stake.

First Nations Bank of Canada says the investment completes a $50-million capital raise and will expand its lending capacity as it pursues opportunities in Indigenous business, infrastructure and economic development.

Bank president and CEO Bill Lomax made the announcement at the Canadian Club in Toronto on Wednesday, saying that with the Nation as a major shareholder, “that founding vision is stronger than ever.”

Lomax said the bank is “building a growing national bank,” supported by First Nations and Indigenous shareholders from across Canada, and is “well positioned to pursue the significant opportunities ahead,” according to the bank’s news release.

Chief Margaret Sault of Mississaugas of the Credit First Nation said the investment represents “meaningful participation in the Canadian economy” through ownership in the institutions shaping its future.

The bank says it is owned by 117 First Nations and Indigenous communities following the investment, and that it operates 22 branches and service centres while managing more than $1.6 billion in assets.

First Nations Bank of Canada also says its trust subsidiary, FNB Trust, has $5.57 billion in assets under administration.