Bridgewater Bank

Last updated
Bridgewater Bank
Private
Industry Financial Services, Banking
Founded1997
Headquarters Calgary, Alberta, Canada
Key people
Peter O'Neill, COO
Parent Alberta Motor Association
Website www.bridgewaterbank.ca

Bridgewater Bank is a Canadian Schedule I chartered bank [1] based in Calgary Alberta, Canada. Wholly owned by the Alberta Motor Association (AMA), the bank specializes in competitive residential mortgages and deposit products through a select network of brokers. [2]

Calgary City in Alberta, Canada

Calgary is a city in the Canadian province of Alberta. It is situated at the confluence of the Bow River and the Elbow River in the south of the province, in an area of foothills and prairie, about 80 km (50 mi) east of the front ranges of the Canadian Rockies. The city anchors the south end of the Statistics Canada-defined urban area, the Calgary–Edmonton Corridor.

Alberta Province of Canada

Alberta is a province of Canada. With an estimated population of 4,067,175 as of 2016 census, it is Canada's fourth most populous province and the most populous of Canada's three prairie provinces. Its area is about 660,000 square kilometres (250,000 sq mi). Alberta and its neighbour Saskatchewan were districts of the Northwest Territories until they were established as provinces on September 1, 1905. The premier is Jason Kenney as of April 30, 2019.

The Alberta Motor Association (AMA) is a non-profit membership organization serving Alberta and the Northwest Territories. The organization was founded in 1926 with 1400 members; original dues were $6.50.

Operating in all Canadian provinces except Quebec, Bridgewater Bank manages a portfolio of over $2.8 billion, representing over 33,000 accounts. In business since 1997, Bridgewater Bank received its bank license in January 2006. [3] Bridgewater Bank is regulated by the Office of the Superintendent of Financial Institutions (OSFI) and is a member of the Canada Deposit Insurance Corporation (CDIC) [4] and the Canadian Payments Association (CPA). [5]

Quebec Province of Canada

Quebec is one of the thirteen provinces and territories of Canada. It is bordered to the west by the province of Ontario and the bodies of water James Bay and Hudson Bay; to the north by Hudson Strait and Ungava Bay; to the east by the Gulf of Saint Lawrence and the province of Newfoundland and Labrador; and to the south by the province of New Brunswick and the US states of Maine, New Hampshire, Vermont, and New York. It also shares maritime borders with Nunavut, Prince Edward Island, and Nova Scotia. Quebec is Canada's largest province by area and its second-largest administrative division; only the territory of Nunavut is larger. It is historically and politically considered to be part of Central Canada.

The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.

Canada Deposit Insurance Corporation

The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.

Bridgewater Bank is a member of various industry organizations including: Canadian Bankers Association, Registered Deposit Broker Association (RDBA), Mortgage Professionals Canada, Mortgage Brokers Association of BC (MBABC), Alberta Mortgage Broker Association (AMBA), Independent Mortgage Brokers Association of Ontario (IMBA) and the Alberta Contact Centre Association (ACCA). [6]

The Canadian Bankers Association is a trade association and lobby group representing Canadian banks. Its over 60 members include Canada's Big Five banks, smaller domestic banks, and Canadian subsidiaries of foreign banks.

Bridgewater Bank head office - Calgary, Alberta, Canada Bridgewater-Bank-Head-Office.png
Bridgewater Bank head office - Calgary, Alberta, Canada

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References

  1. ↑ Canadian Bankers Association. "Schedule I Banks". Archived from the original on 2011-05-25. Retrieved 2011-06-29.
  2. ↑ Bridgewater Bank. "About Us" . Retrieved 2011-06-29.
  3. ↑ Start a Bank. "Case Study: Bridgewater Bank". Archived from the original on 2011-04-29. Retrieved 2011-06-29.
  4. ↑ CDIC. "List of CDIC Members". Archived from the original on 2011-07-02. Retrieved 2011-06-29.
  5. ↑ CPA. "CPA Members List" . Retrieved 2011-06-29.
  6. ↑ Bridgewater Bank. "About Us" . Retrieved 2011-06-29.
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