Question 1

What is Concentra Bank?

Accepted Answer

Concentra Bank was a Canadian Schedule I chartered bank that specialized in wholesale banking and trust solutions for credit unions across Canada. The bank served as the largest provider of wholesale banking services to approximately 90% of Canadian credit unions outside Quebec, indirectly serving more than five million Canadians. Concentra operated as a branchless digital bank with roots in the co-operative financial movement.

In 2021, the bank rebranded its consumer-facing operations as Wyth Financial. Concentra was acquired by Equitable Bank in November 2022, marking the end of its operations as an independent institution.

In 2021, the bank rebranded its consumer-facing operations as Wyth Financial. Concentra was acquired by Equitable Bank in November 2022, marking the end of its operations as an independent institution.

Question 2

When was Concentra Bank founded?

Accepted Answer

Concentra Bank was formed in 2005 as a co-operative entity when SaskCentral and Co-operative Trust Company of Canada merged to create a new business venture. The Co-operative Trust Company of Canada, which became part of Concentra, had its origins dating back to 1952, when it was incorporated by special act of the Saskatchewan Legislature.

The founders envisioned a solutions provider with national reach that would help credit unions become fierce competitors in the financial services marketplace. In 2017, Concentra transitioned from Concentra Financial Services Association to become a Schedule I chartered bank, significantly expanding its ability to access financial markets and provide competitive banking solutions.

Question 3

When did Concentra Bank close?

Accepted Answer

Concentra Bank ceased operations as an independent institution on November 1, 2022, when it was acquired by Equitable Bank. The acquisition was announced in February 2022 for a total purchase price of $470 million (representing a 1.08x price-to-book multiple).

Equitable Bank acquired SaskCentral's 84% equity interest in Concentra, along with the remaining 16% from other shareholders. Upon completion of the acquisition, Concentra's digital platform Wyth was replaced by EQ Bank, and Concentra's operations were integrated into Equitable Bank. The transaction made Equitable Canada's 7th largest independent bank by assets.

Question 4

Where is Concentra Bank headquartered?

Accepted Answer

Concentra Bank was headquartered in Saskatoon, Saskatchewan, with its registered office in Regina. The bank maintained a strong presence in Saskatchewan, reflecting its roots in the province's co-operative movement.

As the bank expanded nationally, it established additional offices in key financial centers including Toronto (Bay Street location opened in 2018), Surrey, British Columbia, and other locations across Canada to serve its credit union partners and customers.

Question 5

Where does Concentra Bank operate?

Accepted Answer

Concentra Bank operated across Canada, serving credit unions and customers in all provinces except Quebec. The bank had employees and relationship management offices located coast to coast, including in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Nova Scotia.

At its peak, Concentra served approximately 244 credit unions across Canada, providing them with wholesale banking services. The bank maintained a national footprint despite being headquartered in Saskatchewan, enabling it to support credit unions and their members throughout the country.

Question 6

What services does Concentra Bank offer?

Accepted Answer

Concentra Bank offered a comprehensive suite of wholesale banking and trust services, including:

Commercial Banking Services: Commercial lending, mortgage products (including alternative and prime mortgages), mortgage securitization, equipment leasing solutions, and loan syndication for mid-market businesses and credit unions.

Treasury and Cash Management: Foreign exchange services, cash management solutions, and treasury management for institutional clients.

Trust Services: Through its wholly owned subsidiary Concentra Trust, the bank provided registered retirement plans (RRSPs, RRIFs), personal and corporate trust services, estate planning and administration, and executor and trustee appointments.

Digital Banking: The bank operated as a branchless digital institution and launched Wyth Financial in 2021 as its consumer-facing digital brand. Concentra partnered with fintech companies to deliver innovative financial solutions and hosted partnerships with firms like Neo Financial to offer CDIC-eligible high-interest savings accounts.

Question 7

What makes Concentra Bank unique?

Accepted Answer

Concentra Bank was unique as Canada's only national financial institution headquartered in Saskatchewan and one of the few organizations in Canada holding both a federal bank license and a federal trust license. The bank was deeply rooted in the co-operative financial movement, being owned by Canadian credit union centrals and operating with co-operative values.

Unlike traditional consumer banks, Concentra operated a business-to-business model, serving as a wholesale banking partner to credit unions rather than competing with them. This specialized focus made it the largest provider of wholesale banking solutions to the credit union system in Canada.

The bank was also known for its digital-first approach, being a branchless institution that partnered extensively with fintech companies to drive innovation. Concentra consistently earned recognition as one of Canada's Best Managed Companies and was named to Saskatchewan's Top 100 companies multiple times.

Question 8

What type of financial institution is Concentra Bank?

Accepted Answer

Concentra Bank was a Schedule I chartered bank under the Bank Act of Canada, which meant it was a domestic bank with no ownership restrictions. It also held a federal trust license through its wholly owned subsidiary, Concentra Trust.

The bank operated primarily as a wholesale/commercial bank with a specialized business-to-business model, serving institutional clients rather than retail consumers directly. It functioned as a financial co-operative, owned by credit union centrals across Canada, embodying the values and principles of the co-operative financial movement while maintaining the regulatory structure and capabilities of a federally chartered bank.

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