TORONTO — First Nations Bank of Canada has proudly announced a significant $15 million investment from the Mississaugas of the Credit First Nation. This bold move positions the Nation as one of the bank's largest shareholders, granting it approximately a 10 percent ownership stake in the institution.

The First Nations Bank of Canada, notable for being the only Indigenous-owned chartered bank in Canada, revealed that this investment is part of the completion of a larger $50 million capital raise. This capital influx is aimed at enhancing the lender's capacity to provide commercial and personal banking services, including loans, mortgages, and investments, to both Indigenous and non-Indigenous clients.

Bill Lomax, the president and CEO of First Nations Bank of Canada, made the announcement during a speech at the Canadian Club in Toronto on Wednesday. Lomax emphasized the significance of the investment, stating, “With the addition of Mississaugas of the Credit First Nation as a major shareholder, that founding vision is stronger than ever.” He expressed optimism about building a national bank that is supported by First Nations and Indigenous shareholders across Canada, positioning the bank to capitalize on significant future opportunities.

With the recent investment, First Nations Bank of Canada will now be owned by a collective of 117 First Nations and Indigenous communities. This diverse ownership structure fosters meaningful participation in the Canadian economy, as highlighted by Chief Margaret Sault of the Mississaugas of the Credit First Nation. Sault remarked, “By becoming a major shareholder in First Nations Bank of Canada, we are investing in an opportunity to build long-term wealth for our community with a partner who understands our needs and aspirations.” She further noted that ownership in such institutions is crucial for shaping and driving the future of the Canadian economy.

First Nations Bank of Canada currently operates 22 branches and service centers, while managing over $1.6 billion in assets. Additionally, its trust subsidiary, FNB Trust, oversees $5.57 billion in assets under administration. This strategic investment and ownership initiative not only marks a pivotal moment for the bank but also signifies the broader aspirations of Indigenous communities in Canada.