First Nations Bank of Canada has secured a $15 million investment from the Mississaugas of the Credit First Nation, marking a significant milestone in its growth. The investment grants the Nation a 10 percent ownership stake, making it one of the bank’s largest shareholders. This infusion of capital completes a $50 million fundraising effort for the Indigenous-owned chartered bank, which serves both Indigenous and non-Indigenous clients with commercial and personal banking services.
The bank’s president and CEO, Bill Lomax, announced the investment during a speech at the Canadian Club in Toronto. He emphasized that the partnership strengthens the bank’s founding vision and positions it to expand its lending capacity. The funds will support opportunities in Indigenous business, infrastructure, and economic development.
With this investment, First Nations Bank of Canada will now be owned by 117 First Nations and Indigenous communities. Chief Margaret Sault of the Mississaugas of the Credit First Nation highlighted the importance of the investment in building long-term wealth for their community. The bank operates 22 branches and manages over $1.6 billion in assets, with its trust subsidiary, FNB Trust, overseeing $5.57 billion in assets under administration.