Canadian Western Bank

Canadian Western Bank (CWB) was a Canadian regional bank headquartered in Edmonton, Alberta. It developed a business model centered on Western Canada, while also maintaining operations and selected branches in other parts of the country. The bank served small and medium-sized businesses, commercial borrowers, professionals, entrepreneurs and personal banking customers through lending, deposit, wealth-management and trust-related activities. CWB's corporate history began with the combination of two Alberta- and Western Canada-oriented institutions. The Bank of Alberta, founded in 1984, and Western & Pacific Bank of Canada, founded in 1982, merged in 1988 to create Canadian Western Bank. The new institution was associated with Bank of Alberta co-founders Charles Alexander Allard and Eugene Pechet, although the available reference material does not identify a single individual as the bank's sole founder. The bank expanded through a series of acquisitions and combinations. It acquired Western Canadian branches of Metropolitan Trust in 1993 and merged with North West Trust Company in 1994. In 1996, it acquired BC Bancorp and purchased Aetna Trust Company, which it renamed Canadian Western Trust Company. In 2001, it acquired the Kelowna and Regina branches of Laurentian Bank of Canada. These transactions broadened CWB's geographic reach and added trust, deposit, lending and related financial capabilities. CWB operated as the central banking brand of a wider financial group. Its affiliated businesses included Motive Financial, an online deposit-taking business; Canadian Western Financial, a mutual-fund dealer; Canadian Western Trust Company, which provided personal and corporate trust services; National Leasing Group, focused on commercial equipment leasing; Valiant Trust Company, which offered specialized corporate and shareholder trust services; and CWB Wealth Management. Optimum Mortgage operated as a division of Canadian Western Trust Company and distributed residential mortgage products through mortgage brokers. Motive Financial extended the group's reach beyond the branch network. It offered high-interest savings accounts, guaranteed investment certificates and tax-free savings accounts through an online model. Customers could use Exchange ATM locations and Interac services, while eligible deposits were protected through the Canada Deposit Insurance Corporation framework applicable to Canadian Western Bank. Before 2017, the online operation was known as Canadian Direct Financial. On June 11, 2024, National Bank of Canada announced an agreement to acquire CWB. The transaction was completed in March 2025, after which CWB's operations were rebranded under the National Bank name. As a result, Canadian Western Bank no longer operates as an independent bank brand, although its businesses and customer relationships became part of National Bank's organization.

Canadian Western Bank was created in 1988 through the merger of the Bank of Alberta and Western & Pacific Bank of Canada. The two predecessor institutions reflected the development of regionally focused banking in Western Canada: the Bank of Alberta had been founded in 1984, while Western & Pacific Bank of Canada had been established in 1982. The new bank was led in its formative period by Charles Alexander Allard and Eugene Pechet, who had co-founded the Bank of Alberta. From the beginning, CWB's identity was tied to Western Canadian customers, particularly businesses and commercial borrowers that required relationship-based banking and specialized lending. The bank combined conventional deposit and lending activities with trust and financial-service capabilities, allowing it to build a broader platform than a simple branch bank. In 1993, CWB acquired Metropolitan Trust's Western Canadian branches. The following year, it merged with North West Trust Company, strengthening its trust and fiduciary operations. In 1996, the bank acquired BC Bancorp, an institution chartered in 1967, and purchased Aetna Trust Company. Aetna was subsequently renamed Canadian Western Trust Company, becoming an important part of CWB's personal and corporate trust offering. In 2001, CWB acquired the Kelowna and Regina branches of Laurentian Bank of Canada, adding to its presence in British Columbia and Saskatchewan. Over time, the bank developed a group structure that included banking, lending, wealth and trust companies. Canadian Western Trust Company provided personal and corporate trust services and also operated Optimum Mortgage, a residential mortgage business distributed through mortgage brokers. National Leasing Group supplied commercial equipment leasing. Valiant Trust Company specialized in services such as stock-transfer administration, corporate trust, escrow arrangements and employee-plan administration. CWB Wealth Management provided investment and wealth-management services, while Canadian Western Financial operated as a mutual-fund dealer. The group also owned Motive Financial, an online banking operation that had previously been known as Canadian Direct Financial until 2017. Motive offered savings accounts, guaranteed investment certificates and tax-free savings accounts without a conventional branch network. Its customers could access the Exchange ATM network, Interac payment and transfer services, electronic funds transfers and cheque-based transactions. The online model enabled Motive to serve customers across Canada, except Quebec according to the reference material, while remaining connected to CWB's deposit platform and applicable CDIC protection. Although its principal franchise remained in Western Canada, CWB expanded its loan book and financial operations into British Columbia, Alberta and Ontario, as well as maintaining selected activities elsewhere in Canada. It belonged to major Canadian payment and banking networks, including Interac and Mastercard, and was a member of the Canada Deposit Insurance Corporation. The final major stage of CWB's history was its combination with National Bank of Canada. National Bank announced the proposed acquisition on June 11, 2024. The transaction was completed in March 2025, and CWB's operations were rebranded under the National Bank name. This ended Canadian Western Bank's independent existence and transformed its former businesses into part of National Bank's Canadian platform.

1. 2025Acquisition completed and CWB rebranded

   National Bank completed its acquisition of CWB in March, and CWB's operations were rebranded under the National Bank name.

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2. 2024National Bank acquisition announced

   National Bank of Canada announced an agreement to acquire Canadian Western Bank.

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3. 2001Laurentian Bank branch acquisition

   CWB acquired Laurentian Bank of Canada's branches in Kelowna and Regina.

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4. 1996BC Bancorp and Aetna Trust acquisitions

   CWB acquired BC Bancorp and purchased Aetna Trust Company, which became Canadian Western Trust Company.

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5. 1994Merger with North West Trust Company

   CWB merged with North West Trust Company, expanding its trust and financial-service operations.

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6. 1993Metropolitan Trust branch acquisition

   CWB acquired Metropolitan Trust's branches in Western Canada.

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7. 1988Canadian Western Bank formed

   The Bank of Alberta merged with Western & Pacific Bank of Canada to create Canadian Western Bank.

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8. 1984Bank of Alberta founded

   The Bank of Alberta, the other principal predecessor of CWB, was founded.

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9. 1982Western & Pacific Bank of Canada founded

   One of the two predecessor institutions that later combined to form Canadian Western Bank was established.

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A Western Canada-focused regional bank with a strong emphasis on commercial and business customers, complemented by personal banking, online deposits, trust, leasing and wealth-management businesses.

• Commercial bankingBanking

  Commercial banking was the core of CWB's regional franchise. The bank focused on business customers and commercial borrowers, supported by relationship banking, deposit services, credit facilities and other financial products for enterprises and professionals. Its lending activity was concentrated particularly in Western Canada, with later expansion into Ontario.

• Personal bankingRetail banking

  CWB's personal banking activities included deposit and savings products and other everyday financial services for individual customers. These services complemented the bank's commercial focus and were delivered through branches and affiliated businesses within the broader CWB Financial Group.

• Motive FinancialOnline banking

  Motive Financial was CWB's virtual banking division and previously operated as Canadian Direct Financial until 2017. It offered high-interest savings accounts, guaranteed investment certificates and tax-free savings accounts. Customers could access funds through Exchange ATMs and use Interac, electronic transfers and cheques, while the absence of branches supported an online-only operating model.

• Canadian Western Trust CompanyTrust services1996

  Canadian Western Trust Company provided personal and corporate trust services within the CWB group. It also housed Optimum Mortgage, a residential mortgage operation that distributed products through a network of mortgage brokers. The company originated from CWB's 1996 acquisition of Aetna Trust Company.

• National Leasing GroupEquipment finance

  National Leasing Group was a wholly owned CWB affiliate focused on commercial equipment leasing. It extended the group's business-finance capabilities beyond traditional bank loans by providing leasing solutions for commercial customers.

• Valiant Trust CompanySpecialty trust services

  Valiant Trust Company supplied specialized trust and administrative services, including stock-transfer work, corporate trust, escrow services and employee-plan administration. It was one of the group's wholly owned financial-service affiliates.

• CWB Wealth ManagementWealth management

  CWB Wealth Management provided investment and wealth-management services. The business was previously associated with Adroit Investment Management Ltd., in which the CWB group held a majority interest according to the reference material.

• 2025Rebrand CWB operations under National BankStrategy

  Following completion of the acquisition, the separate Canadian Western Bank brand no longer operated as an independent bank.

  What changed. National Bank rebranded CWB's operations under the National Bank name.

  Aftermath. Canadian Western Bank became a defunct independent brand, with its former operations integrated into National Bank's organization.

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• 2024Agree to National Bank of Canada acquisitionM&A

  CWB operated as a regional Canadian bank with a diversified set of banking, trust, leasing and wealth businesses. National Bank announced an agreement to acquire the institution on June 11, 2024.

  What changed. CWB agreed to be acquired by National Bank of Canada.

  Aftermath. The transaction closed in March 2025, after which CWB's operations were brought under the National Bank brand.

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• 2025Canadian Western Bank acquisition completed and operations rebranded

  The acquisition by National Bank of Canada was completed in March 2025. CWB's operations subsequently moved under the National Bank brand, ending its existence as an independent bank brand.

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• 2024National Bank of Canada announces agreement to acquire Canadian Western Bank

  National Bank announced that it would acquire Canadian Western Bank, bringing CWB's regional banking operations and affiliated financial businesses into National Bank's organization.

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1. Canadian Western Bank
2. Canadian Western Bank official website