Concentra, a company that provides financial services to credit unions, was founded in 2005 and currently serves 244 credit unions in Canada. Below is an overview of the findings.
- Concentra is a financial services company and has its headquarters in Saskatoon, Saskatchewan, Canada.
- The company was founded in 2005 and specializes in wholesale banking solutions, trust solutions, equipment leasing solutions, consumer finance, and treasury.
- As per the company's 2018 annual report, the company has 305 employees.
- Operation-wise the company partners with credit unions in Canada to ensure that its more than five million members throughout Canada have access to competitive financial services through their local credit union.
- Concentra is specialized in asset management, treasury needs, and trust solutions for credit unions, and aims to help credit unions improve their financial performance, effectively manage risks, and build strong relationships with clients.
- Concentra fortifies local credit unions by helping them access to national connections.
- Concentra is emerging as a "dynamic wholesale bank" within Canada's financial services industry.
- It became the first schedule one chartered bank that has dedicated itself to offering financial services to credit union systems in Canada on January 1, 2017, under the Bank Act.
- Concentra is a federally-regulated financial institution.
- The Bank Act is the primary legislation that governs Concentra. The Boards of Directors of Concentra Bank and Concentra Trust (its subsidiary) consists of 12 persons of which the majority are independent directors who are chosen according to the "legislative, regulatory, and bylaw framework" for Schedule I chartered banks.
- The company follows its bylaws, the "OSFI Corporate Governance Guideline, Bank Act, Affiliated Persons (Banks) Regulations," the recommendations provided by of the "Canadian Coalition for Good Governance and the Canadian Securities Administrators’ published requirements for corporate governance, wherever required."
- In the Board of Directors of Concentra Bank, Daniel Johnson currently serves as the Chair and Lise de Moissac serves as the Vice Chair. Don Coulter, who has served as a director in the Board of Directors since 2018 is also the Chief Executive Officer of the company.
- Concentra Trust, a wholly-owned subsidiary of Concentra Bank, is currently served by a Board of Directors consisting of seven persons. Teresa Lee is one of the directors who has been serving since 2015.
- The company, as a corporate entity, has partnerships with the following entities:
- Financeit: It is a point-of-sale financing partner and Concentra has funded more than $240 million in loans since becoming partners in 2016.
- Borrowell: This partner provides "unsecured personal loans and offers a free personal credit score."
- League Savings and Mortgage: A financial institution owned by Atlantic Canada's credit union.
- In 2014, the company's revenue was CA$86.05 million.
- In 2015, the company's revenue was CA$91.47 million.
- In 2016, the company's revenue was CA$104.64 million.
- In 2017, the company's revenue was CA$106.61 million.
- In 2018, the company's revenue was CA$114.88 million.
- Similar to the revenue, the net income for the company has also increased on a yearly basis since 2014.
- In 2014, the company had a net income of CA$23.21 million.
- In 2015, the company had a net income of CA$25.30 million.
- In 2016, the company had a net income of CA$28.86 million.
- In 2017, the company had a net income of CA$33.65 million.
- In 2018, the company had a net income of CA$40.56 million.
- As is applicable with other financial institutions and banks, the company creates deposits from different sources which earn interest income.
- The company's deposits in 2014 were CA$ 3.83 billion.
- The company's deposits in 2015 were CA$ 4.21 billion.
- The company's deposits in 2016 were CA$4.21 billion.
- The company's deposits in 2017 were CA$ 3.75 billion.
- The company's deposits in 2018 were CA$4.83 billion.
OTHER FINANCIAL INFORMATION
- The return on investment for the company for the years 2014, 2015, 2016, 2017, and 2018 has been 3.0%, 4.0%, 10.0%, 3.0%, and 4.0% respectively.
- As a financial institution with an increasingly healthy and positive net income, the company does not rely on external funding for its operations.
- As of 2018, the company had a total of $35.7 billion in assets under administration and $9.7 billion in total assets.
- The company has also funded $200,000 in community projects annually.
- Concentra offers its services, such as specialized banking, consumer finance, treasury, and wealth management, to various client-segments which include business owners, consumers, and credit unions.
- As of 2018, the company serves 244 credit unions.
- In terms of percentage share, the company serves over 85% of Canadian credit unions.
- Credit unions that make use of Concentra's services include: