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30-610: Aloha Station Trust, LLC was a privately owned trust company that owned radio and television stations previously owned by Clear Channel Communications, forerunner of the modern iHeartMedia . After Clear Channel was acquired by private equity interests in 2007, Clear Channel sold off media outlets to comply with FCC ownership limits that would no longer be grandfathered to them. Many stations agreed to be sold, or have been sold, to companies like Frequency License LLC , Providence Equity Partners , Cumulus Media , Blue Point Media and Santa Barbara Community Broadcasting . Jeanette Tully,

60-404: A last will and testament . The responsibilities of an executor in settling the estate of a deceased person include collecting debts , settling claims for debt and taxes , accounting for assets to the courts and distributing wealth to beneficiaries. Estate planning is usually also offered to allow clients to structure their affairs so as to minimize inheritance taxes and probate costs. In

90-599: A "near"-bank status which situates them legally very close to the US savings and loan associations , UK building societies or other non-bank deposit-taking institutions such as credit unions . According to the Canadian Office of the Superintendent of Financial Institutions , "trust and loan companies are financial institutions that operate under either provincial or federal legislation and conduct activities similar to those of

120-498: A bank". Deposits and GICs are insured by the Canadian Deposit Insurance Corporation in the same manner as bank deposits. While Canadian trust and loan companies nominally cannot accept retail deposits or issue debentures , they may receive money on deposit in trust, repayable on demand or after notice. As no statute prevents the companies from according chequing privileges to their depositors, effectively

150-567: A director of Journal Communications Inc. , was initially the sole member of the trust until her death in 2018. After that, Barry Drake, formerly of Backyard Broadcasting and Sinclair Broadcast Group, took over trusteeship of the Aloha Station Trust and two other iHeartMedia divestiture trusts. The trust was dissolved in 2021 following the divestiture of its last station in December of that year. Trust company The "trust" name refers to

180-498: A federation of 313 autonomous credit unions ( French : caisses populaires ), is one of the largest financial institutions in Quebec and also operates in some regions of Ontario with substantial Franco-Ontarian populations. ATB Financial (formerly Alberta Treasury Branches) is a Crown corporation owned by the Alberta provincial government that was originally established in 1938 after

210-526: A maximum of twenty percent. According to a ranking produced by Standard & Poor's , in 2017, the Big Five banks of Canada are among the world's 100 largest banks, with TD Bank, RBC, Scotiabank, BMO, and CIBC at 26th, 28th, 45th, 52nd, and 63rd place, respectively. RBC and TD Bank are also on the Financial Stability Board 's list of systemically important banks as of 2020. The term “Big Six”

240-682: A medium-sized US bank with a strong branch network in the Mid-Atlantic states and Florida. As of March 2008, their stated plan was to merge Commerce with their existing TD Banknorth subsidiary, calling the new bank TD Commerce Bank. However, Commerce Bank based in Worcester, Massachusetts challenged the new name. As a result, TD renamed its US subsidiary TD Bank at end of 2009. TD is the sixth-largest bank by branch network in North America, after JPMorgan, Bank of America, Wells Fargo, PNC, and US Bank. It

270-702: Is also the largest foreign bank in the United States holding almost $ 200 billion (USD) in deposits. Canada's federal government has sole jurisdiction for banks according to the Canadian Constitution , specifically Section 91(15) of The Constitution Act 1867 (30 & 31 Victoria, c.3 (UK)), formerly known as the British North America Act 1867 . Meanwhile, credit unions/caisses populaires, securities dealers and mutual funds are largely regulated by provincial governments. The main federal statute for

300-509: Is sometimes used to include Canada's next largest bank, National Bank of Canada . The Big Five banks, listed in order of market capitalization on the Toronto Stock Exchange as of year-ended 2023, with their current corporate brand names and corporate profiles according to their latest annual report, all monetary amounts are in billions of Canadian dollars , are: MBNA Canada In modern history, Royal Bank (RBC) has always been

330-682: Is the name colloquially given to the five largest banks that dominate the banking industry of Canada: Bank of Montreal (BMO), Scotiabank , Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD). All of the five Canadian banks maintain their respective headquarters in Toronto 's Financial District , primarily along Bay Street . All five banks are classified as Schedule I banks that are domestic banks operating in Canada under government charter. The banks' shares are widely held, with any entity allowed to hold

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360-460: The Competition Bureau of Canada, which declared that negative effects (such as higher user fees and local branch closures) from the mergers would far outweigh the benefits of allowing the mergers. Ultimately, it was then Finance Minister Paul Martin who rejected both proposed mergers. The issue since has not been revisited by succeeding Finance Ministers; it has been cited as a reason that

390-620: The Equitable Trust Company , B2B Trust and Civil Service Loan Corporation , have restructured to legally become federally-regulated banks. Unlike banks, Canadian trust companies can administer estates, trusts, and pension plans. Banks cannot conduct these activities unless they are done through a separately created trust subsidiary. In 2023, there were 43 federally-regulated trust companies in Canada but many of these were owned or controlled by banks or other institutions as subsidiaries . Big Five banks of Canada Big Five

420-508: The 2007 subprime mortgage crisis reversed this trend. In the aftermath of the crisis, the Canadian dollar steadily climbed against the U.S. dollar, achieving parity in early 2008 and trading as high as 30 cents above the USD in late 2008. The strength of the Canadian dollar and the relative weakness of U.S. bank prices have led commentators to suggest that the big five banks could consider an expansion into

450-452: The Canadian economy easily weathered the 2007 subprime mortgage financial crisis compared to other nations, and the aforementioned recognition of numerous Canadian banks on the Bloomberg 2011 list of twenty strongest large banks in the world. The weakness of the Canadian dollar and high U.S. bank stock prices were commonly cited as obstacles to purchasing assets south of the border. However

480-562: The U.S. financial markets were weak, many Canadian bank CEOs were criticized for not making a more concerted buying effort. Some believed that these CEOs preferred to wait for Ottawa to allow domestic mergers before expanding into the US. The federal government ended up refusing to allow the mergers and is unlikely to do so now. Analysts also pointed out that Canadian banks have much stronger balance sheets today than they did 10 or 15 years ago, putting them in an even better position to be aggressive. In October 2007, TD purchased Commerce Bancorp ,

510-457: The United States, one of the primary profit centers for a trust company is commissions earned from selling various types of insurance products designed to minimize the estate tax charged to a person. A trust officer may provide guardian and conservator services, acting as guardian of a minor's property until adulthood or as conservator of the estate of an adult unable to handle his or her own finances. Some trust companies are formed not merely for

540-419: The United States. Because of the recent recession, Royal Bank of Canada has now eclipsed Morgan Stanley in terms of market valuation. According to figures compiled by a recent Bloomberg report, investors today are willing to pay about $ 2.60 for every dollar of book value at a Canadian bank, compared with $ 1.70 in the United States. That ratio is about the reverse of where it stood in late 1999. The last time

570-570: The ability to act as a trustee – someone who administers financial assets on behalf of another. The assets are typically held in the form of a trust , a legal instrument that spells out who the beneficiaries are and what the money can be spent for. A trustee will manage investments, keep records, manage assets, prepare court accounting, pay bills (depending on the nature of the trust), medical expenses, charitable gifts, inheritances or other distributions of income and principal. A trust company can be named as an executor or personal representative in

600-447: The benefit of a minor or an individual trustee, but for the preservation of nature or historic sites. A trust department provides investment management, including securities market advice, investment strategy and portfolio management , management of real estate and safekeeping of valuables. The trust company may also provide escrow services, invest education or retirement funds or hold 1031 Exchange proceeds where cash from

630-417: The bondholders), and is the entity which monitors the company to ensure it is meeting covenants. In the event of the company's bankruptcy, the corporate trust company represents the interests of the bondholders and acts to recover as much of the loan proceeds as possible. In Canada, trust companies have historically provided many of the same services as the big-five banks . They are legally not banks, but hold

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660-430: The company monthly, and monitors the financial conditions of the company to ensure that it is meeting all its agreed upon conditions (for example, that its ratio of profits to expenses stays above a certain amount). However most large companies borrow money not from banks, but by selling bonds. When the company sells bonds, a corporate trust company can handle the acceptance of payments from the company (which it passes on to

690-425: The largest by a significant margin, although TD Bank has caught up to RBC in recent years. Up to the late 1990s, CIBC was the second largest, followed by Bank of Montreal, Scotiabank, and TD Bank. During the late 1990s and beyond, this ranking changed due to several reorganizations. Royal Bank acquired Royal Trust in 1993, while Scotiabank purchased National Trust in 1997. As Scotiabank found no merger partners among

720-449: The major banks. Prominent examples include Canada Trust (founded 1864 as Huron and Erie Savings and Loan Society, acquired by Toronto-Dominion Bank in 2000), Montreal Trust Company (established 1889, acquired by Scotiabank in 1994), National Trust Company (established 1898, acquired by Scotiabank in 1997) and Royal Trust (founded 1892, bought by Royal Bank of Canada in 1993). A few small or captive trust and loan companies, such as

750-572: The number five spot. Four of the Big Five Canadian banks have acquired independent investment banks, whose activities included corporate banking and full service brokerage. From 2000 onwards, these investment banking subsidiaries, RBC Dominion Securities , BMO Nesbitt Burns , CIBC Wood Gundy , and McLeod Young Weir , were all rebranded to RBC Capital Markets , BMO Capital Markets , CIBC World Markets , and Scotia Capital , respectively. Nonetheless, their bank holding company parent still use

780-424: The old names as a brand for their full service brokerage under wealth management, plus the old name still remains the broker dealer subsidiary for their investment bank in Canada. All monetary amounts are in billions C$ , updated as of year-ended 2021. All monetary amounts are in billions C$ , updated as of year-ended 2021. Desjardins Group and ATB Financial are major regional financial institutions. Desjardins,

810-464: The other banks in the big five group, it instead expanded its international operations and passed the Bank of Montreal in size. TD Bank merged with Canada Trust , which was for a long time the largest trust in Canada, thus vaulting TD into the number two spot. While there were no major changes to Bank of Montreal, CIBC's first unsuccessful foray into the US market led it to shed its assets there, dropping it to

840-580: The province's attempt to impose social credit policies on federally-regulated banks failed. In 1998, the Bank of Montreal proposed a merger with the Royal Bank of Canada around the same time that CIBC proposed to combine with the Toronto-Dominion Bank. The banks argued that these mergers would enable them to compete globally with other financial institutions. This would have left Canada with only three major national banks. The mergers were reviewed by

870-442: The sale of US real estate is held in trust (for tax purposes) until used to buy replacement land. Trust companies may also perform corporate trust services. Corporate trust services are services which assist, in the fiduciary capacity, in the administration of the corporation's debt. For example, in a normal bank loan, the lender normally lends money to the company (usually with conditions called " covenants "), accepts payments from

900-472: The trust companies are at liberty to receive monies which the depositor can treat much like bank savings or chequing accounts. The institution may then employ these assets (less a legally-required fractional reserve ) to issue secured loans , such as mortgages . Once a common feature on Canada's retail banking landscape, free-standing retail trust companies are disappearing; the largest institutions have increasingly fallen prey to consolidation and takeover by

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