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Email this3:26 pm
December 12, 2009
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Amid a mini-flurry of Bank Act and Trust and Loan Companies Act applications filed in the past few weeks, the Minister of Finance has given approval (link: http://www.gazette.gc.ca/rp-pr.....g.html#ml1) to four, very long-standing federally-chartered mortgage and loan companies to wind up and dissolve their operations, effective July 2, 2019, though an exact date for their dissolution and formal wind-up has yet to be finalized. The OSFI Superintendent and the affected institutions typically arrange such matters administratively.
The institutions, which have been "in voluntary liquidation," for a Coon's age, some pre-dating this very forum, are:
- BLC Mortgage Corporation;
- General Trust Corporation (no idea if it's related to the General Bank of Canada, which is still very much active and operational);
- Guardcor Loan Company; and,
- Laurentian Bank of Canada Mortgage Corporation
Laurentian Bank of Canada, for its part, will still have LBC Trust, Laurentian Trust of Canada, B2B Bank, and B2B Trustco as federally-chartered banks and trust companies that it wholly owns. 
Cheers,
Doug
6:54 pm
April 6, 2013
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Doug said
…
- General Trust Corporation (no idea if it's related to the General Bank of Canada, which is still very much active and operational);
…
Could be the General Trust Corporation that Laurentian Bank bought in 1993. This is from Laurentian Bank's history page:
1993
The Bank acquires General Trust Corporation and purchases most of the Société Nationale de Fiducie’s assets from the brokerage firm BLC Rousseau, thus creating Laurentian Bank Securities (LBS).
7:06 pm
December 12, 2009
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Norman1 said
Doug said
…
- General Trust Corporation (no idea if it's related to the General Bank of Canada, which is still very much active and operational);
…Could be the General Trust Corporation that Laurentian Bank bought in 1993. This is from Laurentian Bank's history page:
1993
The Bank acquires General Trust Corporation and purchases most of the Société Nationale de Fiducie’s assets from the brokerage firm BLC Rousseau, thus creating Laurentian Bank Securities (LBS).
Ah, nice find, Norman! I bet that is it, since LBC Mortgage Corp is also one of those being wound down and dissolved finally. Makes sense as they've likely since migrated any deposits or loans to the remaining Laurentian entities. 🙂
Edit: BLC Mortgage Corp could possibly also have been part of BLC Rousseau that Laurentian acquired and became Laurentian Bank Securities (a woefully outdated online platform they need to update!). If so, that would make 3/4 belonging to Laurentian, so it's possible Guardcor was part of Laurentian, too.
Cheers,
Doug
7:40 pm
October 21, 2013
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Why do you suppose they are liquidating?
7:52 pm
December 12, 2009
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Loonie said
Why do you suppose they are liquidating?
Probably to save administrative, annual filing, regulatory, and deposit insurance premiums/fees, I suspect. As noted above, Laurentian will still have fully five CDIC members including the parent company (Laurentian Bank, Laurentian Trust, B2B Bank, B2B Trustco, and LBC Trust).
As an update, I checked the OSFI website and all the four liquidating entities share the same address and employee as the remaining Laurentian entities, so I suspect as Norman hinted to above, these were all former acquisitions from 20-30 years ago that they've now finally consolidated onto a single banking platform and/or run down.
Cheers,
Doug
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