Oakville, Ont.-based Canadian First Financial Group Inc. says its acquisition of MonCana Capital Corp., the parent of MonCana Bank of Canada, was completed on Friday, October 25.
Since 2011, MonCana Bank has originated over $1 billion of residential mortgages and currently has a deposit base of $136 million.
“This acquisition marks another milestone in the creation of a new type of financial organization that will deliver one-stop shopping convenience for retail banking, wealth management and insurance products and services,” said Peter Vukanovich, president and CEO, Canadian First, in a release.
“We have significantly advanced our growth plan by aligning MonCana Bank’s expertise, infrastructure and relationships with Canadian First’s network of top-producing financial services professionals. We are also delighted to welcome more than 7,000 MonCana Bank customers to Canadian First.”
Canadian First says its mission is to change the way Canadians think about banking. The firm partners with financial service professionals by promoting community based owner-managed financial centres offering banking services, mortgages, wealth management and insurance products. It has offices across southern Ontario.