In 1993, the Saskatchewan Indian Equity Foundation (SIEF) submitted a proposal to the Federation of Saskatchewan Indian Nations (FSIN) Assembly calling for the creation of a First Nations bank. The proposal was unanimously approved with SIEF initiating the process of reaching out to financial institutions for support in the creation of the bank.

In 1994, based on the strength of its bid, The Toronto-Dominion Bank (TD) was chosen by SIEF as the financial institution stakeholder for the new bank. Meaningful negotiations began.

On September 16, 1996, TD, SIEF and FSIN announced their intention to form First Nations Bank of Canada

On November 19, 1996, First Nations Bank of Canada was granted Letters Patent and became the first federally-chartered bank in Canada with Aboriginal ownership.

On November 19, 1996, TD, SIEF, and FSIN officially launched First Nations Bank of Canada (the Bank) with an investment of two million dollars from SIEF and an investment of eight million dollars from TD.

On December 5, 1996, Canada Deposit Insurance Corporation (CDIC) approved First Nations Bank of Canada's application for membership in CDIC.

On February 17, 1997, First Nations Bank received its order to commence and carry on business from the Office of the Superintendent of Financial Institutions.

In September 1997, the first full service branch of First Nations Bank of Canada was opened at 224 4th Avenue South in Saskatoon, Saskatchewan.

In mid 1998, the second branch was opened in the James Bay Cree community of Chisasibi, Quebec.

On March 1, 1999, First Nations Bank purchased the Walpole Island branch in Ontario from TD.

In 2000, First Nations Bank opened its first Community Banking Centre in cooperation with the Buffalo River Dene Nation in Dillon, Saskatchewan.

Early in 2001, the Bank’s shareholder base was significantly broadened outside of Saskatchewan with new shareholders from Quebec, Manitoba and the Yukon Territories investing in the Bank.

On March 19, 2003, First Nations Bank of Canada opened its first branch in Manitoba and its fourth branch in Canada at 360 Broadway in Winnipeg.

In December 2003, the Bank opened its second Community Banking Centre in cooperation with the Cree Nation of Nemaska in the community of Nemaska, Quebec.

In 2005, the Bank opened its second Community Banking Centre in Saskatchewan and its third in Canada at Onion Lake First Nation, Saskatchewan.

In July 2007, First Nations Bank opened its fifth branch in Canada and its first “north of 60” at 9016 Quartz Road in Whitehorse, Yukon.

On October 26, 2007, First Nations Bank of Canada successfully completed a private placement share offering raising an additional $14 million in tier 1 capital with net tier 1 capital increasing by approximately $10 million. Dilution from the new shares issued and the approved redemption of TD Bank shares reduced TD’s voting interest to 9%. New shareholders were added in Nunavut, Northwest Territories, Yukon and Saskatchewan with existing shareholders in Quebec and Saskatchewan increasing their ownership position. The Bank’s regional Aboriginal common shareholders and their voting interest (rounded to 2 decimal places) are noted below:

Saskatchewan	26.37%
Nunavut	20.05%
Quebec	19.71%
Yukon	13.17%
The Toronto-Dominion Bank*	9.00%
Northwest Territories	8.02%
Manitoba	3.68%
Total	100.00%

*The Toronto-Dominion Bank owns 100% of the Class B non voting preferred shares. On a fully diluted basis The Toronto-Dominion Bank share interest is approximately 19.83%.