WYTH Closure | Page 2 | Wyth Financial (formerly Concentra Bank) | Discussion forum

AltaRed said
I never had anything with Wyth so don't know what EQ will do with Wyth GICs (if there are such things). In the case of Concentra Bank GICs sold through brokerages, I would expect they will just continue on to maturity since I believe Concentra Bank will continue as an entity. Concentra Trust will certainly continue as an entity.

When Desjardins wrapped up Zag Bank (albeit a slightly different case than an acquisition), they handled it in a couple of different ways. The primary way was to buy out the GIC with full interest to end of term....just to get rid of them, and that was a super deal for the investor. I think that process was limited to GICs maturing in less than 2 years. I think longer term ones were allowed to carry on to maturity albeit my memory is a little foggy now.  

Yes, and to be clear, in reply to RetirEd's post #15, I never said Wyth GICs wouldn't be continuing. However, that doesn't mean that EQB Inc. will continue to maintain four bank and trust subsidiaries. They could very easily amalgamate the Concentra Bank business into Equitable Bank and the Equitable Trust business into Concentra Trust, renaming the latter as Equitable Trust, and all existing GIC terms and maturities would be maintained. I suspect they will do this.

Note this is only for direct-to-consumer GICs, which are problematic to maintain in a separate platform. The brokered GICs are much, much easier to transfer across legal entities.

To RetirEd's point, yes, Ally was actually bigger in HISAs. They had something like $1-1.5 billion in HISA deposits at their peak, if I remember correctly. They closed the HISAs and paid them out to one of the customer's linked external accounts. GICs of ResMor Trust Company were continued by RBC Royal Bank, but under their existing terms and maturities. That's why I say the Wyth/EQB approach is very similar to Ally Canada in so many ways. Zag Bank is also very similar, with the above noted difference AltaRed mentioned. (His memory is the same as mine.)

Cheers,
Doug

While I understand not many folk like the boorish, pontificating and egocentric Andrew Moor, he has done quite the job re-making Equitable into a presence on the banking scene. He is building some sound ground/foundation with the Concentra purchase while still cheerleading Open Banking and obviously wants to be front and center in some form when that comes about.

I'd suggest EQB is now more diversified than any of its relatively direct competition, i.e. Home Capital, Laurentian Bank and Canadian Western Bank. It may well be worth being a shareholder some day but maybe not now, and not if one is more inclined to own one or more of the big six.

TommyT said

Long EQB? Why on earth would you pick that one to be long?
I've been short EQB and Home Capital since March this year.
Both are third tier lenders exposed to the Ontario housing market.  

When u say short, u mean sell short the stock or ??