Bridgewater Bank

Bridgewater Bank is one of the many chartered banks in Canada and is based in the city of Calgary, Alberta. The banking entity employs over 200 individuals, including business development managers operating in nine key centers in Canada. This financial institution has been in business since 1997, and only operated as a bank in 2006. The company has a portfolio of over $3.5 billion representing over 66,000 accounts.

Management and Memberships

The Bridgewater Bank is a federally regulated entity and is being supervised by the office of the Superintendent of Financial Institutions. It is a member of several regulatory bodies including the following: Canadian Payments Association, Ombudsman for Banking Services and Investments, Financial Consumer Agency of Canada, and Canada Deposit Insurance Corporation. In addition, Bridgewater Bank is a MasterCard credit card issuer.

Bridgewater is also a member of various organizations, including the following: Alberta Contact Centre Association, Alberta Mortgage Brokers Association, Independent Mortgage Brokers Association of Ontario, and Canadian Association of Accredited Mortgage Professionals. In addition, it is owned entirely by the Alberta Motor Association.

The Alberta Motor Association (AMA)

AMA is a non-profit organization that serves the Province of Alberta. The organization was founded in 1926 and as of October 2008, it has a total membership of 855,000. The organization provides members with roadside assistance services, insurance services, as well as member discounts to certain companies. The organization also started offering mortgages and investment products to members through AMA financial. In 2006, it started its own chartered bank – the Bridgewater Bank - in order to provide better financial services to its members.

Products and Services

Bridgewater Bank focuses on residential mortgage financing. The bank offers Guaranteed Investments Certificates as well. These products and services are marketed by the business development managers operating in the nine major centers in Canada. They have a network of independent brokers throughout Canada excluding Quebec. The entity has a support system managed by an underwriting team that aims to provide quality service. The GIC products of the bank are protected by the Canada Deposit Insurance Corporation.

One of the main products that the bank offers is mortgages. Bridgewater offers competitive rates and provides a variety of mortgage products and services. One example is the Insured Fixed Rate Program. This program comes with a fixed rate for the entire duration of the mortgage and only requires a down payment of 5 percent. Another example is the Interim Financing Program which is a short term loan, ideal for those who are buying a new home while selling an old one. This program offers 90 percent of the confirmed value of the home being bought. Other products and service under mortgages include Cash Back Mortgages, Second Home Program, and Second Mortgage Program.

The mortgage products and services can be handled by a mortgage broker in order to facilitate the mortgage process. There are mortgage brokers available in all key areas in Canada. Information on other programs and services offered by the bank can be requested at a local branch, by phone, or accessed online.

Bridgewater Bank is a member of the Financial Consumer Agency of Canada, the Canada Deposit Insurance Corporation and Alberta Mortgage Brokers Association.