During the 1960s, credit union leaders decided that they had to do something to provide mortgages for their members. In 1966, together with the Nova Scotia Credit Union League, now Atlantic Central, they incorporated League Savings and Mortgage Company under a special act of the Parliament of Canada. The Company began business in 1968 from an office in Antigonish, Nova Scotia, and moved to Halifax, Nova Scotia in 1971.
Atlantic Central is the controlling shareholder by virtue of owning 100% of the common shares. Other shares are Preferred A and B which are primarily owned by Nova Scotia, Prince Edward Island and New Brunswick credit unions. Today, League Savings and Mortgage Company is the largest Atlantic-owned financial institution.
Company earnings are distributed to our shareholders, Atlantic Central and credit unions, by way of referral and management fees.
– Incorporated under the Federal Trust and Loan Companies Act.
– Member of Canada Deposit Insurance Corporation.
– Regulated by the Office of the Superintendent of Financial Institutions (OSFI).
Click here to review annual reports in .pdf format.