TORONTO, Feb. 1, 2017 /CNW/ - Street Capital Group Inc. ("Street Capital" or the "Company") (TSX: SCB), today announced that its wholly-owned subsidiary, Street Capital Financial Corporation ("Street Capital Financial"), has continued as Street Capital Bank of Canada ("Street Capital Bank"). Effective today, Street Capital Bank commenced its operations as a federally regulated financial institution.
"Operating as a bank will provide our company with a significant competitive advantage, allowing us to better serve the mortgage broker channel and our base of over 130,000 valued customers," said Ed Gettings, Chief Executive Officer of Street Capital Group Inc. "With the team and infrastructure ready to go, we will begin taking deposits and launch our uninsured mortgage product suite in the coming months. While we are launching Street Capital Bank on the foundation of a market-leading prime mortgage business; in many ways, this is a new beginning for our company. As we are now operating as a Schedule I bank, we are positioned to continue to generate many years of sustainable growth, which we expect will drive substantial value for our shareholders over time."
With commencement of bank operations, Street Capital Bank will launch its new uninsured mortgage product suite in 2017 which will be funded through GIC products distributed through registered deposit dealers. In the coming years, Street Capital Bank will focus its energy and capital on continuing to build its banking platform and plans to introduce additional retail banking products starting with the bank's credit card offering in 2018.
About Street Capital Group Inc. (www.streetcapitalgroup.ca)
Street Capital Group Inc. (TSX: SCB) is a public company operating through its wholly-owned subsidiary, Street Capital Bank of Canada, a federally regulated Schedule I Bank offering residential mortgage loans with the strategic goal of introducing additional retail banking products in the coming years. Street Capital Bank of Canada sources its mortgage products primarily through a network of independent mortgage brokers across Canada with whom it has built relationships. Street Capital Bank of Canada offers a broad line-up of high ratio and conventional mortgages to borrowers and either sells the mortgages it underwrites to top tier financial institutions or holds them on balance sheet. Street Capital Bank of Canada lends throughout all of the Provinces of Canada (other than Quebec) and has offices in Ontario, Alberta and British Columbia. For more information please visit www.streetcapital.ca.
This release contains certain forward-looking statements that are based on management's exercise of business judgment as well as assumptions made by, and information currently available to, management. When used in this document, the words "may", "plan", "will", "anticipate", "believe", "estimate", "expect", "intend", and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect our current view of future events and are subject to certain risks and uncertainties as outlined in the Company's Annual Information Form and other filings made with securities regulators, which are available on SEDAR (www.sedar.com). These factors include, without limitation: expansion opportunities, technological changes, regulatory changes (including mortgage insurance rules), and changes to the business and economic environment, including, but not limited to, Canadian housing market conditions and activity, interest rates, mortgage backed securities markets, and employment conditions that may impact the Company, its mortgage origination volumes, investments and capital expenditures, and competitive factors that may impact revenue and operating costs. Any of these factors, amongst others, could cause actual results to vary materially from current results or from the Company's currently anticipated future results and financial condition. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results could differ materially from those anticipated in these forward-looking statements. We undertake no obligation, and do not intend, to update, revise or otherwise publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of any unanticipated events. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
SOURCE Street Capital
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For further information: W.E. Gettings, CEO, Street Capital Group Inc., Ed.Gettings@streetcapital.ca; Jonathan Ross, LodeRock Advisors Inc., Inv. Relations, firstname.lastname@example.org, (416) 283-0178