Creating a platform for future growth
Building on our strengths and proven performance, we’re ready for more and are poised to begin a new and innovative chapter.
Corporate Overview
Street Capital Group Inc. operates primarily through its wholly owned subsidiary Street Capital Bank of Canada, which offers a broad range of deposit and residential mortgage solutions to Canadians. Street Capital is one of the largest lenders in the mortgage broker channel, with approximately 130,000 mortgage customers and a strong and sizeable network of broker relationships. The Company’s objective is to continue to create shareholder value by building a substantial, diversified financial services organization. The Company is headquartered in Toronto, Ontario, with offices in Calgary, Alberta and Vancouver, British Columbia.
Street Capital Group Inc. is listed on the Toronto Stock Exchange and trades under the ticker SCB.
Why invest in Street Capital
1. Shareholder-aligned management team with expertise in all retail lending products
Street Capital’s founders, W. Ed Gettings, (CEO), Lazaro DaRocha, (President) and Paul Grewal, (Vice Chair), started Street Capital Financial Corporation in 2007. Since that time, the company has continued to strengthen its management team, adding individuals with deep experience running mortgage and consumer lending operations in Canada. As a management team and board of directors, we are aligned with our shareholders as we collectively hold 25% of the outstanding common shares of Street Capital.
2. #3 player in mortgage broker channel – strong foundation of revenue and earnings
With over 250 employees and offices in Toronto, Vancouver and Calgary, we offer a broad range of competitive residential mortgage solutions to Canadians. Street Capital sources its mortgages primarily through its network of high-quality independent mortgage brokers. Mortgage brokers are an important distribution channel in Canada, capturing over half of first time homebuyers and 42% of repeat buyers, according to the 2015 Mortgage Consumer Survey by the Canada Mortgage and Housing Corporation (“CMHC”).
3. Proven risk manager
Our success, yesterday and tomorrow, will always be rooted in quality. We’re known for rigorous and proven underwriting. Our credit quality is well above industry average, with our serious arrears at half the industry levels and our CMHC early default rate, which is an indicator of the quality of the underwriting of our mortgage portfolio, at less than half the industry average. Our culture is established to live and breathe credit quality. The overall market is composed of distinct credit segments. Street Capital is focused on underwriting loans at the very top of the quality scale.
4. Predictable, high margin renewal stream – near-term growth catalyst
Although the Company outsources servicing of the mortgages it underwrites to third parties, it continues to administer them, and therefore remains the face of all direct communication with borrowers throughout the mortgage term. This ongoing customer relationship is a key part of the long-term growth, profitability and recognition of the Street Capital brand, since it promotes renewals. Acquisition costs of renewed mortgages are much less than those of new ones, meaning that renewals will be an important driver of future profitability. Street Capital Financial targets a renewal rate of approximately 75–80% for mortgages it has originated, which is in line with the industry norm, and expects to achieve higher overall margins as mortgage renewals become a greater part of its mix of business.
5. Schedule I bank – generating sustainable growth for many years to come
Ten years young, with over $25 billion of mortgages under administration, we are now at an inflection point. We are positioned to build on our proven strengths and scale to unlock the value of our approximately 130,000 customers and established broker relationships, through the launch of our Schedule I bank, Street Capital Bank of Canada. The addition of the bank licence will enable us to raise deposits for the expansion of products beyond insured residential mortgages. This will enable us to diversify our revenue sources and in the coming years we will expand into a full suite retail lending financial institution. Long-term, we see an opportunity in the Canadian market for a full-suite, multi-channel retail banking offer, enabled by technology.
6. Committed to driving solid returns on capital and shareholder value
As a management team and board of directors, we are aligned with our shareholders as we collectively hold 25% of the outstanding common shares of Street Capital. As we build-out our Schedule I bank platform, we are committed to prudent and profitable growth, with return on capital at the core of every decision we make.
Leadership
Our management team is broad, deep and diverse. With decades of cumulative experience, our leadership team brings a wealth of experience in financial services and strategic management.
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W. Ed Gettings, AMPChief Executive Officer
Mr. Gettings is the Chief Executive Officer of the Corporation. He is also the Chief Executive Officer of Street Capital Bank of Canada. Mr. Gettings has previously held the position of CIBC Executive Vice President, Mortgages, Lending & Insurance. He served as overall executive leader for multiple business lines and oversaw long term strategic planning, annual plan execution and overall P&L responsibilities. By implementing the unique multi brand/channel residential mortgage lending strategy for FirstLine, President’s Choice Financial and CIBC brands, he helped create a strategy that successfully increased loan origination capability over 400% — resulting in growth to the #2 mortgage share position. Mr. Gettings holds a Bachelor of Business Administration from Wilfrid Laurier University.
Marissa LauderChief Financial OfficerMs. Lauder has been with the Corporation since 2015 and is the Chief Financial Officer and Corporate Secretary of Street Capital Group Inc. and Street Capital Bank of Canada. She is a seasoned financial executive with more than 18 years of experience in the financial services sector in Canada. Ms. Lauder was an executive at Home Trust Company for 6 years where she held executive positions in both Finance and Risk Management. Ms. Lauder also spent over 5 years at the Office of the Superintendent of Financial Institutions of Canada as a senior advisor in the regulation sector contributing to the development of local and international regulatory policy for accounting, capital and disclosure. She earned her CPA, CA designation while working in Ernst and Young’s Toronto Financial Services office and holds a Bachelor of Commerce degree from the University of Toronto.
R. Adam LevyExecutive Vice President and Chief Operating OfficerAdam Levy is Executive Vice President and Chief Operating Officer of the Corporation and of Street Capital Bank of Canada. Prior to taking on this role, Mr. Levy held the role of Chief Compliance Officer and among other day to day responsibilities, Mr. Levy led the Corporation’s strategic initiative of applying for and obtaining approval to operate the Corporation’s wholly owned subsidiary as a Schedule I bank. Mr. Levy was formerly Corporate Counsel and Senior Vice President of Corporate Development of the Corporation where he was responsible for, among other things, negotiating, structuring and completing the Corporation’s capital market and M&A transactions as well as overseeing certain aspects of the Corporation’s ongoing operations. Prior to joining the Corporation, Mr. Levy was an associate with Torys LLP where he focused on corporate finance and M&A transactions for both public and private companies in various industries. Before joining Torys LLP, Mr. Levy practiced securities and corporate law at other major law firms in Toronto and Boston. Mr. Levy was admitted to the bar in Ontario in 2004 and in Massachusetts in 2001. Mr. Levy holds an LL.B., from Osgoode Hall Law School, York University, an M.A. from the University of Toronto and a B.A. from the University of British Columbia.
Gary TaylorSenior Vice President and Chief Risk OfficerGary Taylor is Senior Vice President and Chief Risk Officer of Street Capital Bank of Canada and an officer of Street Capital Group, Inc. Mr. Taylor joined the bank in June 2013 and has been instrumental in enhancing the company’s risk management infrastructure to bank-level standards. From 2002 to 2013, Mr. Taylor served in various M&A and tax positions for Street Capital Group, Inc. including the roles of Vice President Tax and Asset Management, and Managing Director of a Street-sponsored private equity fund. Prior to that, Mr. Taylor worked as a Senior Manager in the tax consulting practice of PricewaterhouseCoopers LLP in Toronto developing tax planning solutions for medium-sized and large multinational corporations. Mr. Taylor is a Chartered Accountant with 25 years’ experience in the areas of risk management, mergers and acquisitions. finance and tax.
Investor Toolbox
Street Capital Group Inc. is listed on the Toronto Stock Exchange (TSX:SCB)
Street Capital Group Inc. is listed on the Toronto Stock Exchange (TSX:SCB)
Investor Tools
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Corporate Governance
Governance
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Shareholder & Stock Information
Shareholder
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Financial Reports & Filings
Financials
Corporate Governance
Street Capital Group Inc.’s Board of Directors is committed to sound corporate governance practices that are in the interest of shareholders and contribute to prudent and effective decision-making.
As such, Directors of the Street Capital Group have implemented thorough and effective corporate governance arrangements. The objective of the Board is to meet and, where appropriate, exceed all corporate governance guidelines.
Board of Directors
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Allan Silber
Mr. Silber is the Chair of the Board of the Corporation. Mr. Silber founded the Corporation in 1979 and served as President and Chief Executive Officer until June 2015. Mr. Silber is actively involved in a number of cultural, charitable and community-based organizations, including participation at the board level, and has been Chairman of numerous fundraising events for community-based international organizations. He is also the Chairman of the board of the Corporation’s former subsidiary, Heritage Global Inc., a U.S. public company and United States Security and Exchange Commission filer. Mr. Silber attended McMaster University and received a BSc from the University of Toronto.
Ronald Appleby, Q.C.Mr. Appleby has been a partner at Robins, Appleby LLP since 1973 and was appointed Queen’s Counsel in 1982. Mr. Appleby’s practice includes consulting on income tax and business matters in major commercial transactions and corporate reorganizations, as well as estate planning for high-net- worth individuals. Mr. Appleby serves on the boards of directors of numerous corporations, and has played a leadership role in many major civic, philanthropic and cultural organizations. Mr. Appleby is a member of the Law Society of Upper Canada, the York County Law Association, the Canadian Bar Association, the Canadian Tax Foundation, the International Fiscal Association, and the Foundation for Legal Research in Canada. He was called to the Bar of Ontario with first class honours in March 1970. As well, he attained first class honours in four consecutive years at the University of Toronto, from which he holds a Bachelor of Commerce degree.
Tom BerminghamMr. Bermingham is a Chartered Professional Accountant and provides consulting services to financial institutions in the areas of governance, risk, compliance, treasury, finance and accounting. Mr. Bermingham has served as Director at Bank of Montreal Mortgage Corporation, Chief Risk Officer at Continental Bank of Canada, Treasurer and Vice President of Finance at Bank of Montreal, and President at the Canadian and North American Asset & Liability Management Associations. Mr. Bermingham is a member of the Institute of Corporate Directors, Professional Risk Managers’ International Association and Chartered Professional Accountants of Ontario. Mr. Bermingham received an Honours Bachelor of Mathematics degree from the University of Waterloo and completed the Advanced Leadership Program, Rotman Business School, University of Toronto and Executive Management Program, Ivey Business School, University of Western Ontario.
W. Ed GettingsMr. Gettings is the Chief Executive Officer of the Corporation. He is also the Chief Executive Officer of Street Capital Bank of Canada. Mr. Gettings has previously held the position of CIBC Executive Vice President, Mortgages, Lending & Insurance. He served as overall executive leader for multiple business lines and oversaw long term strategic planning, annual plan execution and overall P&L responsibilities. By implementing the unique multi brand/channel residential mortgage lending strategy for FirstLine, President’s Choice Financial and CIBC brands, he helped create a strategy that successfully increased loan origination capability over 400% — resulting in growth to the #2 mortgage share position. Mr. Gettings holds a Bachelor of Business Administration from Wilfrid Laurier University.
Ron LalondeMr. Lalonde served in a number of business, financial, operational, technological, risk management and human resources roles prior to his retirement from his position as Senior Executive Vice-President, Technology and Operations at CIBC in 2010. Mr. Lalonde is currently a director of D+H Corporation, a Toronto-based financial technology company, and of Morneau Shepell, a human resources consulting and technology company. Mr. Lalonde is also a Commissioner of the Toronto Transit Commission. Mr. Lalonde earned an MBA from the Ivey School of Business Administration, Western University and has received the Institute of Corporate Directors certification (ICD.D).
Morris PerlisMr. Perlis served as President of the Corporation from 1992 until 2001 and as Executive Vice Chairman from July 2009 to June 2015. In addition to his past experience at the Corporation, Mr. Perlis brings a wealth of expertise gained in senior strategic and management roles with other leading organizations. He spent 13 years with American Express Inc., including five years as President of American Express Canada. During that time he obtained approval for, and directed the launch of, the AMEX Bank of Canada, for which he also served as CEO. Mr. Perlis’s background also includes entrepreneurial activities. He spent four years as President and CEO of Mad Catz Interactive, during which time Mad Catz became the largest third-party manufacturer in its industry. Mr. Perlis has served on a number of private and not-for- profit boards, including the boards of Sears Bank of Canada, Sears Canada, Assante Corporation and the Baycrest Centre for the Aged Foundation. He is currently Chairman of the Board of UJA Federation of Toronto and a member of York University’s Schulich Business School Advisory Board and Toronto’s Mt. Sinai Hospital Board of Governors. He is also a board member of the Corporation’s former subsidiary, Heritage Global Inc., a U.S. public company and United States Security and Exchange Commission filer.
Lea RayMs. Ray is a Chartered Professional Accountant and seasoned board director, holding an Institute of Corporate Directors certification (“ICD.D”) from the Institute of Corporate Directors. Ms. Ray has chaired several Audit, Finance and Governance Board Committees and currently serves as Vice Chair of the Tarion Warranty Corporation and a director of the Workplace Safety and Insurance Board (Ontario). Her financial career began with PricewaterhouseCoopers and she is a former executive, Vice-President Corporate Finance, of Warner Bros. Entertainment Canada Inc., where she was employed for 19 years. Ms. Ray has served on the Professional Conduct Committee of the Chartered Professional Accountants (Ontario) and has served as a board member and volunteer of several non-profit health, conservation and community institutions.
Paul VesseyMr. Vessey retired as TD Bank Group’s Executive Vice President, US Product Management, Personal and Commercial Banking in 2011. He previously served as TD Canada Trust’s Senior Vice President of Card Products and Personal Lending. Prior to joining TD, Mr. Vessey was the Chief Operating Officer of Visa USA Inc. He also served in senior executive positions at CIBC as well as at American Express Canada. In total, Mr. Vessey spent almost four decades in the banking industry. Mr. Vessey has served on numerous boards of directors and is the former Chairman of CIBC Mortgage Corp. and Vice Chairman of Visa International. He was also a Director of both Women’s College Hospital and the Toronto International Film Festival. He is a graduate of the Advanced Management Program, The International Senior Managers Program, at Harvard University’s Graduate School of Business Administration and of Durham College of Applied Arts and Technology with a diploma in Business Administration.
Governance Policies
The Board has adopted policies which reflect best practices in governance and disclosure. These include a Disclosure Policy, a Code of Conduct and Ethical Behaviour, a Whistleblower Code, and a Securities Trading Policy.
Code of Conduct & Ethical Behaviour
Committee Membership Audit Committee
MandateLea Ray (Chair)
Paul Vessey
Ronald ApplebyGoverance, Conduct Review and Compensation Committee
MandatePaul Vessey (Chair)
Morris Perlis
Ronald ApplebyEnterprise Risk Management Committee *
Mandate
*Committee of Street Capital Bank of CanadaRon Lalonde (Chair)
Tom Bermingham
Lea RayTransfer Agent & Registrar
Computershare Investor Services Inc.
General Shareholder Inquiries
1.800.564.6253 | 514.982.7555
services@computershare.comStreet Capital Group Inc.
1 Toronto Street, Suite 700, P.O. Box 3
Toronto, Ontario, Canada M5C 2V6
Tel: 647.259.7873 | 1.877.416.7879Auditors
Ernst & Young LLP
Year end December 31
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2017
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Quarterly Reports
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Street Capital Bank of Canada Regulatory Disclosures
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Webcasts
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Annual Reports & Filings
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2016
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Quarterly Reports
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Annual Reports & Filings
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Street Capital Bank of Canada Regulatory Disclosures
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Investor Presentations & Events
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Webcasts
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2015
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Quarterly Reports
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Annual Reports & Filings
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Investor Presentations & Events
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Webcasts
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2014
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Quarterly Reports
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Investor Presentations & Events
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Street Capital Bank of Canada Regulatory Disclosures
Q1
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Analyst coverage
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Please note that any opinions, estimates or forecasts regarding Street Capital Group’s performance made by analysts covering Street Capital Group are theirs alone and do not represent the opinions, forecasts, or predictions of Street Capital Group or its management. Street Capital Group does not by its reference above imply any endorsement of or concurrence with such information, conclusions or recommendations.
Key dates in our history
2017 – Street Capital Bank of Canada commences operations.
After receiving regulatory approval in late 2016, Street Capital Financial Corporation begins operations as Street Capital Bank of Canada on February 1, 2017.
2015 – Street Capital Group Inc. renamed from Counsel Corporation.
On May 14, 2015, Counsel Corporation announced that it would be realigning its organizational structure as part of its transition from operating multiple businesses in diverse markets, to a focused financial services company. Counsel Corporation changed its name to Street Capital Group Inc. to promote brand recognition and efficiency.
2011 – Counsel Corporation acquires Street Capital Financial Corporation.
On May 31, 2011, Counsel established its residential mortgage lending business with the acquisition of Street Capital, a Canadian residential mortgage lender.
2007 – Street Capital Financial Corporation is founded by W. Ed Gettings, Paul Grewal, and Lazaro DaRocha.
1991 – FirstLine Trust Sold.
1986 – Directrust Founded.
Directrust was the first financial institution in Canada to offer 24/7 telephone banking services.
1984 – FirstLine Trust Founded.
Counsel Corp. pioneered the mortgage-backed securities business in Canada through FirstLine Trust. When CMHC initiated its own mortgage-backed securities (MBS) program in 1987, FirstLine became its largest issuer and maintained that position until Counsel sold it in May 1991. At the end of 1990, FirstLine had 30% of the Canadian MBS market and over $2 billion in assets under administration.
1979 – Counsel Trust Company Founded.
Investor Relations
Contact Us
Street Capital Group Inc.
1 Toronto Street, Suite 700, P.O. Box 3
Toronto, Ontario, Canada M5C 2V6
Tel: 647.259.7873 | 1.877.416.7873
General Information
investorinfo@streetcapital.ca
Shareholder & Investor Contact
W. Ed Gettings
Chief Executive Officer
647.259.7873 x321
ed.gettings@streetcapital.ca
Investor Relations & Media Contact
Jonathan Ross
Loderock Advisors
905.334.0095
jon.ross@loderockadvisors.com
This site may contain forward-looking statements that involve known and unknown risks, uncertainties and other factors outside of Street Capital Group’s control. Before investing, we recommend you review Street Capital Group’s filings with securities administrators. This material is for information purposes only and does not constitute an offer to sell or a solicitation to buy securities.
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