The Company is well represented in every province of Canada and its market penetration continues to grow. The Summer 1988 edition of the Financial Post 500 portrayed the Company's "dramatic" growth as the "major change" in the trust company sector of Canadian financial services in 1987.

Although Central Guaranty Trustco is a relatively new company, its component parts have long and distinguished histories in the financial services business in Canada. The name "Central Guaranty" is derived from a combination of "Central Trust Company" and "Guaranty Trust Company of Canada,".

Halifax-based Central Trust celebrated its centennial in 1987. For a hundred years it has provided high quality financial services in Atlantic Canada where it today holds a larger share of the deposit market than any other trust company or bank. Nova Scotia Savings & Loan, which was also acquired by Central Guaranty Trustco in 1988, has a history that reaches even farther into the past having been founded in 1850, seventeen years before Confederation.

By comparison, Guaranty Trust in Ontario and Western Canada is a relative newcomer. It only celebrated its diamond jubilee (sixtieth anniversary) in 1986. However, Central Guaranty Trustco's roots in Western Canada were also extended farther into the past in 1988 with the acquisition of Yorkshire Trust. Yorkshire celebrates the centennial of its founding on Canada's West Coast in 1988.

At the Company's Annual Meeting on April 7, 1988, W. Thomas Hodgson, President and Chief Executive Officer of Central Guaranty Trustco, announced an interim plan for Central Trust (incorporating Nova Scotia Savings & Loan) to be the operating company in Atlantic Canada and in Quebec where prominent banker Marcel Casavant leads the Company's Montreal-based activities as Deputy Chairman of the Board. In Ontario and Western Canada, Guaranty Trust (incorporating Yorkshire Trust) was to be the operating company.

Subsequent to that Mr. Hodgson was able to announce that Central Guaranty Trustco has received approval in principle from the Federal Department of Finance to merge all of its trust company operations into one. Central Guaranty Trustco now plans to complete the merger of its four trust companies on December 31, 1988. Thereafter it will operate from coast to coast under one name.

Throughout this period of adjustment the trust companies have shared a common management team. Central Guaranty Trustco provides the integrated management expertise through three "line" divisions (Consumer Services, Trust Services and Commercial Lending), and two "staff" divisions (Marketing and Finance). Each division is headed by a senior or executive vice president and is manned by a seasoned staff of experts.

From coast to coast in Canada, Central Guaranty Trustco operates with a single Mission - to provide consistently impressive service to its customers. Conscious of the fact that many companies promise "good" service, but few deliver, the Company is supporting its Mission with fullblown educational and training programs for all employees.