MCAN Mortgage Corporation traces its roots back to 1980 when Ian Sutherland, Robert Stuebing, and Raymond and Susan Doré came together to form Doré, Sutherland & Stuebing Inc. MCAN and its predecessor companies have a long history of lending in the markets over several decades which includes multiple recessions, economic downturns and market volatility.
- Doré, Sutherland & Stuebing Inc. form Interior Capital Corporation.
- Interior Capital Corporation purchases Interior Trust Company, a Manitoba trust company, from the Royal Bank of Canada and National Trust Company.
- Interior Capital Corporation sells 75% of Interior Trust Company to Mutual Life Assurance Company.
- Mutual Life becomes Clarica and ultimately Sun Life.
- Interior Trust Company later renamed Mutual Trust Company and became a direct subsidiary of Mutual Life Assurance Company.
- MTC Mortgage Investment Corporation (the entity that will become MCAN Mortgage Corporation) is created under the Federal Loan Companies Act
- Raises capital of $36 million via two IPO campaigns
- Managed by Mutual Trust Company
- MCAP group of companies is created
- Interior Capital Corporation is bought back from Mutual Life
- MCAP Service Corporation is created, owned 40% by Mutual Life, 40% by Bank of Montreal, and 20% by Interior Capital Corporation.
- MTC Mortgage Investment Corporation acquires Interior Capital Corporation
- Renamed MCAP Inc.
- MCAP Inc. does a corporate reorganization where MCAP Commercial LP (“MCAP”) is sold off, owned 75% by the Caisse de dépôt et placement du Québecand 25% by MCAP Inc.
- MCAP Inc. managed by a separate management team and raises $13 million through a rights offering.
- MCAN raises $16 million through a second rights offering.
- MCAN completes its first public share offering since 1992 raising $31 million.
- MCAN invests a further $14 million in MCLP, while MCAP acquires the 80% of MCAP Service Corporation that it did not own.
- MCAN completes its third rights offering, raising $20 million.
- MCAN successfully closes $53 million transaction to acquire 100% of the shares of Xceed Mortgage Corporation on July 4, 2013.
- MCAN completes a significantly oversubscribed rights offering with $15.1 million of new share capital raised.
- Regular quarterly dividend increased to $0.29 effective for the Jan 4th 2016 dividend payment.
- We reported record net income for the year ended December 31, 2016 of $40.2 million.
- MCAN and TSX celebrated MCAN’s 25 Year Listing Anniversary by MCAN opening the market.
- We renamed our wholly-owned subsidiary, Xceed Mortgage Corporation to XMC Mortgage Corporation, effective September 1, 2017.
- Our market capitalization as at December 31, 2017 was $417 million.