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[article provided by Lona. Thanks!]
Mon, 21 Feb 2000
Wealth will stay in Indian country
By David Melmer
Today staff
DENVER, Colo. - A financial institution that will cater to the needs
of
Indian country is approaching reality.
The Native American National Bank, with offices in Denver, will provide
financial services to tribes, tribal businesses and banks with the
ultimate
goal of creating wealth for Indian country.
The bank is a few months away from opening. Fifteen tribes will have
representatives on the board of directors - currently six more are
needed.
The bank, at full operation, expects to have assets of $300 million,
much of
which will be leveraged. A large portion will come from tribal investments
and deposits.
"This is the vehicle we've been waiting for. We need a national Indian
bank," said Tex Hall (shown left), chairman of the Three Affiliated
Tribes.
Hall said his tribe is a charter member of the bank.
"This is an expression of sovereignty. If we are ever going to develop
we
will need an economic tool, this is the tool."
The bank will serve tribes through branch banks and Community Development
Corporations. It will not be a full-service bank where private and
individual savings and checking accounts will be part of the services.
Rather, it will be a bank holding company and loan money to other banks
and
development corporations.
As yet the bank has no charter. But officials said either a small bank
will
be purchased or a new national charter will be issued.
The bank will be available for tribes and tribal agencies and American
Indian corporations and agencies to secure loans for housing, economic
development, infrastructure, businesses, agriculture and other financial
needs.
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