Jodi Rave: Native American Bank makes difference

Thursday, August 9, 2007  

"The Native American Bank was created in 2001. The bank's total assets topped $86 million as of June 30, up from $24 million in 2002. The bank is now owned by 26 federally recognized tribes and tribal organizations across the United States. The bank's mission is to promote economic development in Native communities, which have been historically under-served by mainstream banks.

More than 85 percent of the bank's loans are made to Native people, including commercial, home mortgages, real estate and consumer loans.

“The Native American Bank represents perhaps the most courageous, grand and ambitious banking experiment in the history of the United States,” said Colbert. “For generations, mainstream banks have ignored and avoided Indian Country and reservation areas.

“They said they couldn't make money in Indian Country,” he said. “They said Indian people would default on any loans they made. They said reservation areas were too economically distressed. They said that the trust land status of reservations was a complete obstacle to transacting any business. � In effect, they said that Native people were not bank-worthy.”

But the national Indian bank has proved otherwise.

“Now in our sixth year of operation, Native American Bank is no longer an experiment,” said Colbert. The bank expects profit margins to double in 2007, compared to the previous year's figure of $551,000.

The bank could improve its lending service in Indian Country if amendments were made to the National Bank Act, which would allow tribes to control interstate branches of nationally chartered banks in reservation areas. Colbert said the NAB would like to establish 100 new bank branches on 100 reservations across the country."

Get the Story:
Democrats partner with Native bank (The Missoulian 8/9)

Relevant Links:
Jodi Rave - http://www.missoulian.com/jodirave

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