Business

Seminole Tribe won't be purchasing struggling bank in Florida






The Valley Bank in Fort Lauderdale, Florida. Photo from Google Maps

The Seminole Tribe of Florida won't be acquiring a struggling bank after all.

The tribe was interested in buying Valley Bank in Fort Lauderdale. A spokesperson, however, said that was off the table.

But the tribe still plans on getting into the banking business and has filed papers with the Federal Deposit Insurance Corporation to create an entity called Seminole Bank. The Section 184 Indian Home Loan Guarantee Program could be one area of operation.

"They believe tribal members are underserved by banks, particularly in the more rural reservations like Brighton and Big Cypress where they have to drive for miles off reservation to get to a bank," spokesperson Gary Bitner told The South Florida Business Journal.

Get the Story:
Seminole Tribe backs out of Valley Bank purchase, but it still wants a bank (The South Florida Business Journal 6/3)

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Seminole Tribe files papers to acquire struggling bank in Florida (6/2)