Jodi Rave: Native American Bank CEO put on leave

Thursday, May 8, 2008  

"The CEO and president of the Native American Bank, the only multi-tribe-owned national bank in the country, has been placed on administrative leave.

“I'm shocked and surprised,” said J.D. Colbert on Wednesday. The NAB board of directors will meet Friday in Denver and is expected to release a statement the same day about the management shakeup.

“We're continuing on with a solid financial institution, probably more successful than any other bank in the country,” said Elouise Cobell, Native American Bank co-chair. “We're entering into a new phase. We want to continue a successful expert management team to take us into additional phases of the bank.”

News of the management showdown left one of the bank's largest depositors in disbelief.

“As a customer of the bank, this caused me great concern for two reasons,” Don Kelin, president of CADDO Solutions, a multimillion-dollar office supply company in Denver, said in a letter sent Wednesday to Cristina Danforth, chairwoman of the bank's holding company.

“This action immediately sent out an alarm to stakeholders (customers) using the bank - either the bank was in financial trouble or Mr. Colbert had done something wrong and caused severe damage,” said Kelin.

Colbert was put on administrative leave last Thursday."

Get the Story:
Native American Bank CEO placed on leave (The Missoulian 5/8)

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

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