Post by blackcrowheart on Jun 17, 2007 22:21:23 GMT -5
Native American Bank branches out
Firm granted Colorado charter to expand outlets
George Kochaniec Jr. © The Rocky
J.D. Colbert is president and CEO of Native American Bank, which has had offices Denver for some time but operates its only banks in Browning, Mont. The bank, owned by 27 American Indian tribes, has struck a deal to get a charter from the state of Colorado to operate branches here. "We've been somewhat hampered by being in Browning," Colbert said.
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By David Milstead, Rocky Mountain News
March 3, 2007
Native American Bank has been run from Colorado for some time, but its only branches have been in Browning, Mont.
That will soon change. Colorado regulators have given their blessing to a deal that would give Native American Bank a state charter. The bank would formally operate from Denver, a first step toward more offices in the Centennial State.
The bank is owned by 27 American Indian tribes. But, says CEO J.D. Colbert, "we've been somewhat hampered by being in Browning," on the Blackfeet Indian Reservation.
"(The bank) is still viewed in Indian Country as a primarily a Blackfeet bank," he said. "This is more neutral territory."
Colbert, hired last year as CEO, is a member of the Chickasaw Nation and an Oklahoma native.
"Even from high school, I was interested in becoming a banker," he said. From an early age, he said, he noticed that American Indians did not have the same access to capital as the society at large.
He spent time as a bank examiner and got a Harvard master's degree. He settled in at Oklahoma City-based Bank2, wholly owned by the Chickasaws.
"I thought it was where I'd retire," he said.
But he came to realize that Bank2 could at best be a bank for Oklahoma tribes, while Native American Bank can be national in focus.
With his bank-examiner background and years in the industry, "I felt I was the most uniquely qualified to lead this bank."
The board and stockholders must hope the bank and Colbert are a good match. Regulators expressed concern in 2003 over the bank's early losses and executive turnover, and struck a formal agreement for improvements.
"I think their big concern is, let's see some continuity in management," Colbert said. "The hope is that in 2007 that can be removed."
Toni Clair of Colorado's Division of Banking said her talks with national banking regulators suggest "they felt everything is moving in the right direction" with Native American Bank.
The bank has $82 million in assets and posted a $551,000 profit in 2006 after a $142,000 net loss in 2005. Its 2006 return on assets of 0.74 percent is below industry averages.
In order to obtain a Colorado charter, Native American Bank struck a deal with Pine River Bank Corp. in Bayfield, which is consolidating two banks into one. It will then sell the extra charter to Native American Bank, which will turn the Montana office into a branch and designate its 18th Street offices in downtown Denver as bank headquarters.
Colbert calls it "our first major step in a geographic expansion" that could include branches in other states.
Asked by a bank board member whether Native American Bank would partner with other tribal institutions, Colbert said, "My preference is we acquire them."
In his words
J.D. Colbert, CEO of Native American Bancorporation:
"After a long and thoughtful journey, we have established a bank that is owned and run by Native American tribal nations who have come together to invest in our own communities and people. Now, we no longer have to look outside for financial services. Native American Bank will serve the future generation of all our tribal nations and help them create unlimited wealth and opportunities for themselves and their families."
milstead@RockyMountainNews.com or 303-954-2648.
Firm granted Colorado charter to expand outlets
George Kochaniec Jr. © The Rocky
J.D. Colbert is president and CEO of Native American Bank, which has had offices Denver for some time but operates its only banks in Browning, Mont. The bank, owned by 27 American Indian tribes, has struck a deal to get a charter from the state of Colorado to operate branches here. "We've been somewhat hampered by being in Browning," Colbert said.
STORY TOOLS
Email this story | Print
By David Milstead, Rocky Mountain News
March 3, 2007
Native American Bank has been run from Colorado for some time, but its only branches have been in Browning, Mont.
That will soon change. Colorado regulators have given their blessing to a deal that would give Native American Bank a state charter. The bank would formally operate from Denver, a first step toward more offices in the Centennial State.
The bank is owned by 27 American Indian tribes. But, says CEO J.D. Colbert, "we've been somewhat hampered by being in Browning," on the Blackfeet Indian Reservation.
"(The bank) is still viewed in Indian Country as a primarily a Blackfeet bank," he said. "This is more neutral territory."
Colbert, hired last year as CEO, is a member of the Chickasaw Nation and an Oklahoma native.
"Even from high school, I was interested in becoming a banker," he said. From an early age, he said, he noticed that American Indians did not have the same access to capital as the society at large.
He spent time as a bank examiner and got a Harvard master's degree. He settled in at Oklahoma City-based Bank2, wholly owned by the Chickasaws.
"I thought it was where I'd retire," he said.
But he came to realize that Bank2 could at best be a bank for Oklahoma tribes, while Native American Bank can be national in focus.
With his bank-examiner background and years in the industry, "I felt I was the most uniquely qualified to lead this bank."
The board and stockholders must hope the bank and Colbert are a good match. Regulators expressed concern in 2003 over the bank's early losses and executive turnover, and struck a formal agreement for improvements.
"I think their big concern is, let's see some continuity in management," Colbert said. "The hope is that in 2007 that can be removed."
Toni Clair of Colorado's Division of Banking said her talks with national banking regulators suggest "they felt everything is moving in the right direction" with Native American Bank.
The bank has $82 million in assets and posted a $551,000 profit in 2006 after a $142,000 net loss in 2005. Its 2006 return on assets of 0.74 percent is below industry averages.
In order to obtain a Colorado charter, Native American Bank struck a deal with Pine River Bank Corp. in Bayfield, which is consolidating two banks into one. It will then sell the extra charter to Native American Bank, which will turn the Montana office into a branch and designate its 18th Street offices in downtown Denver as bank headquarters.
Colbert calls it "our first major step in a geographic expansion" that could include branches in other states.
Asked by a bank board member whether Native American Bank would partner with other tribal institutions, Colbert said, "My preference is we acquire them."
In his words
J.D. Colbert, CEO of Native American Bancorporation:
"After a long and thoughtful journey, we have established a bank that is owned and run by Native American tribal nations who have come together to invest in our own communities and people. Now, we no longer have to look outside for financial services. Native American Bank will serve the future generation of all our tribal nations and help them create unlimited wealth and opportunities for themselves and their families."
milstead@RockyMountainNews.com or 303-954-2648.