Native American Bank attracts Bank of America as shareholder
The opportunity expands ability to lend to underserved Native communities
Bank of America has become a shareholder in the holding company of Native American Bank, the only Native-American owned nationwide financial institution. In addition, Bank of America deposited $10 million in the Denver-based bank, providing capital for small businesses, community development projects and consumer lending needs.
NAB is a $180 million asset, state-of-the-art for-profit bank that welcomes all customers, while focusing its extensive lending and economic development experience toward partnerships for vital projects on and near tribal lands across the U.S. Of the bank’s 36 shareholders, 31 are Tribal Nations, Tribal Enterprises and Alaska Native Corporations.
“We are thrilled to have Bank of America support our efforts to deliver financial resources that help sustain economic opportunities in the communities we serve. The pandemic took a disproportionate toll on the health and economy of Native tribes and our customers need us now more than ever,” said NAB President and CEO Tom Ogaard.
NAB provided crucial assistance to customers trying to recover from the impact of COVD-19. The bank issued more than $42 million in Paycheck Protection Program (PPP) loans in 2020, helping to protect the livelihood of thousands of employees. Of the 221 businesses that received PPP loans through the bank, 78% were Native owned.
“The health crisis has impacted all of us, disproportionately so in tribal and native communities where Native American Bank’s efforts to support small businesses and jobs are helping to mitigate some of the enormous economic risks these communities face,” said Raju Patel, Denver President of Bank of America. “Bank of America is committed to supporting the health and economic well-being of the region, which begins by supporting small businesses, who are the backbone of our communities.”
Despite the pandemic, NAB posted significant loan and deposit growth, providing the stability needed for the institution to continue its mission of creating economic independence, development and sustainability throughout Indian Country.