DENVER, March 18, 2019 /PRNewswire-PRWeb/ -- Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) announced today that it has invested $195,800 in Class A stock in Native American Bank, N.A, (Native American Bank)—the only Native American-owned, nationwide financial institution. With this investment, Clearinghouse CDFI becomes Native American Bank's first CDFI investor out of thirty-four different shareholders. The majority of their existing shareholders are Tribes, Tribal Corporations, or Alaska Native Corporations.
"We are pleased to make this investment," said Clearinghouse CDFI President and CEO Douglas Bystry. "Our leadership team and Board of Directors strongly support the mission of Native American Bank. We are excited to partner with them in providing affordable and flexible financial services to Native American and Alaskan Native individuals, enterprises, and governments."
The Native American Bancorporation Co. was formed in 1998 by shareholders from twenty Tribal Nations and Alaskan Native Corporations to create a national bank to serve all Native people, communities, governments, and enterprises across the county. In 2001, Native American Bank began operating as wholly owned subsidiary of The Native American Bancorporation Co. Both Native American Bank and The Native American Bancorporation Co. are certified Community Development Financial Institutions, whose purpose is to promote economic development in areas that are underserved by traditional financial institutions.
"Native American Bank has partnered with Clearinghouse CDFI in the past on projects in Indian Country. We are now very grateful for their support as an investor and shareholder in our holding company," said Tom Ogaard, Chairman, President and CEO of The Native American Bancorporation, parent of Native American Bank. "With this support we will be able to further our mission to provide capital for projects related to economic development, which creates and sustains jobs and diversifies local economies."
Clearinghouse CDFI has funded $1.73 billion in total loans for over 1,860 community projects over the past 22 years. These projects have created or retained more than 20,000 jobs and benefit over 1.8 million individuals. This includes a total of $64 million deployed into Indian Country. These projects have benefited over 662 separate underserved communities throughout California, Nevada, Arizona, New Mexico, and Sovereign Nations. In 2017, Clearinghouse CDFI welcomed its first Native American equity investor, the Shakopee Mdewakanton Sioux Community.
About Native American Bank
Native American Bank is a national community development focused bank, and is also a certified Community Development Financial Institution, with a mission to provide financial services for Alaska Native and Native American communities creating economic independence, development and sustainability. For more information on the bank, please visit: http://www.nabna.com
About Clearinghouse Community Development Financial Institution:
Clearinghouse Community Development Financial Institution (Clearinghouse CDFI) is a mission-based financial institution addressing unmet credit needs in California, Nevada, Arizona, New Mexico, and Indian Country in the Western United States. Clearinghouse CDFI is an industry leader helping to bridge the gap between conventional lending standards and the needs of low-income and distressed communities. Clearinghouse CDFI is also a B Corp--a certification received from the nonprofit B Lab. B Corps are companies who meet rigorous standards of social and environmental performance, transparency, and accountability, and use business as a force for good. More information is available at: http://www.ccdfi.com
SOURCE Clearinghouse Community Development Financial Institution
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