First Nations Bank Prepared For Economic Crisis

First Nations Bank Prepared For Economic Crisis

Tuesday, December 16, 2008 at 12:29

The board chair of the First Nations Bank of Canada feels his financial institution is in very good shape — despite the troubled economic times.

Keith Martell credits an infusion of capital from First Nations groups last year and the avoidance of risky ventures that got other banks in trouble.

Martell says the bank has reviewed its position in light of the global credit crisis — and it appears to be on solid ground.

Martell says his bank has a very low loan loss ratio because they have a good connection with the Aboriginal communities and individuals they lend to.

Saskatchewan Aboriginal groups have a 23 per cent stake in the First Nations Bank.

The bank opened its sixth full-service branch yesterday on the Flying Dust reserve.