Newspaper article THE JOURNAL RECORD

Most Native American Banks Enjoy Profits for Fiscal Year

Newspaper article THE JOURNAL RECORD

Most Native American Banks Enjoy Profits for Fiscal Year

Article excerpt

Eighteen of the 19 Native American-owned banks in the United States were profitable for the 12 months ended June 30, according to the North American Native Bankers Association.

The Oklahoma City-based trade association of Native American- owned banks said that nine of its member-banks are owned by tribes and 10 are owned by Native American individuals. Ten of the banks are in Oklahoma.

Average assets for Native American banks at June 30 was $79 million. The largest Native bank was Canyon National Bank based in Palm Springs, Calif., with assets of $183 million.

Native American banks continued to post strong asset growth rates and capitalization ratios along with continued improvement in net earnings, according to the association.

The Federal Deposit Insurance Corp. reported that Native American- owned banks recorded an asset growth rate of nearly 12 percent for the 12 months ended June 30, higher than the 9 percent average asset growth rate for all U.S. commercial banks.

As of June 30, Native American banks reported nearly $1.5 billion in total assets, up from $1. …

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