August 8, 2007
DENVER – In an effort to support Denver's rich diversity of businesses as full partners in the 2008 Democratic National Convention, the Democratic National Convention Committee (DNCC) today announced the deposit of $2 million in the Native American Bank (NAB) in Denver. The deposit will allow NAB to provide additional loans in minority communities and continue to do business with minority-owned business enterprises.
“When the 2008 Democratic National Convention comes to Denver, we want to ensure that it offers economic benefits to the community as a whole,” said Leah D. Daughtry, CEO of the DNCC. “Our goal is to bring groundbreaking opportunities to the broad variety of businesses that make the City of Denver stand tall. Native American Bank is the perfect partner for us in this venture because of its proven commitment to supporting economic growth and development in diverse communities.”
Headquartered in Denver, NAB is owned by 26 federally-recognized Indian tribes, Alaska native corporations and tribal organizations. Established in 2001, it is the only multi-tribal owned bank in the country and focuses on economic development in Indian communities. Its mission is to assist Native American and Alaskan Native individuals, enterprises and governments to reach their goals by providing affordable and flexible banking and financial services. With over 85 percent of the bank's loans going to Native Americans, NAB concentrates on pooling Indian economic resources to increase Indian economic independence by fostering a climate of self-determination in investment, job creation and sustainable economic growth.
“We at Native American Bank greatly appreciate the DNCC initiating this partnership,” said JD Colbert, NAB President and CEO. “The DNCC's deposit with Native American Bank underscores its commitment to the greater Denver metropolitan area and to the vibrancy of the Denver business community. For Native American Bank, this is a significant deposit that will allow us to continue to expand our lending and economic development activities across Indian Country as well as to native and other businesses here in the Denver metropolitan area.”
In recent years, the DNCC has made a practice of depositing a portion of its federal grant funds in
minority and woman-owned banks in the city where the Democratic National Convention is being held. The tradition aims to provide local business institutions and their customers with financial and public support in advance of the Convention. The funds will be held in a non-interest bearing account and remain with NAB until being withdrawn in one lump sum several months before the Convention.
NAB was selected by the DNCC in large part because of the bank's work through its nonprofit arm, the Native American Community Development Corporation (NACDC). The organization focuses on strengthening financial wisdom in Native people and Native communities and works with NAB investors to improve the flow of financial capital to tribal and Native American projects and businesses.
Native American Bank, N.A. is a nationally chartered, community development focused bank headquartered in Denver, Colorado with a full service branch bank in Browning, Montana. The bank also has loan and deposit production offices in Montana, Alaska and most recently, Idaho. 26 federally recognized Indian tribes and Alaska Native corporations and villages own NABNA.
