SOMBA K'E/YELLOWKNIFE
The First Nations Bank of Canada (FNBC) opened its first branch in the NWT this week in Yellowknife.

Christine Whane, originally from Rae, opens an account at the newly opened First Nations Bank of Canada in Yellowknife on Oct. 15. - Walter Strong/NNSL photo

"It took a lot of work and a dream to get here," said Fred Kue, FNBC board member, to those gathered for the bank's grand opening on Wednesday.

"In the 70s and 80s when we were doing negotiations for comprehensive treaties, we dreamed about all the aboriginal nations putting their money together and creating a bank," Kue said.

"Our other dream is now to take this concept and move it across the North."

The Saskatoon-based bank now has branches in the three territories, Saskatchewan, Ontario, Manitoba and Quebec. Eighty percent aboriginal-owned and controlled, the fully chartered bank focuses on providing and expanding financial services to First Nations and aboriginal members across the country, but is open to aboriginal and non-aboriginal clients and businesses.

The bank opened its first branch in Saskatoon in 1997 and has grown to an asset-base of more than $317 million as of Oct. 31, 2013 from an original base of less than $11 million.

Originally expected to be completed in late 2013, the Yellowknife branch was fully renovated by Det'on Cho Corporation and Kasteel Konstruction Inc.

The interior floor layout and design is a first for the bank, Keith Martell, FNBC chairman and CEO, told guests who came out for the grand opening on Wednesday.

"This is a new concept branch for the First Nations Bank," Martell said.

"We really didn't want our branch to feel like an institution," he added.

"We wanted a branch that is open concept. One where the staff could mix with the customers. One where people felt welcome to sit for a while, take a load off and chat about their financial needs."

The First Nations Bank already has branches open in Whitehorse, as well as Nunavut branches in Iqaluit, and Baker Lake, with a Pond Inlet location set to open this month and a Kugluktuk branch in 2015.

Martell said the bank's experience with the realities of rural and Northern community life means it is well-suited to serve the needs of aboriginal people in the North.

"We offer people and programs that fit in the markets we service," Martel said.

"It's the business we focus on and it makes us very competitive. We don't rate you the highest risk when you come through the door just because you are an aboriginal person in a Northern or remote community."

Martell said the bank is very interested in expanding to NWT communities in the coming years along the lines of branch models already in place in Nunavut.

Premier Bob McLeod said the GNWT welcomed the expansion of aboriginal-focused financial services in the North.

"As the Government of the NWT, we are working very hard to have a strong and diversified economy involving aboriginal businesses and aboriginal people," McLeod said.

"This aboriginal bank operated and owned by aboriginal people is a very welcome addition to the economy of the NWT."

Mayor Mark Heyck considers the bank's decision to open downtown a shot in the arm for the city.

"We're grateful that First Nations Bank has chosen to locate in downtown Yellowknife," Heyck said.

"We're undertaking some revitalization efforts for our downtown core. The confidence that you've shown in our community and in our downtown core is absolutely critical."

The bank is located at 4905 48 Street.

First Nations Bank shareholders

• 19.43% Saskatchewan Indian Equity Foundation Inc. (Saskatchewan)
• 17.66% Atuqtuarvik Corporation (Nunavut)
• 8.68% Cree Regional Authority Board of Compensation (Quebec)
• 8.68% James Bay Eeyou Corporation (Quebec)
• 7.06% Gwich'in Settlement Corporation (NWT)
• 3.53% Onion Lake Cree Nation (Saskatchewan)
• 3.24% Tribal Councils Investment Group of Manitoba Ltd. (Manitoba)
• 2.27% Champagne Aishihik Trust (Yukon)
• 1.77% Vuntut Gwitchin First Nation (Yukon)
• 1.77% Vuntut Gwichin Limited Partnership (Yukon)
• 1.77% Carcross Tagish First Nation (Yukon)
• 1.77% Ta'an Kwach'an Council (Yukon)
• 1.14% dana Naye Ventures (Yukon)
• 1.14% Yukon Indian Development Corporation Ltd. (Yukon)
• 0.26% 63 other First Nations and tribal groups (Saskatchewan)
• 19.83% The Toronto-Dominion Bank

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