SASKATOON, SK – First Nations Bank of Canada (FNBC), Canada’s only Indigenous-owned bank, has welcomed seven additional British Columbia First Nations into its ownership group following $5 million in new investments, increasing the Bank’s Indigenous ownership to 90.43%.
The investments bring the number of First Nations and Indigenous groups represented in FNBC’s ownership to 116 across Canada, including 12 First Nations in British Columbia.
The new investments include:
The new investments have resulted in a total capital raise of $39 million by the FNBC over the past two years.
“For Prophet River First Nation, this investment is about creating opportunities that will benefit our Nation today and for generations to come. Ownership matters. When First Nations have a greater stake in the institutions that serve our people and communities, we strengthen our collective ability to shape our own economic future. We are pleased to join other First Nations shareholders in supporting the continued growth and success of First Nations Bank of Canada,” said Chief Valerie Askoty, Prophet River First Nation.
“Gitga’at Development Corporation considers its investment in the First Nations Bank of Canada a long-term strategic fit. Financial stewardship and long-term growth prospects demonstrated
by FNBC align with GDC’s mandate of providing revenue streams to support future generations. We are fortunate to participate in this capital raise as it bolsters economic opportunities throughout Canada,” said Jason Schultz Chief Executive Officer of Gitga’at Development Corporation
“FNBC demonstrates that First Nations can build, own and control the institutions that are critical to our economic futures. We view this as more than an investment in a bank; it is an investment in ourselves, in Indigenous self-determination and in First Nations across Canada,” said Wilfred Cootes, President of Maa’nulth Treaty Society, on behalf of its five modern Treaty member Nations.
“We welcome these new First Nations shareholders from British Columbia with humility and respect,” said Bill Lomax, President and Chief Executive Officer of First Nations Bank of Canada. “Their investment reflects growing confidence in FNBC and strengthens our ties to British Columbia, which has been the Bank’s fastest-growing market over the past two years. It is especially meaningful to see our growth in the region accompanied by greater First Nations ownership of the Bank, reinforcing the vision on which FNBC was founded—that First Nations should have ownership in the financial institutions that support their communities and economic futures.”
Founded in 1996, FNBC has grown from Canada’s first Indigenous-owned bank into a national financial institution serving Indigenous and non-Indigenous clients across the country. The Bank provides a full range of personal and business banking services, including loans, mortgages and investments, as well as trust services through its wholly owned subsidiary, FNB Trust.
As Canada’s only Indigenous owned chartered bank, FNBC operates 22 branches and service centers across six provinces and three territories and manages more than $1.79 billion in assets. Its wholly owned subsidiary, FNB Trust, has approximately $5.5 billion in assets under supervision.
Rosemary Thompson Communications Advisor First Nations Bank of Canada (613) 240-6739