Doig River among investors in First Nations Bank of Canada’s $9m equity raise

SASKATOON, SK. — Indigenous groups from Treaty 8 were among five parties to invest in the First Nations Bank of Canada (FNBC).

According to a release on August 5th, Doig River First Nation (DRFN) and its economic arm, Úújǫ Developments, joined groups from Alberta, Saskatchewan and the Yukon in the investment, which was announced on Tuesday, August 5th.

The total investment from the parties totals $9 million, and the release says the money “will support the bank’s continued loan book expansion, particularly in response to rising demand in its core commercial lending business, as well as new programs.”

Headquartered in Saskatchewan, the FNBC is the first independent financial institution to be controlled by Indigenous shareholders and began in 1996.

President and chief executive officer of FNBC Bill Lomax said the equity raise “is a strong endorsement of our strategy and the trust that Indigenous communities across Canada place in FNBC.”

Earlier this year, DRFN finalized infrastructure loans from FNBC for urban reserve development, including on Naache Commons in Fort St. John.

DRFN band manager Shona Nelson confirmed to Energeticcity.ca the announcement today is unrelated to the announcement in February.

Further information about FNBC can be found on its website.

Energeticcity.ca have reached out to representatives from Úújǫ Developments for further comment and will update this story should more details become available.