As the first independent Canadian bank to be controlled by Aboriginal shareholders, First Nations Bank offers banking services that are just a little bit different. While it does offer a full range of personal and business banking services, at competitive rates to larger financial institutions, its primary focus is to provide financial services to Aboriginal people while advocating for the growth of the Aboriginal economy and the economic well-being of Aboriginal people. 

“For First Nations Bank, Aboriginal banking is not a sideline, but our main focus and reason for being,” says Keith Martell, chief executive officer of First Nations Bank of Canada. “We truly understand our customers’ needs and have developed commercial lending policies specific to First Nations, Métis and Inuit governments, businesses, communities and individuals.”

Now with a string of branches and community banking centres spanning from Chisasibi, Quebec, as far west as Whitehorse and reaching into the Arctic in Kugluktuk and Iqaluit, First Nations Bank doesn’t look that different from other Canadian banks. What sets them apart from the competition, says Martell, is its strong focus on the Aboriginal market. 

“Finding a way to help Métis individuals rebuild their credit rating so they can qualify for a mortgage and buy a home, taking the time to understand the unique characteristics of a business based in a remote First Nation or Inuit community or understanding the aspirations and expectations of our Aboriginal shareholders is what really sets us apart,” says Martell. 

Although First Nations Bank services are accessible to everyone, certain services are tailored to First Nations, such as the On-reserve Home Ownership Loan program. And with community banking centres in smaller, remote communities that are heavily populated by Aboriginal people not historically served by any other banks, First Nations Bank works to make Aboriginal economies stronger. 

The idea for a nation-building bank focused on Aboriginal business and community development was initiated by First Nations in Saskatchewan. A partnership between the Saskatchewan Indian Equity Foundation Inc. and TD Canada Trust to help with the licensing and start-up of a new bank saw the birth of First Nations Bank, which began operations with the opening of its first branch in Saskatoon in 1997. 

In 2009, First Nations Bank achieved the strategic directive set by the founding shareholders to grow the bank and increase Aboriginal ownership. The Bank is more than 80% owned and controlled by Aboriginal shareholders from Alberta, Saskatchewan, Manitoba, Yukon, Northwest Territories, Nunavut and Quebec. No single group controls more than 20% of the shares. With stakeholder support, the Bank has demonstrated consistent growth and profitability. “In discussions with other First Nations across Canada before the bank was created, we realized we all had a common goal of building our Nations and making them stronger through the development of our economies,” said Martell. “To do that we needed a financial institution focused on the same goal. The result was the creation of our nation building asset, the First Nations Bank of Canada.”