Chickasaw bank 7th in mortgages

Indian-Owned Bank 7th in Mortgages

By Mark FogartyChickasaw-owned Bank2 of Oklahoma City continued its surge into the top 10 national mortgage lenders to American Indians for 2010, increasing one notch to 7th and continuing to extend more than 75 percent of its loan volume to Indians.

According to Home Mortgage Disclosure Act [HMDA] data for 2010, Bank2 made $104 million in home loans to Indians last year out of total home lending volume of $135 million. The year before, 2009, it was eighth in the country, with $120 million in Indian mortgages out of a total of $156 million. The drop-off was consistent with a national falloff in mortgage lending from $1.8 trillion on 2009 to $1.6 trillion last year, HMDA data show.Comment:  In related news, the Chickasaws own a bank. Who knew?

Another tribal bank is Borrego Springs Bank, owned by the Viejas Band of Kumeyaay Indians. There may be others too.

For more on banking, see Banks Get Bailout, Indians Don't.