First bank privately owned by American Indians on a reservation opens in North Dakota

The Turtle Mountain State Bank opened this week in Belcourt, N.D., becoming the first bank on a U.S. reservation to be privately owned by American Indians, reports James MacPherson of The Associated Press. (Encarta map)

While banks on other reservations usually are owned by tribes or non-Indian companies, the new bank is owned by a group of investors led by tribal member James Laducer. "A bank is the backbone to economic growth in any community," Laducer told MacPherson. "But people wanting to do banking had to go at least 10 to 20 miles off the reservation to get to a bank."

Belcourt is the largest town on the reservation, which has 20 businesses and a community college. (Read more)