People’s Bank of Seneca Becomes First Native-owned Bank to Join American Financial Exchange
The American Financial Exchange (AFX), electronic interbank lending market for U.S. financial institutions, announced last week that the People’s Bank of Seneca joined the exchange, becoming the first native-owned bank to join AFX.
According to the Center for Indian Country Development at the Federal Reserve Bank of Minneapolis, there are more than 30 native-owned banks and credit unions serving underserved communities all across America. These native-owned financial institutions provide access to credit to many people living on or near tribal reservations, many of whom would not have access to credit without them.
“As a minority-owned bank, People’s Bank of Seneca is keeping the needs of our community top of mind,” said Deron Burr, President and CEO of People’s Bank of Seneca. “By becoming a member of the [AFE] our ability to gain access to a network of banks will help us better serve our customers.”
In a press release, AFX stated that its membership now encompasses all the categories of minority-owned banks as defined by the FDIC, which includes New York City-based Abacus Federal Savings Bank and Los Angeles-based Bank of Hope and Pacific City Bank (Asian-American); Lone Star National Bank of Texas and FirstBank of Puerto Rico (Hispanic); and Georgia-based Citizen’s Bank (African American).
“We are proud and honored to announce People’s Bank of Seneca as an AFX member,” said Dr. Richard Sandor, Chairman and CEO of the AFX. “With the addition of People’s Bank of Seneca, AFX strengthens its commitment to add minority-owned banks. These institutions play a critical role in serving communities all over the country. Commercial logic and social value are at the core of our mission.”