Native American Bank helping build homes on Navajo Nation
May 6, 2003

Denver, CO -- It's a natural alliance: Native American Bank (NAB) fervently supports the development of quality housing in Indian Country and Indigenous Community Ventures, Inc. builds traditional Navajo hogans from local kiln-dried ponderosa pine logs.

"Our vision is to help all of Indian country gain economic independence by providing access to capital and financial services," says NAB Assistant Vice President for Commercial Banking, Elfonzo Nephew. "Home construction and ownership are a vital part of this process in which Tony's group is actively engaged," he explains simply.

"Native American Bank has been really responsive to our needs," says Tony Skrelunas, Managing Partner with Ron Taylor of Indigenous Community Ventures, Inc., a $2 million business enterprise. "The bank is committed to helping us achieve our goals."

ICV is the first Navajo-owned company with which NAB has established a formal relationship, a milestone particularly noteworthy because the Navajo Nation is one of the bank's original American Indian and Alaska Native investors. The Indian-owned and managed financial institution, founded in 2001 through the acquisition of the Blackfeet National Bank, is dedicated to fostering the economic development of Native American tribes and individuals throughout the United States.

NAB will provide working capital financing to ICV and its affiliate, Native American Community Development Corporation, and will be involved in sourcing the permanent mortgage financing for the individual homeowner, working through the tribal housing authority.

ICV, which is owned partly by the Navajo Nation Division of Economic Development, as well as Cameron Chapter, ICV employees, and Indigenous Community Enterprises, offers Southwest traditional log homes. Three options are available in kits: a ceremonial hogan, a hogan with kitchen and bath, and custom-designed homes. The company also offers the alternatives of constructing the home for the buyer or providing skilled, on-site technical assistance for the do-it-yourselfer who needs some help.

Mr. Skrelunas, who worked in economic development for the Navajo Nation during President Begaye's administration, says that Native American Bank is actively working with the Nation to help the tribe develop an environment where lending can happen, overcoming the legal barriers that make lending on Indian lands difficult for traditional financial institutions.

Mr. Nephew, himself a Navajo from Chilchinbeto now working in NAB's Denver office, concurs. "We're working with many business enterprises on the Navajo Nation, helping as many entities as possible to access capital. This is our first actual commitment on Navajo, but we're working with a lot of businesses, both tribal and individually-owned, and are in different stages of finalizing our relationships with them."

"We're very excited to be the first," says Mr. Skrelunas, "and to be sharing our business with another Native-owned business."

For more information about Indigenous Community Ventures, Inc., contact the company at 2717 N. Steves Blvd., #8, Flagstaff, AZ 86004; (928) 522-6162 or visit www.icehome.org.

Native American Bank's corporate offices are in Denver, Colorado, 999 18th Street, Suite 2460, Denver, CO 80202; (303) 988-2727; fax: (303) 988-5533, and its principal banking office is located in Browning, Montana, 125 North Public Square, P.O. Box 730, Browning, MT 59417; (406) 338-7000; fax (406) 338-7008; toll free (800) 307-9199. For more information about Native American Bank, visit www.nabna.com.