The People’s Bank of Seneca, majority owned by the Eastern Shawnee Tribe of Oklahoma, is the first Native American-owned bank to join the American Financial Exchange (AFX).
Joining the AFX, an electronic exchange for direct lending and borrowing for American financial institutions, opens up more services to the bank, which counts a 23-year history in Missouri.
“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 American Financial Exchange, our ability to gain access to a network of banks will help us better serve our customers.”
The AFX counts 163 members across the country, 133 of which are banks that are connected to approximately 1,000 correspondent banks. Other members include broker-dealers, private equity firms, business development corporations, hedge funds, futures commission merchants, insurance companies, asset managers and finance companies. Belonging to AFX helps broaden the People’s Bank of Seneca market for loans, and adds stability to interest rates.
Eastern Shawnee Tribe of Oklahoma Chief Glenna Wallace said the Tribe purchased stock in the bank when it was founded in 1996, and gradually increased it until the Tribe attained majority ownership. The People’s Bank of Seneca has since grown to five locations in Seneca and Joplin, Missouri.
“We’re very pleased with the management, which makes excellent decisions for them and us,” Chief Wallace told The Joplin Globe.
The AFX has transacted more than $550 billion cumulatively since it opened in December 2015.
Richard Sandor, Chairman and CEO of the AFX, said in a statement: “We are proud and honored to announce People’s Bank of Seneca as an American Financial Exchange member. With the addition of People’s Bank of Seneca, American Financial Exchange 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.”