Published March 2001

Tulalips consider starting financial institution

By John Wolcott
Herald Business Journal Editor

The Tulalip Tribes may enter the banking business.

With the reservation economy growing, bingo and casino revenues flowing in and development of a business park under way, the tribal leadership is mulling over the possibility of funding the Tribes’ own financial institution.

It would be the first Native American bank in Washington state.

“We’ve sent out requests for information to find out what’s out there. Then we’ll look at what interests us of the ones that come back, and maybe get into discussions,” said John McCoy, the Tribes’ Executive Director of Governmental Affairs. “We’ve seen other tribes do it. We’re interested.”

McCoy said the Tribes have looked at the Colville Indian model, a credit union, and had discussions with Indian banks around the country.

He said there is no set timetable for a decision. What the Tulalip Tribes do will depend on the responses they receive.

They want the banking industry to suggest ways of setting up a tribal bank, putting off for now the questions of who would own the bank or provide the capital to launch it.

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