Retired Army Gen. George Olmsted, chairman and chief executive officer of the International Bank of Washington, was recently honored by the Washington-based American Indian National Bank for his continued support of the concept of a bank owned by Indian tribes.
Olmsted was described by chief executive officer Conley Ricker as the major source of "vision, foresight and financial support" in the institution's efforts to obtain a charter more than eight years ago and in its operations since that time.
The bank, which is owned by a group of tribes, Native American corporations and individual Indian shareholders, specializes in loans to tribal governments and businesses. Earnings for the nine-month period ended Sept. 30 increased 75 percent over the same period last year, and deposits in 1981 have averaged $24.5 million, compared to $14 million for 1980. Total capital, including subordinated debt, has risen to about $2.4 million from $1.4 million last year.
Because of the increase in earnings and capital, the bank's legal lending limit to a single Indian tribe or enterprise has increased to $250,000.
One of the more recent services of the bank was to send three of its senior officers to Anadarko, Okla., where they conducted a personal investment seminar and individual financing counseling sessions at a regional office of the Bureau of Indian Affairs.
Ricker said the discussions were planned as a result of the large amounts of funds going to the seven tribes in the area from leasing contracts made by oil companies. He said the tribes are receiving about $20 million per quarter from lease royalty and payment contracts.
The purpose of the sessions was to inform Native Americans affected by these contracts of the various investment opportunities, such as money market certificates, All Savers certificates and certificates of deposits, which are available to them.
"This is the first time an Indian-owned financial institution has gone down there to help Indians with the enormous amount of money flowing into their hands," Ricker said. "They own the land and the oil companies are coming and leasing from them, but the money is not being used wisely."
The discussions in Anadarko were conducted by Jerry Ryburn, the bank's vice president and a member of the Cherokee tribe, Dorothy Sampson, loan officer and also a member of the Cherokee tribe, and Sarah Ridley, marketing officer and a member of the Nez Perce tribe.