The story of Woodlands National Bank is one of community, diversification, and serving a unique population. For years, the owners of First State Bank in Onamia were looking towards retirement. Simultaneously, the Mille Lacs Band of Ojibwe Indians sought to diversify their economy and enhance services for their community. This intersection of needs and goals led to the birth of Woodlands National Bank.
Earlier this year, banking regulators approved the Mille Lacs Band of Ojibwe Indians’ acquisition of First State Bank in Onamia. This pivotal approval allowed for a transformation from a state charter to a national one, marking a significant milestone: the creation of the first Native American-owned holding company and the sole Native American-owned bank in the state. This transition highlights the commitment of the Mille Lacs Band to economic empowerment and community service through Woodlands National Bank.
Located in Onamia, a town of approximately 700 residents, Woodlands National Bank holds a unique position as the only bank in the area and a key financial institution in Mille Lacs County. First State Bank already served a broad customer base, making it a natural fit for the Mille Lacs Band. The Band, a significant economic force in the region with diverse holdings including casinos, hotels, and various community services, was strategically seeking investment opportunities to better serve its 2,800 members residing in east-central Minnesota. Purchasing the bank provided an ideal avenue to achieve these goals, establishing Woodlands National Bank as a cornerstone of their economic strategy.
Clark Baldwin, the President of Woodlands National Bank, outlines initial plans to modernize and expand the bank’s offerings. Upgrades will include the introduction of ATM services and enhanced electronic payment capabilities, bringing the bank’s infrastructure up to contemporary standards. Beyond these initial updates, Woodlands National Bank is strategically focused on expanding housing services, specifically for the Native American community. This includes developing tailored home mortgage packages and managing housing programs for the Mille Lacs Band. Proactive outreach to Band members has already commenced through financial planning and family budgeting workshops, demonstrating Woodlands National Bank’s commitment to financial literacy and community support.
Woodlands National Bank is experiencing significant interest from Native Americans both within and beyond its immediate service area. According to Baldwin, numerous service inquiries have been received from Band members living outside the current operational footprint and from other Native Americans seeking to bank with a Native American-owned institution. This reflects a strong desire within the Native American community to support Native-owned businesses and strengthen community bonds through financial partnerships with Woodlands National Bank.
Looking ahead, Woodlands National Bank is exploring strategic branch expansion to serve the broader Mille Lacs Band communities, potentially including locations near the reservation and areas like Hinckley and MacGregor. Furthermore, the American Indian community in Minneapolis has expressed keen interest in establishing a relationship with Woodlands National Bank, recognizing its unique mission and potential to serve Native American populations across a wider geography. “We want to try to serve the Indian community as a whole,” states Baldwin, emphasizing the overarching vision of Woodlands National Bank to be a financial resource and community partner for Native Americans.
In conclusion, Woodlands National Bank represents more than just a financial institution; it embodies the Mille Lacs Band of Ojibwe Indians’ commitment to economic diversification, community empowerment, and culturally relevant services. As the first Native American-owned bank in Minnesota, Woodlands National Bank is poised to play a vital role in serving the financial needs of Native Americans and fostering economic growth within their communities.
