The area is known for tourism, because of its proximity to Lake Texoma, and as the headquarters of the Native American people of the Choctaw Nation. In early 1995, the bank approached the Choctaw Nation to develop a home loan product. Applicants must first be qualified by the nation. The bank underwrites the loans that carry a below-market, fixed interest rate for 15 years. The bank funds 60 percent of the loan and the nation funds 40 percent, with the bank in first position.
Borrowers repay both loans simultaneously.
The bank has denied no loans so far, CRA officer Eva Moore pointed out. The program helped the bank to meet a credit need in its assessment area and the Choctaw Nation to leverage its funds to help its members. The First National Bank of Powell , in Powell, Wyoming, is the largest bank in town. The local economy is stable with adequate diversification and low unemployment. Several years ago Powell's downtown had 22 vacant store fronts.