ALEXANDRIA, Va.-NCUA has approved a charter for Lakota FCU, which will serve members of the Lakota, or Sioux Indian tribe on their reservation in Pine Ridge, S.D.

LFCU, only the second chartered this year, will be the sole federally insured financial institution serving the 40,000 people on the 2.2-million acre reservation.

Lakota FCU expects to open in November. During its first year of operations, LFCU plans to offer regular shares, certificates, unsecured loans, share-secured loans, auto loans, and more. To reach a geographically dispersed FOM, it plans to offer ATM cards, online banking and audio response. The credit union has arranged for a third-party vendor to place multiple ATMs throughout the reservation.

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