KYLE, S.D. Lakota FCU, the first federally insured financial institution on the Pine Ridge Reservation, home to the Sioux Indian tribe, opened Friday.
“It is the first time that we have a financial institution on the Pine Ridge Reservation, and the difference it will make is enormous,” said Sen. Tim Johnson, D-S.D., and chairman of the Senate Banking Committee, who was at Friday’s opening ceremony.
Plans for the new credit union have been in the works for the past four years. It will provide basic banking services such as savings accounts, loans, and various convenience services involving currency.