Dept. Of Labor Issues Warning About SD Bank

March 8, 2013, 6:30 AM

The South Dakota Department of Labor and Regulation is warning people that a bank operating on the Pine Ridge Indian Reservation is not licensed, chartered or regulated by the Division of Banking.

State Division of Banking Director Bret Afdahl says Free Lakota Bank lists its address as a post office box in Pine Ridge, but the bank has no physical presence there. The bank does not have FDIC insurance.

The Oglala Sioux Tribe says the bank is not licensed or connected to the tribe.

A phone number for Free Lakota Bank was not immediately located. A company representative did not immediately respond to an email seeking comment.

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