A new bank has quietly opened its doors in Whitehorse that caters to the first nations community the only bank of its kind in the territories.

Called simply the First Nations Bank of Canada, it will officially open July 17 at its Quartz Road location in the Spook Creek Station.

It has, however, been serving customers since its June 26 unofficial opening.

An office for the First Nations Bank has been in Whitehorse since 2005, but this is the first time a branch has been open for business in the North.

Wayne McLennan, the Whitehorse branch manager, said today the bank offers services common in all major banks, such as savings accounts, loans and investments, but directs its services to the unique needs of first nations clientele. This begins with hiring first nations staff, he said in an interview.

'In a lot of cases, elders aren't comfortable in banks,' said McLennan. 'So it's important that when they walk in the door, they see another first nations person that they can sit down and talk to.'

On a larger scale, the bank caters to first nations businesses in a way other banks have not.

'The chartered banks in Canada weren't providing enough services to first nations groups,' said McLennan.

In turn, developing first nations businesses turned to more established first nations corporations for support until they had the capital necessary to work with a chartered bank.

The First Nations Bank eliminates the need to grow with a first nations business, which assumes the risk, and then depart to a larger bank.

The First Nations Bank also offers slightly higher interest rates for clients who are residential school survivors who have made claims with the federal government.

Since the first branch opened in Saskatoon in 1997, the federal government has also paid out many land claim settlements to first nations groups.

'There is no direct link between opening the branch and land claims per se,' said McLennan. It is his hope, he said, that those first nations members receiving land claim settlements take their money to the First Nations Bank.

Before the Whitehorse branch, First Nations Bank clients could access accounts through TD-Canada Trust, of which it is an affiliate, or through one of five other Canadian locations.

While the bank is majority-owned by TD-Canada Trust, McLennan said that will change over the next few years.

'Share ownership at this time is only open to aboriginal groups, and very shortly we will be majority owned by first nations groups across Canada.'

In the brief time it has been open, the Whitehorse branch has already welcomed seven new accounts, both from first nations and non-first nations clients alike, said customer service manager Caroline Muff.

Reaction to the new bank has been positive, from both the community and its competing banks.

Cecile Cox, a visitor to the branch today, said she is thinking about opening an account at the First Nations Bank not because of its service for first nations members, but because the bank is open on Saturdays.

Charles Eikland, a local contractor, said he may open an account after researching the rates.

Andy Carvill, grand chief of the Council of Yukon First Nations, was not prepared to comment on the branch opening yet, but did say he planned to attend its grand opening.

Scotiabank also has a national banking program geared toward first nations customers at 22 of its branches, although there are none in the territories.

Doug Janzen, manager of the Whitehorse Scotiabank branch, said today he is not threatened by the competition of the new First Nations Bank branch, but in fact welcomes it.

'It's great. It's another competitor and that's good for the consumer,' he said.

At the First Nations Bank's Whitehorse branch grand opening on July 17, guests can expect a formal ribbon-cutting ceremony and refreshments, including bannock and jam, a traditional first nations dish.