First Nations Bank new CEO is bringing his knowledge back to Canada after over 20 years on Wall Street

After 22 years on Wall Street, Bill Lomax is returning to his home on the West Coast as the new CEO of the First Nations Bank of Canada.

Born and raised in Terrace, in northwest B.C., about 575 kilometres west of Prince George, Lomax is a member of the Gitxsan Nation.

He said he is happy to be back after "a long walk in the wilderness down south," during which he worked for Smith Barney — now Morgan Stanley Wealth Management — and Goldman Sachs. 

The First Nations Bank is a Canadian chartered bank, which it says is focused on providing financial services that strengthen the well-being of Indigenous people.

It was started by several First Nations leaders in Saskatchewan to address the lack of financing in the Indigenous community, and is over 80 per cent Indigenous owned and controlled. 

"It was a big deal to get it started, and really starting out from scratch," Lomax said on CBC's Early Edition. 

He said the bank is unique as it offers banking services in Indigenous languages, services in remote communities and a safe space for Indigenous clients, who have historically been marginalized at Canadian banking institutions. 

"The part that is super interesting to me is the human side of this," said Lomax, adding he personally witnessed interactions at one of the bank's locations where the tellers knew their clients by name. 

"That kind of thing made me very proud of the work we're doing in the community." 

Because of the bank's close relationship with and knowledge of Indigenous communities, Lomax said it is often able to offer loans that other banks consider too risky. 

"We'll have a better idea of what's actually happening on the ground and we may be able to get those loans done where they can't," he said. 

Lomax is the bank's second CEO, taking over from Keith Martell, who has led the bank since its inception in 1996. 

'A bigger impact' in finance

After graduating from law school at the University of British Columbia, Lomax made the decision to switch career paths. 

While he saw other Indigenous people going through law school, he did not see the same representation in finance at the time. 

"I thought this could have a bigger impact, if I could get myself a full understanding of how investments work and bring that back," said Lomax. 

Lomax said the majority of the bank's business is in the Prairies and northern Canada, with a much smaller footprint in B.C., Ontario, Quebec, and the Maritimes. 

Lomax, who will be based in B.C. and commuting to Saskatoon, said he hopes to work with more businesses in these currently underserved provinces. 

"With my feet on the ground here in B.C. and my long-term history here, I'm hoping that we'll create a lot more business here."