When it began operations and went online last week, the first and maybe only federal credit union in the nation with a part-time competitive rodeo rider as a manager opened its doors.

The brand new Lacota Federal Credit Union is the only financial institution serving the residents of the more than 3,400 square miles of the Pine Ridge Native American Reservation in South Dakota, one of the poorest in the nation.

The new credit union, which has already been granted a low-income designation, will begin by taking deposits and offering a limited range of loans, including auto loans capped at no more than $5,000.

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