The Oneida Nation accepted a dividend check from Bay Bank at a Business Committee meeting that was held virtually on Wednesday, February 22, 2023. Oneida Business Committee (OBC) Councilmember David Jordan received the $125,000 dividend check from Bay Bank President and CEO Jeff Bowman and Vice President Nathan King at the Bay Bank branch in Oneida, WI.
Councilman Jordan serves as an OBC liaison to the Bay Bancorporation which is a Tribally charted corporate entity that owns Bay Bank and is solely owned by the Oneida Nation. The dividends derive from investments that the Nation has through Bay Bank that date back to the 1990s.
The OBC has determined that dividends or revenues received from Bay Bancorporation should be allocated to the Economic Development, Diversification and Community Development Fund per BC resolution # 01-23-19-D and managed in accordance with BC resolution # 01-23-19-C.
“This is a great return from one of our entities and I believe the dividend will serve as a good investment back into the Oneida community,” explained Councilmember Marie Cornelius who also serves as an OBC liaison to the Bay Bancorporation.