Kenneth Kelly, Chairman & CEO, First Independence Bank
Credit: Montez Group
Detroit-based First Independence Bank, one of only 17 Black-owned full-service banks in the country, has received approval from the Federal Deposit Insurance Corporation (FDIC) to proceed with plans to open a branch in the state of Minnesota. This is the first national expansion effort for the bank, with plans to open the Minneapolis branch doors to the public (initially by-appointment only) on Tuesday, February 22 at 9 a.m. Plans for an official Grand Opening celebration, expected to occur later in the year are underway.
This expansion involves collaborative support from five major Twin Cities banks: Bank of America, Bremer Bank, Huntington Bank, U.S. Bank and Wells Fargo. Their support includes capital, research, marketing, and other services to assure a solid start and long-term success for First Independence Bank.
“This approval from the FDIC confirms what our supporting financial institutions have demonstrated that they recognize as well – that our bank is welcome in the Twin Cities market because it’s important to have a variety of options available for all customers in the market. It’s especially important for the unbanked members of the community,” said First Independence Bank Chairman and CEO Kenneth Kelly.
First Independence customers will be offered fee-free ATM and debit card use at any Wells Fargo, Huntington, Fifth Third, or U.S. Bank locations. Customers will have access to a loan program to help establish a credit score or repair their credit, as well as virtual financial education sessions, and more.
First Independence Bank’s Twin Cities branch will be located at 3430 University Ave. SE, the site of a former Wells Fargo bank branch. Wells Fargo donated the facility to the nonprofit Project for Pride in Living (PPL), a partnering agency whose mission is: “To disrupt poverty & inequity.” PPL is leasing the property to First Independence Bank.
Branch hours will be Monday through Friday 9 a.m. – 5 p.m. and Saturday from 9 a.m. – 1 p.m. with both inside the branch or drive-up service. Due to COVID-19, there is an initial 10 customer maximum occupancy inside the branch.
“This branch will be located in a key site in the community where it is visible and accessible to all in the Twin Cities,” Kelly said. “We look at the fact that it is close to both the Metro Green Line and bus routes so that under-resourced and unbanked members of the community can easily reach us and use our services to improve their financial outlook.”
First Independence Senior Vice President for the Twin Cities Regional Market Damon Jenkins, formerly served this community as Wells Fargo’s district manager for Minneapolis and previously in different banker roles with U.S. Bank.
“The support received from several business, religious, nonprofit, and other community leaders the represent a broad cross section in the region has been key to garnering the support to open a branch of FIB in the Twin Cities,” said Damon Jenkins, senior vice president and Twin Cities Regional Market President, First Independence Bank.
More than 50 years ago, the quest for equity of opportunity led to the establishment of Detroit-headquartered First Independence Bank, following the city’s 1967 rebellion.
In the late 1960s, two dozen of Detroit’s prominent African American business and community leaders pushed for tangible change, to address the lack of opportunity and the frustration that had boiled over into the streets of the city. In May 1970, their organized action resulted in the opening of First Independence Bank. Today, there are three branches in metro Detroit and First Independence ranks as the seventh largest African American-led financial institution in the U.S.
Kelly recognizes a similar quest for social justice is now ushering in the opportunity for expansion into a region that was recently rocked by calls for racial justice following the killing of George Floyd. A second Minneapolis location, at Lake Street and Hiawatha Avenue, is set to open sometime in 2022.
For more information visit http://www.firstindependence.com.
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