courtesy of First Independence Bank
From its origins in the wake of civil unrest to its emergence as one of the nation’s top Black-owned financial institutions, First Independence Bank is celebrating 55 years of service, growth, and community empowerment.
Founded on May 14, 1970, in response to the economic inequities laid bare by the 1967 Detroit Rebellion, First Independence Bank was more than a financial institution, it was a bold statement of self-determination. Its establishment, led by pioneering community leaders including the late Roberta Wright and Berry Gordy Sr., was made possible by the vision and investment of more than 2,000 Detroiters determined to build something better for future generations.
Today, the bank’s main branch still sits proudly on Woodward Avenue in Detroit, but its impact now reaches far beyond Michigan.
Kenneth Kelly, chairman and CEO of First Independence Bank, highlighted that it is an honor to have such deep Detroit-based roots embedded within the fabric of First Independence Bank.
“The growth and continuation of the rich legacy of this esteemed bank is my top priority and my reason for working diligently to obtain all goals outlined in the mission for this institution,” Kelly said.
Under Kelly’s leadership, First Independence has flourished. The bank’s assets have more than doubled in five years, from just over $200 million in 2020 to more than $500 million in 2025. That growth has been matched by geographic expansion, including the opening of two branches in Minneapolis, the bank’s first outside of Michigan. The Twin Cities locations are now hubs of financial literacy and community engagement in their own right.
Damon Jenkins, senior vice president and Twin Cities regional market president, emphasized that leading the establishment of the bank in the Twin Cities region has been an honor.
It’s important for our team to keep listening to the community, to continue building and maintaining partnerships, and providing resources for financial wholeness,” Jenkins said.
Leadership remains a key part of the bank’s formula for success. In 2024, Detroit native Dimitrius Hutcherson was named president, bringing with him a commitment to both innovation and education.
The bank’s mission extends beyond its walls. Through a partnership with Operation HOPE, First Independence now offers free financial coaching, debt counseling, and financial literacy programming in both Detroit and Minneapolis, empowering customers and non-customers alike to take control of their financial futures.
Even with national recognition, including Kelly’s designation as EY Entrepreneur of the Year for Michigan and Northwest Ohio in 2024,First Independence Bank’s focus remains local, inclusive, and impact-driven.
As it celebrates 55 years, the bank is aiming higher than ever: a $1 billion institution in the making, rooted in purpose.
With its historic foundation and future-facing vision, First Independence Bank stands today as the seventh-largest Black-owned commercial bank in the United States. It stands as a possibility of financial freedom built by and for the community.
Hutcherson, emphasizes that he took interest in the areas of banking and finance.
“It has always been a passion of mine to share my industry knowledge,” Hutcherson said.
“Not only with the bank customers we serve, but also with this beloved community that I too call home.”
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