First Independence Bank Opens in Minneapolis
About First Independence Bank
First Independence Bank is the 7th largest Black-owned commercial bank in the United States. Headquartered in Detroit, Michigan, with its newest location in Minneapolis, Minnesota, it offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence Bank has three locations and offers banking solutions online and digitally through its mobile app. Established in 1970, the bank continues to be a responsible leader, efficiently serving the financial needs of its community, its businesses, and its customers nationwide. First Independence Bank is a member of FDIC and Equal Housing Lender.
First Independence Bank Hosts Twin Cities Branch Grand Opening, Communitywide Celebration
Communitywide celebration marks first Black-Owned bank in Minnesota
MINNEAPOLIS – (April 26, 2022) – A nearly two-year effort, highlighted by unprecedented community support, culminates today in the grand opening of a Twin Cities branch of the Detroit-based First Independence Bank. One of only 17 Black owned full-service banks in the country, this First Independence location in Minneapolis marks the first national expansion effort for the bank.
This newest bank, located at 3430 University Ave. SE, is significant as it is the very first Black-owned bank located in the Twin Cities.
First Independence customers will be offered fee-free ATM and debit card use nationwide at any First Independence Bank, Wells Fargo, Huntington, Fifth Third, JP Morgan Chase, U.S. Bank, Bank of America and Bremer Bank location. Customers will have access to the First Independence loan program to help them establish a credit score or repair their credit, as well as virtual financial education sessions, and more.
“As we mark the grand opening of First Independence Bank in Minneapolis, we celebrate progress toward creating more inclusive economic opportunities in our region. Increased access to banking can be a game-changer for families, businesses, and the community. Greater ability to secure home mortgages provides the opportunity to build household and generational wealth. Financing for business ventures enhances job creation and community vitality. We continue to focus on diversity, equity and inclusion within each of our operations, but understand that collectively supporting the entry of a Black-owned bank into the community is an important step toward creating a more robust and inclusive financial services ecosystem.”
– Wells Fargo, Bremer Bank, Huntington Bank, Bank of America, U.S. Bank and Greater MSP
“The historic act that we are witnessing today demonstrates the power of inclusion in rare form. Five competitors listed above came together to show the world how impactful they can be when we think broader about inclusion. This is an unprecedented effort that we are grateful to be a part of to positively impact Minneapolis and St. Paul as a beacon of hope. We are hopeful that there will be more instances of efforts like this to create long-term systemic change in communities around our country. We will need the collective support of individuals, small business, municipal entities, and large corporations to create a legacy together in the Twin Cities.”
WHERE
WHEN
Open in April 2022 with a second branch at Hiawatha & Lake expected in June 2022.
WHY
As part of a national expansion of FIB!
Read More about Recovery & Liveability
