Twin Cities

FDIC Approves Detroit-based First Independence Bank Expansion Black-owned Bank set to Open Twin Cities Branch

DETROIT – (January 31, 2022) – 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.

“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 location s 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 recognize s 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 s e t to open sometime in 2022.

About First Independence Bank

First Independence Bank is the 7th largest Black owned commercial bank in the United States. 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. For more information visit
http://www.firstindependence.com

Media Contact:
First Independence Bank
Lisa M. Wilmore, Principal
The Wilmore Agency Public Relations
email: WilmoreAgency@gmail.com
(313) 980-4766 direct