First Independence Bank Hosts Twin Cities Branch Grand Opening, Community Celebration | News

Community-wide celebration marks first black-owned bank in Minnesota

MINNEAPOLIS, April 26, 2022 /PRNewswire/ — A nearly two-year effort, underscored by unprecedented community support, culminates today with the grand opening of a Twin towns branch of the Detroitbased at First Independence Bank. One of 17 full-service black-owned banks in the country, this First Independence location in Minneapolis marks the first national expansion effort for the bank.

This new bank, located at 3430 University Avenue SEis significant because it is the first ever black-owned bank located in twin towns. The public is invited to celebrate this new venture, which has benefited from both corporate and community support.

The large opening is on tuesday 26 april. Visits to the bank start at noon and the open house starts at 5:30 p.m. (CT) with remarks to 6:15 p.m. The community open house lasts until 7 p.m. and will include food, financial education information and community entertainment.

This expansion required the enormous collaborative support of five financial institutions with significant Twin towns operations: Bank of America, Bremer Bank, Huntington Bank, US Bank and Wells Fargo. Their support includes capital, infrastructure, research, marketing and other services to ensure a strong start and long-term success for First Independence Bank.

“The historic act we are witnessing today demonstrates the power of inclusion in a rare form. Five contestants listed above have come together to show the world how much of an impact they can have when we think more broadly about inclusion. This is an unprecedented effort that we are grateful to be a part of to have a positive impact Minneapolis and St. Paul like a ray of hope. We hope there will be more examples of efforts like this to create long-term, systemic change in communities across our country,” said Kenneth Kelly, Chairman and CEO, First Independence Bank. “We will need the collective support of individuals, small businesses, municipal entities and large corporations to create a legacy together in twin towns“, said Kelly.

well Fargo donated the facility to the association Project for the pride of living, a partner agency whose mission is: “Disable poverty and inequality.” PPL leases the property to First Independence Bank in a unique community partnership.

First Independence customers will be offered free use of ATMs and debit cards nationwide at any First Independence Bank, Wells Fargo, Huntington, Fifth Third, JP Morgan Chase, US Bank, Bank of America and Bremer Bank location. This brings a combined total of over 55,000 no-surcharge ATMs available to First Independence Bank customers. Customers will have access to the First Independence Loan Program to help them build a credit score or repair their credit, as well as virtual financial education sessions, and more.

Bank of America, Bremer Bank, Huntington Bank, US Bank, Wells Fargo and Greater MSP, supporting the arrival of First Independence Bank, released a joint statement:

“As we mark the grand opening of the First Independence Bank in Minneapolis, we celebrate progress towards creating more inclusive economic opportunities in our region. Increased access to banking services can be a game-changer for families, businesses and the community. Greater ability to secure residential mortgages provides the opportunity to create wealth for households and generations. Financing 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 towards creating of a more robust and inclusive financial services ecosystem. »

– Wells Fargo, Bremer BankHuntington Bank, Bank of America, US Bank and Greater MSP

Branch hours are Monday through Friday. 9am5 p.m. and on Saturday from 9am1 p.m. with both in-branch service and drive-up service. The bank continues to provide face masks and hand sanitizer.

About First Independence Bank

First Independence Bank is the 7th largest black-owned commercial bank in United States. Based at Detroit, Michiganwith its new location at Minneapolis, Minnesota, it offers a variety of high-quality banking services ranging from account management to personal loans, mortgages, consumer education and investments. First Independence Bank has three locations and offers online and digital banking solutions through its mobile app. Founded in 1970, the bank continues to be a responsible leader, effectively serving the financial needs of its community, businesses and customers nationwide. First Independence Bank is a member of the FDIC and Equal Housing Lender. For more information, visit http://www.firstindependence.com.

About the GRAND MSP

GREATER MSP is the economic development partnership for the 15 county region of Minneapolis Saint Paul. More than 300 leading companies, universities, cities, counties, philanthropies and others are working together to accelerate the competitiveness of the regional economy and drive inclusive economic growth through job creation, capital investment and execution of strategic initiatives. For more information, visitwww.msp.org.

Media Contacts:

First Independence Bank

Lisa M. Wilmore, PR

[email protected]

313-980-4766

Marsha Pitts Phillips

[email protected]

612-408-7829

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SOURCE First Independence Bank

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