First Independence Bank Hosts Twin Cities Branch Grand Opening, Communitywide Celebration

Communitywide celebration marks first Black-Owned bank in Minnesota

MINNEAPOLIS, April 26, 2022 /PRNewswire/ -- 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. The public is invited to celebrate this newest business, which has enjoyed both business and community support.

The Grand Opening is on Tuesday, April 26. Bank visits begin at noon, and the Community Open House begins at 5:30 p.m. (CT) with remarks at 6:15 p.m. The Community Open House runs until 7 p.m. and will include food, financial education information, and community fun.

This expansion involved the tremendous, collaborative support of five financial institutions with major Twin Cities operations: Bank of America, Bremer Bank, Huntington Bank, U.S. Bank, and Wells Fargo. Their support includes capital, infrastructure, research, marketing, and other services to ensure a solid start and long-term success for First Independence Bank.

"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" says Kenneth Kelly, chairman & CEO, First Independence Bank. "We will need the collective support of individuals, small business, municipal entities, and large corporations to create a legacy together in the Twin Cities," said Kelly.

Wells Fargo donated the facility to the nonprofit Project for Pride in Living, a partnering agency whose mission is: "To disrupt poverty & inequity." PPL is leasing the property to First Independence Bank in a unique community partnership.

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. This brings a combined total of 55,000+ surcharge free ATMs available to use for First Independence Bank customers. 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.

Bank of America, Bremer Bank, Huntington Bank, U.S. Bank, Wells Fargo, and Greater MSP, supporting First Independence Bank's arrival issued a joint statement:

"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

Branch hours are Monday through Friday 9 a.m. – 5 p.m. and Saturday from 9 a.m. –    1 p.m. with both inside the branch 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 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. For more information visit http://www.firstindependence.com.

About GREATER MSP 
GREATER MSP is the economic development partnership for the 15-county Minneapolis Saint Paul region. Over 300 leading businesses, 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 the execution of strategic initiatives.  For more information go to greatermsp.org.  

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SOURCE First Independence Bank