Bank / Credit Union

First Independence Bank to open location in Twin Cities

September 1, 2021

First Independence Bank, a Black-owned bank based in Detroit, has filed an application to open a bank in the Twin Cities region of Minneapolis-St. Paul, Minnesota. Five banks in the region including Bank of America, U.S. Bank and Wells Fargo support the effort with capital, research, marketing and other services, according to a press release.

The bank will offer ATM and debit card use at any Huntington and Wells Fargo ATM with no fee, as well as a loan program to establish a credit score or repair credit and virtual financial education classes.

"We are thrilled to be working with these five banks to open a branch in the region," Kenneth Kelly, CEO and chairman, First Independence Bank, said in the release. "Banks are beacons of hope in their communities, and we intend to be that for the people of Minneapolis, St. Paul and the rest of the Twin Cities, particularly those who are unbanked or underbanked throughout the region."

The bank expects to open the branch in early November, with a second location possibly coming in the future.