The only Black-owned bank in the state is now open.
First Independence Bank, on University Avenue, has a unique birth story. Based in Detroit, competitors like Bremer, Bank of America and U.S Bank pooled their resources to bring First Independence to the Twin Cities.
"This is the day the Lord has made. Let us rejoice and be glad," exclaimed, Head of Diverse Segments for Wells Fargo, Danielle Squires.
Chairman & CEO, Kenneth Kelly, says First Independence has been thinking of expanding for a while and the opportunity finally happened during the pandemic.
"That exploration took the form of three questions," he said. "First, could we make a difference in the community? Second, could we make a branch work financially? Would this community welcome a Black-owned bank?"
Turns out the answers to those questions are yes. At the grand opening, government officials called the bank a sign of progress.
"Black communities have been systemically excluded from opportunities in Minnesota's economy leading to significant gaps in wealth," said Lieutenant Governor, Peggy Flanagan.
"We know there is a lot of work to be done to address this historic systemic injustice. But today I'm grateful for First Independence for creating a more equitable economy."
Senior Vice President, Damon Jenkins, says he wants First Independence to be a resource in closing the homeownership gap.
"We're starting to right the wrongs of the past," said Minneapolis Mayor Jacob Frey. "We are proud to partner with you."
While the bank is Black-owned, leaders say it is NOT a Black only bank. Although, First Independent's location, in the Prospect Park neighborhood
will always be Minnesota's first Black-owned bank in Minnesota, it won't be the only one.
Bank leaders are expecting to open a second location this summer.
