First Independence Bank Opens 1st Black-Owned Bank In Minnesota

First Independence Bank has opened new locations across Minnesota, becoming the first-ever Black-owned bank in the state.
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Photos: BlackBusiness.org\Twitter

In a historic move, Michigan-based First Independence Bank has opened new locations across Minnesota, becoming the first-ever Black-owned bank in the state.

Since 1970, First Independence Bank has been serving the financial needs of the community while addressing social and economic inequalities in the Metro Detroit area. Its newest bank in Southeast Minneapolis marks the first time the bank has opened a location outside Michigan.

Damon Jenkins, senior vice president and Twin Cities regional market president of First Independence Bank, will serve as the head of the new location. As a southside native and also a graduate of the University of Minnesota, Jenkins said he is looking forward to helping people in his community.

"This is a real opportunity to really say how do we think differently. It really gives us a chance to serve different and really bring access to communities that have been cut out of banking but cut out of resources for some time," Jenkins told Fox 9 News. Read more.

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