Racial equity organization campaigns for $1 million to be deposited in First Independence Bank
The Minnesota Business Coalition for Racial Equity has launched a campaign to drive $1 million in deposits to First Independence Bank, Minnesota's first Black-owned banking institution.
Detroit-based First Independence Bank opened the first Minnesota branch on University Ave in April 2022. It currently has two locations in Michigan, one on Lake Street in Minneapolis and one in Michigan. It was established in 1970 and is the seventh-largest Black-owned bank in the country. They offer a range of banking services including account management, personal loans and mortgages, as well as consumer education and investments. Deposits can have a tangible impact on communities and increase the bank's lending capacity. Deposits can be made in person at any of the Twin Cities locations. Individuals can also open accounts online or in-person at the bank's website.