To be a well-managed financial institution respected by customers, regulators and financial peers
First Independence Bank’s mission is to be a beacon for capital accumulation for individuals and business entities by delivering financial services with an affinity for under-served and minority communities
First Independence Bank, a state‐chartered commercial bank, complies with all applicable laws, rules, regulations, and ordinances of the City of Detroit, the County of Wayne, the State of Michigan, and the federal government. FIB has experience providing services to entities and individuals of varying size and complexity. FIB conforms to National Automated Clearing House Association rules. All depositors of First Independence Bank are insured by the FDIC up to $250,000.
First Independence Bank opened its doors on May 11, 1970. We have served the banking needs of the Detroit Metropolitan area for over 50 years and remain one of two banks headquartered in the City of Detroit, as well as the only African American‐owned bank headquartered in the State of Michigan. Treasury Management Services are generally managed from our Headquarters on Woodward Avenue in Detroit.
The Bank is the majority owner of Minority Alliance Capital, LLC (“MAC Leasing”). MAC Leasing is a certified minority‐owned equipment leasing company providing equipment lease financing, leasing administration and lease advisory services for Fortune 1000 companies. Headquartered in West Bloomfield, Michigan, the company is jointly owned by two certified minority‐owned banks. MAC Leasing is committed to helping secure the best quality solutions for financing and managing the complex process of equipment acquisition, life cycle management and asset tracking.
- Kenneth Kelly, Chief Executive Officer
- James Dunn, EVP, Chief Operations Officer
- Dimitrius Hutcherson, EVP, Chief Technology Officer, Chief Administrative Officer
- Damon E. Jenkins, SVP, Regional Consultant – Twin Cities, MN
Board of Directors First Independence Bank & First Independence Corporation:
- Kenneth Kelly, Chairman
- Rev. Dr. Wendell Anthony, Pastor – Fellowship Chapel
- Linda Forte, Retired – Comerica Bank
- Dennis Klaeser, Strategic Advisor, Board Member, Trustee
- Earl Newsome, Chief Information Officer – Linde, plc
- Dr. Phares Noel, President – Diversified Engineering Concepts LLC
- William Phillips, Chief Executive Officer/President – P.I.E. Management
- Derron Sanders, Managing Member – SG Companies
- Alan Young, Chief Executive Officer – Alan C. Young & Associates
First Independence Bank is one of only 144 minority depository institutions in the country, as defined in Section 308 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (“FIRREA”), and the only minority depository institution headquartered in the State of Michigan. Minority Depository Institutions (MDIs) often play a unique role in promoting the economic viability of under‐served communities. The FDIC has historically taken steps to preserve and encourage minority ownership of insured financial institutions. For clarity, there are approximately 20 institutions designated as African‐American‐controlled depository institutions left in the US of the 144 minority institutions (Asian, Hispanic, Native‐ American). First Independence, being within the top ten, puts Detroit and Wayne County in a unique leadership position of African American‐controlled institutions.
First Independence Bank has met the requirements for certification by both the City of Detroit and Wayne County. FIB has been designated by the City of Detroit as both a Detroit‐Headquartered Business and a Minority‐owned Business Enterprise and by the County of Wayne as a County‐based Business Enterprise.
First Independence Bank has also met the requirements for certification as a Minority Business Enterprise (MBE) by the National Minority Supplier Development Council (NMSDC).
First Independence Bank has met the requirements for classification as a Community Development Financial Institution (CDFI). Community Development Financial Institutions share a common goal of expanding economic opportunity in low‐income communities by providing access to financial products and services for local residents and businesses. To support emerging community development financial institutions, the Community Development Financial Institutions Fund, or CDFI Fund, was established by the Riegle Community Development and Regulatory Improvement Act of 1994. The CDFI Fund’s purpose is to promote economic revitalization and community development in low‐income communities through investment in and assistance to CDFIs. As a CDFI, First Independence Bank is eligible to apply for awards through the Bank Enterprise Award (BEA) Program.
Kenneth Kelly, FIB’s Chairman and CEO, was recently named to the Federal Reserve Bank’s Seventh District Community Depository Institutions Advisory Council (CDIAC). The CDIAC was established in 2010 by the Board of Governors to provide input to the Board on the economy, lending conditions, and other issues of interest to community depository institutions. Unlike the Federal Advisory Council, CDIAC is not a statutory body, but it performs a parallel function in providing first‐hand input to the Board on the economy, lending conditions, and other issues. Members are selected from representatives of banks, thrift institutions, and credit unions serving on newly created local advisory councils at the twelve Federal Reserve Banks. This representation will provide the Chicago Fed President with valuable insight into the economic and lending conditions in and around the City of Detroit and the County of Wayne. This input will help contribute to the Federal Reserve System’s formulation of national supervisory and monetary policy.
Mr. Kelly was selected to become a member of the Federal Deposit Insurance Corporation‘s Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross‐section of community bankers from around the country. “Community banks play a critically important role in the financial system and economy of the United States,” said FDIC Chairman Jelena McWilliams. “We are fortunate to have such highly respected professionals who are willing to volunteer their time and talents to provide input on the issues most important to community banks. I look forward to working with the Advisory Committee member.” The Advisory Committee on Community Banking discusses and provides input to the FDIC on a variety of topics, including current examination policies and procedures, credit and lending practices, deposit insurance assessments, insurance coverage and regulatory compliance.