FIB In the Community

First Independence Bank Celebrates 55 Years of Empowering Communities

First Independence Bank, headquartered in Detroit, is proud to commemorate its 55th anniversary of serving the community. Established in 1970, the bank has a rich history of fostering economic stability and empowerment, particularly within African American and other communities. The bank opened its doors to the public May14, 1970.

In the aftermath of the 1967 Detroit Rebellion, a group of visionary leaders, including the late Roberta Wright, the wife of late Dr. Charles H. Wright of the Charles H. Wright Museum of African American History; and Berry Gordy Sr., the father of Motown founder Berry Gordy Jr., recognized the urgent need for economic change. Their collective efforts, supported by over 2,000 investors, led to the founding of First Independence Bank, which continues to provide financial services that reflect the community’s values and aspirations.

In 1980, Don Davis, a renowned music producer and businessman, acquired a controlling interest in the bank. He served as the longest-serving chairman at the bank until his passing in 2014. His leadership was instrumental in the bank’s growth and enduring commitment to its mission.

“It is an honor to have such deep Detroit-based roots embedded within the fabric of First Independence Bank, says Kenneth Kelly, chairman & CEO, First Independence Bank. The growth and continuation of the rich legacy of this esteemed bank is my top priority and my reason for working diligently to obtain all goals outlined in the mission for this institution,” said Kelly.

First Independence Bank has expanded under the guidance of Kelly. He currently serves as chairman-elect of the American Bankers Association and was honored as the EY Entrepreneur of the Year in 2024 for Michigan and Northwest Ohio, First Independence Bank has experienced remarkable growth over the past five years with the assets surging from just over $200 million in early 2020 to more than $500 million in 2025.

This expansion includes the opening of two locations in the Twin Cities of Minnesota, marking the bank’s first ventures outside Michigan. The first Minneapolis branch opened in late April 2022, and its second location in south Minneapolis, which serves as the home office, was established in October 2022.

“Leading the establishment of the bank in the Twin Cities region has been an honor. It’s important for our team to keep listening to the community, to continue building and maintaining partnerships, and providing resources for financial wholeness,” said Damon Jenkins, senior vice president and Twin Cities regional market president.

In January 2024, the bank appointed Dimitrius Hutcherson as President, reflecting its commitment to strong leadership. Hutcherson’s vision aligns with the bank’s mission to serve all communities and promote financial literacy.

“As a native Detroiter who took interest in the areas of banking and finance, it has always been a passion of mine to share my industry knowledge; and not only with the bank customers we serve, but also with this beloved community that I too call home,” said Dimitrius Hutcherson, president, First Independence Bank.

The bank has also partnered with Operation HOPE, a national nonprofit focused on financial literacy, to offer financial coaching, debt counseling, and educational programs in Detroit and the Twin Cities. This collaboration aims to enhance financial literacy and empower individuals to achieve economic success.

As it celebrates 55 years, First Independence Bank remains focused on its goal of becoming a billion-dollar institution. The bank continues to prioritize financial literacy, community engagement and participation, and the delivery of innovative products and services that meet the evolving needs of its customers.

Today, First Independence Bank stands as the seventh-largest Black-owned commercial bank in the United States, with headquarters in Detroit and branches in the Twin Cities, Minneapolis, reaffirming its dedication to empowering communities through accessible and inclusive financial services.