FIB In the Community
Detroit Headquartered First Independence Bank Chairman & CEO Kenneth Kelly Reflects During Bank’s 50th Anniversary
DETROIT – (May 12, 2020) – A group of more than two dozen prominent Detroit entrepreneurs, doctors, lawyers, educators and more saw a need to create economic stability within the community. The goal, to create a positive representation of economic opportunity and change to the Detroit community. With that vision, along with more than 2,000 investors, First Independence Bank was established.
The idea to create this financial institution was one of the positive outcomes that emerged shortly after the 1967 riots in Detroit, of one of our country’s most historic occurrences. The result of that collective strength has left a legacy that is still going strong today.
The institution opened its doors 50 years ago on May 14, 1970. In 1980, the late Grammy Award-winning music producer Don Davis transitioned from the music industry to business and purchased controlling interest in the bank. Davis served as chairman until his passing in 2014.
“Detroit has always had a culturally impactful history and the recognition of the bank reaching 50 years is another building block of our history,” says Kenneth Kelly, chairman & CEO. “This current COVID-19 global pandemic has demonstrated the need for our collective strength unlike any other time in history. It is with that spirit that we say thank you to our customers, and stakeholders for their unwavering support over the last 50 years, which provides the foundation for our future.”
First Independence Bank is noted as the eighth largest African American owned banking institution in the country. It also remains 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.
First Independence Bank – Celebrating 50 Years Servicing Our Community 1970-2020
About First Independence Bank
First Independence Bank is the 8th largest African-American-controlled commercial bank in the United States. It offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence bank has three locations and offers banking solutions online and digitally through its mobile app. Established in 1970, the bank continues to be a responsible leader, efficiently serving the financial needs of its community, its businesses and its customers nationwide. First Independence Bank is a member of FDIC and Equal Housing Lender.
Bank Enterprise Award
The Bank Enterprise Award (BEA) Program awards FDIC‐insured depository institutions for increasing their support of Community Development Financial Institutions (CDFIs) and advancing their community development activities in distressed communities. Over the past three years, BEA Program awardees have increased:
- Investments in certified CDFIs by $124.3 million;
- Loans and investments in distressed communities by $1.2 billion;
- Provision of financial services in distressed communities by $66.7 million.
First Independence Bank has been an award recipient for many of the last several years.
First Independence Bank Among First to Empower Young Professional Leaders – Establishes Millennial Advisory Board
DETROIT – (March 5, 2019) – First Independence Bank is creating an opportunity to empower the leaders of tomorrow by exposing them to corporate engagement and leadership development. The First Independence Bank Millennial Advisory Board, includes 13 Metro Detroit leaders selected from a long list of candidates, representing very diverse industries. First Independence has engaged the unique voice of the millennial generation which will help augment their skills and will contribute to the vision of the bank. “We will embrace their perspectives as we continue to grow and increase the financial capacity of these young advisory board members. It is their thought-leadership that will help us establish relevant products and services to meet their need. Our focus on financial literacy is to help provide a foundation for these leaders,” says Kenneth Kelly, Chairman & CEO, First Independence Bank. “We are excited to be a leading institution here in Michigan to incorporate a Millennial Advisory Board.” Kelly notes that millennials are unique in how they bank, spend, and make purchasing decisions. The bank, which has been headquartered and serving Metro Detroit for over 48 years, took notice of this trend and saw an opportunity to educate and empower this customer base in a new and more inclusive way. The newly-created advisory board will focus on understanding the unique needs of millennials, developing leadership skills and recognizing results-oriented outcomes to strengthen financial decision-making. The advisory board will receive financial mentor-ship and business acumen to strengthen their personal and career development.
3ON3 in the D Youth Basketball Clinic & Tournament
DETROIT – (June 7-9 2019) – First Independence Bank was a proud sponsor of the clinic and tournament. The youth had a great time and were very serious. All teams played hard and deserved their trophies. Littlefield Pistons Commemorative Book Slideshow.
DETROIT – (September 30 2019) – We believe it’s essential to not only #giveback to our communities but to also become immersed in serving within them. That’s exactly what our team did today! Our team volunteered for Life Remodeled, a Detroit non-profit organization that exists to remodel lives – one neighborhood at a time! We had a great time learning more about their work as well as helping to clean their headquarters for businesses that will soon be located in their beautiful space. We cannot thank their team enough for the opportunity to be a part of their life-changing work!