First Independence Bank
First Independence Bank has served Detroit communities for more than 40 years. They have always treated customers as their most important asset, with products and services designed to best-serve customers' needs. First Independence takes their responsibilities as a member of their community seriously and it is their policy to never trade off profits for citizenship responsibilities. First Independence provides high-quality, meaningful jobs to employees while contributing to the success of their communities and shareholders.
The recent #BankBlack social media campaign has brought black banking back into the national consciousness. The movement has inspired thousands of people across the country to transfer or deposit millions of dollars into black-owned banks for the first time. With this support, black-owned banks invest in urban communities, employ African Americans, and inspire black home ownership. For those considering making the change, here is a list of 13 banks to consider, including CDBA members United Bank, Industrial Bank, Harbor Bank of Maryland, Broadway Federal Bank, OneUnited Bank, Carver State Bank, First Independence Bank, GN Bank, and Metro Bank.
48-year old Kiko Davis is the majority stockholder of Detroit-based First Independence Bank, one of the top 10 largest black-owned banks in the United States. This makes her the only African American woman in the country who owns a bank. Kiko says that taking risks is very important to become successful. “Without risk,” she says. “there can be no reward… Your mistakes will bring invaluable knowledge that will ultimately become your strategy for winning.”
First Independence Bank chairman & CEO Kenneth Kelly has been appointed to the Federal Reserve Bank of Chicago's Community Depository Institutions Advisory Council. The council is comprised of 12 members who are industry leaders across the Midwest, currently representing portions of the five states in the Seventh Federal Reserve District – Michigan, Illinois, Indiana, Iowa and Wisconsin. Chairman Kelly will serve a three-year term on the council from 2018-2020. “I am grateful to be appointed to the Advisory Council to provide insight into our economy in Michigan and the current banking landscape,” said Kelly.