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.
Last month, Bank of America announced that it had completed 10 new equity investments as part of its 4-year $1 billion commitment to advance racial equality in economic opportunity. Of BoA's 10 equity investments, 6 were to CDBA member banks: Carver State Bank, Carver Federal Savings Bank, First Independence Bank, M&F Bank, Southern Bancorp, and Optus Bank. These investments will facilitate benefits across multiple states and in the communities that these institutions serve through lending, housing, neighborhood revitalization, and other banking services.
On June 2, Bank of America made a $1 billion, four-year commitment to advance racial equality and economic opportunity. Today, the company is announcing its initial progress by directing one-third, or $300 million, of its $1 billion commitment to four key areas across 91 U.S. markets and globally: $25 million in support of jobs initiatives in Black and Hispanic/Latino communities, $25 million in support of community outreach and initiatives, $50 million in direct equity investments to Minority Depository Institutions (MDIs), and $200 million of proprietary equity investments in minority entrepreneurs, businesses and funds. MDI recipients will include First Independence bank and Optus Bank.
On Tuesday, October 22, CDBA Members Kenneth Kelly of First Independence Bank and Jeff Bowman of Bay Bank testified before the House Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions in a hearing titled, "An Examination of the Decline of Minority Depository Institutions and the Impact on Underserved Communities."