Black-owned Local Bank Promises to Serve the ‘Unbanked’
Days ago, the Detroit-based First Independent Bank (FIB) opened for business at the former Wells Fargo bank branch located at 3430 University Avenue S.E. The bank's chairman and CEO, Kenneth Kelly, noted in a press release that the University Avenue branch is "located in the community where it is visible and accessible to all in the Twin Cities... We look at the fact that it is close to the Metro Green Line and bus routes so that under-resourced and unbanked members of the community can easily reach us and use our services to improve their financial outlook." FIB, one of the 17 Black-owned full-service banks in the country, has received approval from the Federal Deposit Insurance Corporation (FDIC) to set up shop in the Twin Cities. The current expansion into the Minnesota market is the result of collaborative action on capital enhancement, marketing, and research with Bank of America, Bremer Bank, Huntington Bank, U.S. Bank, and Wells Fargo.