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Detroit-based Black-owned bank set to open in Twin Cities

First Independence Bank is one of just 18 Black-owned banks nationwide, their first Twin Cities branch is set to open in November.

MINNEAPOLIS — In the days and months after the murder of George Floyd, the Twin Cities became the epicenter of a global racial reckoning. 

Highlighting the disparities in communities of color, including the racial wealth gap. 

"The racial wealth gap currently stands at eight to one, meaning black households have one eighth of the financial wealth that white households have," said Gregory Cunningham, Chief Diversity Officer for U.S. Bank. 

Bremer Bank, U.S. Bank, Bank of America, Huntington Bank and Wells Fargo are five banks in the Twin Cities making it their mission to partner with Detroit-based First Independence Bank, as a way to help bridge the wealth gap here on the home front.

"Bringing First Independence Bank to the Twin Cities is part of a larger ecosystem of financial services and resources that are absolutely critical to help close the dipartites across the region," said Cunningham. 

First Independence Bank is one of just 18 Black-owned banks nationwide, their first Twin Cities branch is set to open in the old Wells Fargo bank center near the 3400 block of University Avenue in St. Paul, which was damaged during last summer's riots. 

To have people who understand your circumstance, to understand your lived experience, actually helping to provide solutions to you and financial products and services is absolutely critical," said Cunningham. 

A critical need which became evident for Jeanne Crain, President and CEO of St. Paul-based Bremer Bank.  

"We really needed to do more than we were all trying to do independently and so we all understood that our ongoing investment needed to be done differently especially championing Black leaders," said Crain. 

"All the banks will continue to provide not only resources and capital to assist First Independence Bank, but to provide technical assistance, technology and support to ensure that they're successful," said Cunningham. 

Financial experts say it’s an economic gamechanger, in which all will have an opportunity to win. 

"The more that we can come together and collaborate in the way that these five banks have done to bring First Independence to our region, it actually will serve as a catalyst for our economy and serve as a catalyst to heal our communities so that we can all live in vibrant communities here in the Twin Cities region," said Cunningham.

This will be the first time First Independence Bank is branching outside the state of Michigan.

Twin Cities native and former U.S. Bank district manager Damon Jenkins has been chosen as the area bank manager for First Independence, which is set to open in November. 

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