First Independence Bank, Minnesota’s First Black-Owned Bank, Opens Branch In St. Paul – AfroTech

Black-owned First Independence Bank is expanding.

The state-chartered commercial bank, opened in Detroit in 1970, is driven by a mission “to be a beacon for capital accumulation for individuals and business entities by delivering financial services with an affinity for underserved and minority communities,” according to its website.

Customers can access community banking products for personal, business, and commercial use, and universal banking products are available for growth-stage enterprises and wealth management.

First Independence Bank is the seventh-largest Black-owned bank in the U.S., according to a description on its Instagram page.

In 2026, First Independence Bank expanded to Chicago. The growth came after its earlier move into Minneapolis, which marked its first expansion outside Detroit and made history as Minnesota’s first Black-owned bank, as AFROTECH™ previously reported. The expansion to Minneapolis followed George Floyd’s murder, which had led to a national reckoning. Regarding the banking sector, Damon Jenkins, First Independence Bank’s Twin Cities senior vice president and Minnesota regional market president, said on the “LMOJ Morning Show” that the community had grown dissatisfied with the banking system because it had long been under-resourced and lacked equitable access to opportunities to build generational wealth.

He said this led banks to gather and brainstorm how to bring a minority depository institution to Minnesota. Kenneth Kelly, who worked at the National Bankers Association at the time and now serves as chairman and CEO of First Independence Bank, was a key advocate for minority depository institutions, Jenkins noted.

“So those banks, those community leaders, reached out to him and wanted to get his guidance on what does it really look like as far as impact from a minority deposit institution,” Jenkins explained on the “LMOJ Morning Show.” “So throughout those conversations, the opportunity was presented for First Independence to make its first transition from the city of Detroit to the Twin Cities, and ironically, if you go back and really study the history of First Independence Bank of Detroit, that institution, we are one of the positive outcomes of the 1967 Detroit riots. And if you really go back and do your history lesson, you will see that there are some parallels there. There are some similarities there.”

He continued, “I believe that Minnesota was destined for this opportunity, not just for the bank to be here, but for the bank to be a part of this wealth building, the reimagining of an ecosystem that really brings equity and create possibilities and opportunities for people who really want it.”

First Independence Bank has now opened its newest Minnesota location at the Neighborhood Development Center in St. Paul, MN, at 627 University Ave. W., KSTP Channel 5 reported. It’s a shared space that will benefit residents of Ramsey County and the Frogtown, Rondo, and other nearby communities, Jenkins said.

The upper floors of the building are residential, while the lower level includes commercial and retail space, he added.

“What’s nice about that and where the opportunity is for the bank to support NDC and their mission is most of the businesses on that corridor, I would say all the businesses on that corridor, are Black-owned,” Jenkins mentioned on the “LMOJ Morning Show.” “And so here is an opportunity for a Black-owned bank to come alongside additional Black-owned businesses and serve the community. We’re chasing this idea and goal of creating a destination on that corridor for our community, for our people.”

He also shared that the bank will host a gaming tournament and offer opportunities for young people to learn how to code.

“We’re gonna have games, you know, we’re gonna be fellowshipping, but really give the community time to understand that we’re here for you,” Jenkins said. “This is your branch. It’s not First Independence branch. It’s not a tenant of NDC. This is your space where you can come, be seen, be heard, won’t be marginalized or boxed in, and we’re gonna work with you and put you on a pathway to not just build wealth, but build it where you can leave it to somebody when you’re not here.”