First Independence Bank, a black-owned bank in Detroit, has expanded into Minneapolis.
The $412 million-asset bank officially debuted the office this week, according to KARE11.com. The office quietly opened in late February.
The Federal Deposit Insurance Corp. approved the expansion in January.
First Independence has been supported – with capital, research and marketing services – by Bank of America, Bremer Bank, Huntington Bancshares, U.S. Bancorp and Wells Fargo.
First Independence customers have fee-free ATM and debit card use at Wells Fargo, Huntington, Fifth Third and or U.S. Bancorp branches. Wells Fargo donated the facility to a nonprofit that is leasing the location to First Independence.
Damon Jenkins, the bank’s senior vice president for the Twin Cities regional market, once was Wells Fargo’s Minneapolis district manager.