First Independence Corp. Completes Issuances of $66.6 Million in Preferred Stock

Detroit based First Independence Corporation, parent company of First Independence Bank, a Minority Depository Institution (MDI) and Community Development Financial Institution (CDFI), announced it has closed a series of nine preferred equity capital transactions totaling $66.6 million since the beginning of 2021. These transactions were consummated with eight money center or super regional commercial banking institutions and the U.S. Department of Treasury through its Emergency Capital Investment Program (ECIP) program.

“We are elated that our collaborative views and actions for growth and sustainability amongst minority institutions have yielded preferred equity investments from these major financial institutions and the U.S. Treasury as First Independence Bank forges ahead to expand and grow in the Midwest,” said Mr. Kelly, chairman CEO, First Independence Bank. Mr. Kelly is a respected leader in the banking community and serves on the board of directors for the American Banking Association (ABA).

Kenneth Kelly was recently reappointed to the FDIC ComE-IN Committee, and also served as member of the FDIC’s Chairman’s Advisory Committee on Community Banking which was charged with providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters. He has also served as chairman of the National Bankers Association, which represents minority institutions nationally. Mr. Kelly also served on the Federal Reserve Bank’s Seventh District Community Depository Institutions Advisory Council (CDIAC).

Donnelly Penman & Partners has acted as exclusive Financial Advisor to First Independence Corporation and has issued fairness opinions in connection with these transactions. In addition, DPP also acted as exclusive Placement Agent on five of these transactions totaling $8.5 million of proceeds.