First Independence Corporation has Completed a Preferred Stock Offering.
THE TRANSACTION
On December 1, 2021, Detroit based First Independence Corporation, parent company of First Independence Bank, a minority depository institution, announced that it has closed equity capital investments with three commercial banking institutions. The 51 year old financial institution received equity investments from Citicorp, headquartered in New York, New York, Old National Bancorp, based in Evansville, Indiana, and U S Bank, headquartered in Minneapolis, Minnesota. The investments will strengthen the capital base of the minority owned institution and support its growth initiatives.
This comes after First Independence Bank’s recent announcement of its national expansion plans to open its newest branches in Minneapolis.
“We are elated that our collaborative views and actions for growth and sustainability amongst institutions have yielded equity investments from major financial institutions such as Citi, Old National and U S Bank as First Independence Bank forges ahead to expand in the Midwest,” said Kenneth Kelly, chairman CEO, First Independence Bank.
Our Client
FIRST INDEPENDENCE BANK
First Independence Corporation is the parent company of First Independence Bank, the 7th largest Black-owned commercial bank in the United States. It offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence Bank has three locations in the Detroit, Michigan market and offers banking solutions online and digitally through its mobile app. The bank has also recently announced its intention to open branches in the Minneapolis, Minnesota market, becoming the only black-owned bank in that market. Established in 1970, the bank continues to be a responsible leader, efficiently serving the financial needs of its community, its businesses, and its customers nationwide. First Independence Bank is a member of FDIC and Equal Housing Lender.
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