Minnesota Business Coalition for Racial Equity supports First Independence Bank Twin Cities with launch of '$1 Million Deposit Challenge'

MINNEAPOLIS, Feb. 23, 2023 /PRNewswire/ -- The Minnesota Business Coalition for Racial Equity (MBCRE), a consortium of over 50 organizations, today launched the "MBCRE $1 Million Deposit Challenge" an initiative to support First Independence Bank, Minnesota's first Minority Deposit Institution. The focus is on expanding the reach and community impact of Twin Cities banking.

Less than 1% of FDIC-insured banks nationwide are Black-owned and across the country, communities of color experience generational impacts and continued discrimination in banking. However, according to a 2021 McKinsey & Company study, Minnesota has some of the most disparate racial economic inequalities in the nation.

"We are at a pivotal historical point as there's significant change occurring in the region, and we have an opportunity to build on the momentum. This extraordinary MBCRE initiative is part of that change, and it reflects the deep commitment from numerous Twin Cities institutions that believe in the success of First Independence Bank. The bank's success strengthens the financial wellness of communities, the region and Minnesota, particularly marginalized, underbanked, or unbanked households and individuals," said Senior Vice President and Twin Cities Regional Market President, Damon Jenkins. 

"After making my deposit, it reaffirmed to me the importance of Minority Deposit Institutions in our community," said Tiffani Daniels, managing director for the MBCRE, "Deposits can make a physical impact on our communities immediately, increasing the lending capacity of the bank. That lending potential can help close the homeownership gap and empower local businesses."

Experts indicate that supporting MDIs can be vital to a just and prosperous Minnesota with and for Black Minnesotans. Deposits can fund mortgage loans that help ease the homeownership gap. Deposits can also fund loans to support small businesses. Community investment is central to financial wellness ? and First Independence Bank is dedicated to investing in the Twin Cities.

The MBCRE is encouraging businesses and individuals to get involved in the deposit challenge. Businesses can make deposits at one of the two Twin Cities FIB locations, while individuals may open personal accounts in-person or online at the bank's website.

The $1 Million Deposit Challenge continues through Juneteenth 2023.

Learn more by visiting http://mbcredepositchallenge.com/

About Minnesota Business Coalition For Racial Equity

The Minnesota Business Coalition for Racial Equity (MBCRE) is a collective impact organization working with the business community across the state of Minnesota. We believe that through our collective action, we can build an equitable, inclusive, and prosperous state with and for Black Minnesotans. For more information on the Minnesota Business Coalition for Racial Equity, visit https://mbcre.org/

About First Independence Bank Twin Cities

First Independence Bank is the nation's seventh largest Black-owned commercial bank. Headquartered in Detroit, Michigan, with its newest location in Minneapolis, Minnesota, it offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence Bank has four locations and offers banking solutions online and digitally through its mobile app. Established in 1970, the bank continues to be a resource for communities and businesses. First Independence Bank is a member of FDIC and Equal Housing Lender. For more information visit http://www.firstindependence.com.

Media Contacts:
Meredith Moore
Minnesota Business Coalition for Racial Equity
[email protected]

Marsha Pitts-Phillips
First Independence Bank Twin Cities
[email protected]
612-408-7828

SOURCE Minnesota Business Coalition for Racial Equity