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The bank is relocating its St. Paul branch about a few miles down the road to the Rondo neighborhood.
MINNEAPOLIS — Minnesota’s first Black-owned bank continues work to close the financial wealth gap.
First Independence Bank is relocating inside the Neighborhood Development Center in St. Paul. Its current location on University Avenue will close once construction is complete and it’s able to open.
“We’re happy to be on this main corridor,” said Damon Jenkins, senior vice president of the Minnesota regional market. “We were very intentional again about this spot because it gives us access to historic communities like Rondo, but it also gives us access to thriving communities and up-and-coming communities like the East side of St. Paul.”
First Independence Bank opened at the corner of Lake Street and Hiawatha Avenue in 2022 with a few goals in mind: to build home ownership, particularly in Black communities, promote financial education, help small businesses get access to capital and technical assistance so they grow and build.
“There’s a need to get what we would describe as unbanked and underbanked communities just connected to banking. I believe that a true pathway to building generational wealth is partnering with a financial institution,” Jenkins said.
Jenkins said there are still people who don’t have a relationship with a bank. He said if they can get people to open accounts, they can start working on other behaviors like money management.
He said First Independence Bank goes beyond transactional interactions.
“We know that, particularly with communities of color, there is a huge distrust when it comes to banks and rightfully so. We can go back and see the data and history will tell us banking as an industry really hasn’t been as inclusive, and so we saw that as an opportunity to come here and really wedge that gap,” Jenkins said.
He said one of the reasons they decided to come to Minnesota was George Floyd.
“That was one of the main reasons that motivated First Independence Bank to come to this market. To be a solution in the aftermath of how do we recover, and how do we get things right from a financial and wealth building perspective in this region,” he said.
Jenkins said part of that recovery is building wealth for communities of color. He said one way they’re able to accomplish this is by building trust. Jenkins said he’s been doing this for 20 years and often hears people don’t feel seen.
“As we understand where that person is at, we can start to be that advisor, recommend things, and then guide or provide the appropriate guidance, excuse me, to individuals to really help them attain their financial goals,” Jenkins said.
He said a lot of people face barriers when going to the bank, which is why they’re located near the Light Rail, and eliminate some fees.
As First Independence Bank grows, Jenkins reflects on how far Black people have come during Black History Month. He says it shows people how Black people and Black cultures have been contributors to our country and the importance of representation, which is part of the reason why he got into banking.
“I think it’s another opportunity to connect or continue to connect other communities in particular communities that have opted out of really understanding and appreciating what Black culture brings to the table,” Jenkins said.
First Independence Bank will open it’s St. Paul location toward the end of June.