Minnesota’s first Black-owned bank opens its doors

Minnesota’s first Black-owned bank opens its doors Main Photo

26 Apr 2022

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Of the 44 Black-owned banks and credit unions in the U.S. with approximately $8.12 billion in assets, none are in Minnesota. That changes today, when Minnesota’s first known Black-owned bank, First Independence Bank, 3430 University Ave. S.E., Minneapolis, opens for business. 

“We know that banks represent beacons of hope,” said Kenneth Kelly, chairman and CEO of First Independence Bank. “You can’t go to any major city in this country and not see the largest building in this city having a bank name on it.”

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