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New Black-owned bank comes to Minneapolis
How will it benefit North Minneapolis?
By Harry Colbert, Jr., editor-in-chief
It’s as simple as that.
According to S&P Global Market Intelligence, in64 percent of majority Black neighborhoods – regardless of income levels – lacked a branch bank location first independence bank building detroit their community. North Minneapolis, which is one such community that is first independence bank building detroit Black (45 percent Black, 30 percent white, 13 percent Asian, 8 percent Latinx, and 1 percent Native-American), has just three banks (standalone U.S. Bank and Wells Fargo locations and a TCF/Huntington National Bank inside of Cub Foods on West Broadway) servicing more than 50, people. Conversely, there are double the number of high interest predatory check cashing locations servicing the same geographic area. The need for access to traditional retail banking cannot be overstated.
So, when it was announced that a new Black-owned bank is coming to Minneapolis, a first independence bank building detroit thought would have been the bank would be geographically located in North Minneapolis, but that is not the case. However, through a unique partnership, residents of North Minneapolis will have access first independence bank building detroit the new First Independence Bank set to open this November at University Ave. S.E.
Five banks — Bank of America, Bremer Bank, TCF Bank (Huntington Bank), U.S. Bank and Wells Fargo — are supporting First Independence Bank’s arrival with capital, research, marketing and other services. The established Twin Cities banks’ support of First Independence should not be seen as charity according to representatives of the established five.
“We’re all working to bridge the wealth gap, and bringing in an established full-service Black-owned bank to the Twin Cities will go a long way in helping to do that,” said Laurie Nordquist, president, Upper Midwest region, Wells Fargo.
“This collaboration is not a diversity initiative, it’s an initiative to do first independence bank building detroit best for America,” said Greg Cunningham, chief diversity officer for U.S. Bank. “The wealth gap first independence bank building detroit not a Black problem, it’s an American problem.”
Born as a response to the Detroit riots, First Independence’s introduction to Minneapolis comes under similar circumstances.
“The parallel with what happened to George Floyd (and the cause of the Detroit riots) is just frightening,” said Kenneth Kelly, president and CEO of First Independence, one of 18 Black-owned banks in the nation.
The May murder of Floyd by Minneapolis police officer Derek Chauvin led to how to calculate mortgage insurance payment of unrest that saw the destruction of much of Minneapolis, including in North Minneapolis where one of its few banks, the U.S. Bank on West Broadway Avenue, was targeted. It was just this past July when the branch again became fully operational.
The decision to locate the inaugural First Independence Bank in an area just east of the University of Minnesota campus was less about the demographics of the surrounding area, but more about opportunity. The location – a former Wells Fargo branch – was gifted to Project for Pride and Living (PPL) and PPL offered a favorable lease to First Independence. Kelly said locations in North Minneapolis were scouted, including along West Broadway and Lowry avenues, but walking into an already existing bank building and the terms of the lease were reasons North Minneapolis was not selected. To offset not having a branch in North Minneapolis, First Independence formed an agreement with Wells Fargo and TCF/Huntington to allow its customers to use Wells and TCF ATMs at no charge. A second First Independence branch is slated to open along Lake Street near Hiawatha Avenue in South Minneapolis. Kelly said he hopes to have an eventual branch in North Minneapolis, but he does not have a timeframe nor guarantee for expansion.
“North Minneapolis and the African-American community were at the top of my conversations with Kenneth and his team,” said Saundra Samuels, president and CEO of the Northside Achievement Zone and part of the group that worked to bring First Independence to Minneapolis. “I look forward to the bank’s success, expansion and reach into our community in the future.”
Damon Jenkins, former vice president and district manager first independence bank building detroit Wells Fargo will lead the expansion into the state as senior vice president and Twin Cities regional market president. First independence bank building detroit new Minneapolis branch will be the first endeavor outside of Metro Detroit for the year-old bank.
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What is the Detroit Housing for the Future Fund?
The Detroit Housing for the Future Fund (DHFF) is a new fund comprised of private investment that will be invested into affordable housing development and preservation in Detroit. The DHFF is managed by Local Initiatives Support Corporation and was created in partnership with the City of Detroit as part of the Affordable Housing Leverage First independence bank building detroit initiative. The DHFF is designed to deploy first independence bank building detroit grant and low interest loan capital to compliment and leverage public investment through the City of Detroit and Michigan State Housing Development Authority as well as tax credits and other existing affordable housing finance tools.
To grow the pipeline of affordable housing preservation projects, LISC is administering a recoverable grant tool available to non-profit and for-profit developers that covers the cost of a “Capital Needs Assessment” (CNA) or a “Green Capital Needs Assessment (GCNA)”.
A CNA is a reporting tool that assesses current and projects future capital needs of multi-family properties. A CNA allows real estate investors to mitigate risk and to plan for large capital expenses over a reserve term. It also provides an analysis of architectural and building systems, recommendations for specific improvements, and funding estimates for long-term capital repair and replacement activities. Additionally, CNA's also identify safety hazards and code violations that pose liability concerns, deferred maintenance items and items beyond useful life that require replacement.
A Green CNA combines a conventional year CNA with an energy audit to be used by property owners and underwriters. Green CNAs are integral to identifying ways to save an increased amount of energy and water as a property and capital improvements as cost efficiently as possible. In addition, it can be utilized to determine a Replacement Reserve analyses for both green and conventional measures.
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The DHFF would not be possible with funding from the following companies and organizations: