First Independence Bank brings Black-owned banking to Frogtown

First Independence Bank celebrated its St. Paul expansion on June 24, touting a commitment to investing in financial access and economic opportunity for Rondo and Frogtown residents. Photo Becca Gilbuena

Community leaders, entrepreneurs, residents and elected officials gathered Wednesday to celebrate the opening of First Independence Bank's new St. Paul location.

The opening marks a significant investment in expanding financial access and economic opportunity in two of the city's most historically underserved neighborhoods. The Black-owned bank is located inside the Neighborhood Development Center (NDC), 627 University Ave. W., placing banking services, financial education and lending opportunities directly in the heart of Frogtown and near the historic Rondo community.

"This is more than just a branch opening," said Damon Jenkins, senior vice president and Minnesota regional president for First Independence Bank. "We're here to build banking stewards, restore trust, expand homeownership and close the racial wealth gap."

Founded in Detroit more than five decades ago, First Independence Bank became the first Black-owned full-service bank in the Twin Cities when it opened its Minneapolis branch in 2022. The St. Paul expansion represents the bank's continued effort to invest directly in communities where access to capital remains a challenge. Photo Becca Gilbuena

Minnesota continues to have some of the nation's largest racial disparities in income and homeownership. Bank leaders said those realities informed their decision to expand into St. Paul and deepen its presence in the region.

NDC President and CEO Renay Dossman said the partnership between her organization and the bank is a natural fit.

"We've been very intentional about putting Black-owned businesses in this building," Dossman said. "To have a Black-owned bank in this building, anchoring the work that we do at NDC, is truly a blessing."

Dossman said access to capital remains one of the greatest obstacles facing many entrepreneurs, particularly those operating in historically disinvested communities.

"You can have the best idea. You can know exactly how to do it. But if you don't have a place willing to take a chance on you and provide access to capital, it's difficult to fulfill that dream," she said.

Dossman added that locating the bank within the same building where entrepreneurs receive business training and support services removes barriers and creates opportunities for stronger relationships between business owners and financial institutions.

Making capital accessible

St. Paul Mayor Kaohly Her, who joined community members for the ribbon-cutting ceremony, reflected on her own family's experience navigating financial barriers after arriving in the United States as refugees. Her family purchased several homes made available through a city program but struggled to secure the financing needed to rehabilitate the property. Relatives pooled their resources to create business opportunities and eventually opened one of the area's first immigrant-owned grocery stores.

"Access to capital is the only way that we can help those who have been systemically excluded from participating in financial markets and investments," the mayor said. "We cannot close those gaps if we do not have institutions like First Independence Bank willing to be our partners in this community."

The bank's leadership says that community-centered approach is what drew them to Minnesota in the first place. First Independence Bank President Dimitrius Hutcherson said the organization saw similarities between the challenges that inspired the bank's founding in Detroit and the social and economic conditions facing the Twin Cities following the unrest of recent years.

"We chose this region because we recognized the same undeniable spirit of resilience and hope," Hutcherson said. "We arrived to be an active, visible partner in restoring trust and rolling up our sleeves to work on closing the racial wealth gap."

Bank leaders said they hope the investment will help strengthen commercial corridors and support the continued revitalization of Frogtown, Rondo and surrounding neighborhoods.

First Independence Bank's St. Paul branch is located at 627 University Ave. W., inside the Neighborhood Development Center building, across from Rondo Community Library and along the Green Line corridor. Photo Becca Gilbuena