Three banks invest in First Independence Bank

A trio of banks has invested in a minority-depository institution in Detroit. 

First Independence, the parent of the $407 million-asset First Independent Bank, said in a press release Wednesday that it closed equity investments from Citigroup in New York, U.S. Bancorp in Minneapolis and Old National Bancorp in Evansville, Ind.

First Independence, a black-owned bank that recently announced plans to add branches in Minneapolis, did not disclose the amounts invested.

“We are elated that our collaborative views and actions for growth and sustainability amongst institutions have yielded equity investments from major financial institutions … As First Independence Bank forges ahead to expand in the Midwest,” Kenneth Kelly, the bank’s chairman and CEO, said in the release. 

Donnelly Penman & Partners was the placement agent. Nelson Mullins advised First Independence, while Honigman advised the agent.