Minnesota’s first Black-owned bank opens in Minneapolis

Posted on April 27, 2022 by thegrio.com

Detroit-based First Independence Bank plans to address Minnesota’s racial disparities in income and wealth.

First Independence Bank, based in Detroit, has expanded to Minneapolis, Minnesota, making it the first Black-owned bank in the North Star State. The bank opened its doors on Tuesday and has promised to focus on the state’s racial disparities in income and wealth.

According to , per Fortune, only 47% of Black home loan refinancing applicants were approved by Wells Fargo in 2020, compared to 72% of white applicants, according to data examined by Bloomberg News.

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