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.
TheGrio is now on your TV via Apple TV, Amazon Fire, Roku, and Android TV. Also, please download theGrio mobile apps today!
The post Minnesota’s first Black-owned bank opens in Minneapolis appeared first on TheGrio.
