50-year-old Detroit Born Bank Celebrates New Opportunity with J.P. Morgan and Wayne County

Sponsored by JPMorganChase Local businesses are the beating heart of Detroit’s economy. They play an essential role in driving economic growth, creating jobs and helping residents build wealth. One of the half a million businesses headquartered in the region, First Independence Bank (FIB) has been serving customers in greater Detroit since 1970. The bank serves as a beacon of financial health and economic opportunity for the community, and has expanded over the years to help residents open small businesses, buy homes and grow their personal wealth. To this day, it plays a significant role in the city’s growth and prosperity, as one of just two banks headquartered in the City of Detroit, as well as the only minority depository institution headquartered in the State of Michigan. Now, FIB has won a new opportunity that supports local taxpayers and opens doors for future growth of the bank, with the help of J.P. Morgan and the Wayne County Treasurer’s Office. As community banks like FIB look to increase their footprint and customer base, working on large deals can be an effective path toward growth, helping diversify their portfolio and strengthen their operations. However, it can be challenging for smaller banks to participate...