First Independence Bank celebrates 50 years of service to community

DETROIT – First Independence Bank, founded in May of 1970, is celebrating its 50th anniversary.

“We’re celebrating 50 years. We were one of the positive outcomes as a result of the 1967 riots. After the riots there was a desire to really try to create a financial institution that would be initially dedicated to serve the needs of the African American community. And a lot of community activists, business leaders, got together and went through the process of getting a bank charter and formed First Independence Bank,” said Dimitrius Hutcherson, Executive Vice President, Chief Administrative Officer and Chief Technology Officer at First Independence Bank.

Hutcherson is proud to be part of a business with a rich history and strong ties connected to Detroit.

“We initially were targeting and wanted to be here to service, African American, African Americans and African American home business owners, but the bank grew and evolved. We are a full service bank with products to serve all of the Metro Detroit community,” he added.

Hutcherson knows what makes the bank unique and sets it apart.

“We are truly located in the respective communities that we serve…Our focus is to try and really be there to service, retail, as well as commercial customers,” he said.

Like so many others in the community, they’ve had to pivot in the age of coronavirus.

“When COVID-19 really started accelerating and the number of cases and when it became problematic in the US, a stay at home shelter was was put in place. We had to really be cautious and careful of making sure our staff was healthy, yet we still wanted to maintain and be open to service our customers, given that we are critical infrastructure we did. We had to modify our hours and rotate staff in and out for their safety purposes, yet we still remain open to service the needs of our customers,” said Hutcherson.

Now, Hutcherson is looking ahead to a brighter future with bigger goals.

“As a product of this city, as a kid that grew up on the lower east side of Detroit, we have to be here to meet the needs of our customers. They want to see our bank in the community, and they want to do business with us. We are experiencing phenomenal growth right now, and it validates the need for First Independence to be in the community and to be around,” said Hutcherson.