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MBCRE's $1 Million Deposit Challenge Supporting First Independence Bank

Building Collective Economic Power
One Deposit at a Time

First Independence Bank Twin Cities is Minnesota's first Minority Deposit Institution (MDI). MDIs provide our communities with much-needed tools and access to capital, financial services, and education. 


This enables MDI's to provide more loans to minority-owned businesses and increase wealth-building for generations.

The Minnesota Business Coalition for Racial Equity (MBCRE) is supporting the state’s first MDI – First Independence Bank – to drive members to make at least $1 million in deposits by Juneteenth 2023.

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The Case

All new accounts with a deposit made by June 19, 2023, at First Independence Bank Twin Cities will count toward this challenge.

The Minnesota Business Coalition for Racial Equity (MBCRE) is a collective impact organization working with the business community across the state of Minnesota.

We believe that through our collective action, we can build an equitable, inclusive, and prosperous state with and for Black Minnesotans.

For more information on the Minnesota Business Coalition for Racial Equity, visit



“First Independence Bank will be a point of pride for the entire region. Of more than 5,000 banking institutions in the U.S., only

18 are Black-owned — down from 48 in 2001. Few metro areas

can say that a Black-owned bank is part of their community.

Now the Twin Cities will be one of them.”

 Katie Simpson, Bank of America Minneapolis/Saint Paul president

First Independence Bank Twin Cities Locations

Lake Street Branch 

2217 E. Lake Street, Minneapolis, MN 55407

 (612) 699-8510

Hours of Operation

Mon-Fri: 9:00 am - 5:00 pm | Sat-Sun: Closed

University Branch (Drive-Thru and Walk-Up service)

3430 University SE, Minneapolis, MN 55414

(612) 699-8500

Hours of Operation

Mon-Thu: 9:00 am - 5:00 pm | Fri: 9:00 am - 6:00 pm 

Sat: 9:30 am - 1:00 pm | Sun: Closed

For Inquiries about opening an account visit:

For information about MBCRE visit

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