First Independence Bank
- Company typePrivate
- Founded1970
- HeadquartersDetroit, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
First Independence Bank firmographics
Firmographics- Name
- First Independence Bank
- Legal name
- First Independence Bank
- Website
- https://firstindependence.com
- Company type
- Private
- Founded year
- 1970
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
First Independence Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (522110), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industry
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
Keywords
Where First Independence Bank is headquartered
LocationHeadquarters
- HQ city
- Detroit
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
First Independence Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Personal Banking: Checking, savings, money market accounts, personal loans, mortgages, and credit building products for individual consumers.
- Business Banking: Business checking, commercial lending, treasury management, merchant services, and payment processing for small to medium businesses and organizations.
- Commercial Lending: Term loans, secured lines of credit, commercial real estate loans, and SBA guaranteed loans for business expansion and capital investments.
- Treasury Management Services: ACH Manager, Positive Pay, Wire Management, Zero Balance Accounts, and cash flow management solutions for organizations.
- Joint Marketing Partners: Joint marketing arrangements with credit card companies and other financial partners.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | FIB Perks Checking - No monthly fee everyday checking |
| Subscription | Monthly | FIB Perks Plus Checking - $5/month elevated benefits |
| Subscription | Monthly | First Platinum Checking - Tiered interest bearing |
| Subscription | Monthly | First Senior Checking - Interest bearing for 60+ |
| Subscription | Monthly | Liquid Gold Checking - High rate no restrictions |
| Subscription | Monthly | First Money Market - Tiered interest bearing |
| Subscription | Monthly | First Personal Savings |
| Subscription | Monthly | First Choice Checking - Second chance banking |
| Subscription | Monthly | FI Economy Business Checking |
| Subscription | Monthly | FI Commercial Checking |
| Subscription | Monthly | FI Business Interest Checking |
| Subscription | Monthly | FI Business Money Market |
| One time/ perpetual license | Annual | Certificate of Deposit |
| Transaction based/ take rate | Pay-as-you-go | Mortgage Products |
Go-to-market motion2 records
Distribution channels9 records
Marketing channels7 records
First Independence Bank product offering
Product offeringCore offering
First Independence Bank is a state-chartered commercial bank that provides deposit products (checking, savings, money market, certificates of deposit), consumer and commercial lending (mortgages, auto loans, personal loans, home equity, SBA loans, term loans, commercial real estate), treasury management and merchant services, and digital banking channels to individuals, small and mid-sized businesses, municipalities, and minority-owned enterprises across Michigan, Minnesota, and Illinois.
Product overview
First Independence Bank operates as a state-chartered commercial bank offering a unified product portfolio spanning two primary banking divisions: Community Banking (personal, business and commercial banking) and Universal Banking (growth-stage enterprises and wealth management). The Community Banking line includes multiple checking account tiers (FIB Perks Checking, FIB Perks Plus Checking, First Platinum Checking, First Senior Checking, Liquid Gold Checking, First Choice Checking, First Minor Checking), savings products (First Money Market, First Personal Savings), and certificates of deposit. Business banking encompasses FI Economy Business Checking, FI Commercial Checking, FI Business Interest Checking, FI Business Money Market, FI Platinum Public Checking, First Public Savings, and CDs. Commercial lending includes Term Loans, Secured Lines of Credit, Commercial Real Estate Loans, and SBA Guaranteed Loans. Mortgage offerings feature Fixed & Adjustable-Rate Loans, Portfolio Loans, Doctor Loans, Non-Permanent Resident Loans, and Down Payment Assistance. The bank also provides personal lending (Auto Loans, Personal Loans, Home Equity), Treasury Management Solutions, and digital banking services (Online Banking, Mobile Banking, Mobile Deposit Capture, P2P Transfers, A2A Transfers). The acquired Chicago operations (formerly Metropolitan Capital Bank) are served via Black Diamond commercial banking portal. The bank also participates in the Cummins CARE partnership for minority business lending in the Twin Cities.
Differentiator
Problem solved
Functional benefit
Brands
- Black Diamond: Black Diamond portal for First Independence - Chicago (formerly MetCap) Black Diamond portal customers.
Products and services
- Personal Checking Accounts Consumer checking products offered in multiple tiers (FIB Perks Checking, FIB Perks Plus Checking, First Platinum Checking, First Senior Checking, Liquid Gold Checking, First Choice Checking, First Minor Checking) tailored to everyday users, families, seniors, second-chance banking prospects, and teens aged 14–17, with features such as online banking, mobile deposit, bill pay, BaZing discounts, ID theft aid, and cell phone protection.
- Personal Savings and Money Market Accounts Interest-bearing personal savings account (First Personal Savings) with quarterly compounding and tiered First Money Market account, both with minimum-balance fee waivers, for individual customers building reserves.
- Business Checking Accounts Small business checking products including FI Economy Business Checking (no minimum daily balance, first 200 transactions free), FI Business Interest Checking, and FI Business Money Market designed for sole proprietors, non-profits, and growing businesses.
- Commercial Checking Accounts Full-service analyzed commercial checking account (FI Commercial Checking) with monthly analysis, earnings credit allowance to offset fees, and per-deposit, per-item, and per-debit transaction pricing for higher-volume businesses.
- Public Sector Banking Specialized analyzed checking (FI Platinum Public Checking) and First Public Savings for municipalities, school districts, state and federal agencies, and other public-sector organizations requiring secure reserves and interest earnings.
- Certificate of Deposit Fixed-term CDs available to personal and business customers with terms from 1 month to 5 years and competitive interest rates.
- Mortgage Loans Residential mortgage products including Fixed-Rate Loans, Adjustable-Rate Loans, Portfolio Loans, Doctor Loans, Non-Permanent Resident Loans, and Down Payment Assistance Programs, originated through in-house and online application portals by dedicated mortgage loan officers.
- Commercial Lending Business financing products including Term Loans for expansions and capital improvements, Secured Lines of Credit for working capital and seasonal needs, Commercial Real Estate Loans, and SBA Guaranteed Loans, served through regional commercial loan officers in Michigan and Minnesota.
- Treasury Management Solutions Cash flow, payment, and liquidity management services for organizations, including ACH Manager, Positive Pay, Wire Management, Zero Balance Accounts, Business Credit Cards, and Merchant Services.
- Personal Consumer Loans Personal financing products for individual consumers including Auto Loans for vehicle purchases, Personal Loans for general life milestones, and Home Equity Loans and Lines of Credit that allow customers to leverage home equity.
- Merchant Services and Payment Processing Payment processing solutions for business customers paired with Business Debit Cards, Night Deposit, Wire Transfer, Remote Deposit Capture, Notary Services, and Safe Deposit Boxes at branch locations.
- Cummins CARE Partnership Loans Mission-driven loan program offering low-interest financing to small Black-owned businesses in the Twin Cities through a partnership with Cummins Advocating for Racial Equity (CARE), enabling borrowers such as Levels retail business to expand to Mall of America and Apache Mall in Rochester.
Quantifiable outcome
- Doubled book value in five years under current leadership
- +1 more outcomes
Companies that use First Independence Bank
Customer profileNamed customers2 records
Segments7 records
Ideal customer profiles5 records
First Independence Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
First Independence Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Cummins Advocating for Racial Equity (CARE)corePartnership to provide low interest rate loans to small Black-owned businesses in the Twin Cities. Cummins CARE and First Independence Bank jointly offer financing to support racial equity and help level the playing field for minority entrepreneurs. Example: Levels retail business expanded to Mall of America and Apache Mall through this program.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
First Independence Bank competitors and assessment
Company assessmentDirect peers
- Tri-State Bank of Memphis: A Black-owned, MDI-certified community bank headquartered in Memphis, Tennessee, with a long operating history serving minority communities. Comparable in mission, scale, and product offerings.
- OneUnited Bank: The largest Black-owned bank in the United States, headquartered in Boston with a presence in Los Angeles and Miami. OneUnited is a direct MDI peer serving similar minority and underbanked consumer and small business segments with comparable retail, mortgage, and commercial banking products.
- Industrial Bank: A Black-owned commercial bank headquartered in Washington, D.C. and a designated MDI. Closely comparable in target market (minority consumers and small businesses), product set (deposits, mortgage, commercial loans), and regulatory classification.
- Citizens Trust Bank: An African-American-owned commercial bank headquartered in Atlanta with branches in Alabama and Georgia. Operates as an MDI serving consumer, small business, and commercial clients with a similar mission-driven community banking model.
- City First Bank: A Black-led, Certified Community Development Financial Institution (CDFI) and MDI based in Washington, D.C. with a multi-state footprint. Highly comparable in mission, MDI designation, and commercial banking focus on underserved communities.
- Liberty Bank: A Black-owned, Minority Depository Institution headquartered in New Orleans with branches across the South. Liberty Bank mirrors First Independence's mission-driven, community-focused banking model serving minority consumers and small businesses.
- Broadway Federal Bank: A Black-owned, MDI-designated community bank headquartered in Los Angeles serving minority and low-to-moderate-income communities with deposit, mortgage, and small business lending products. Direct peer in MDI status and product mix.
Broad incumbents
- Huntington Bancshares: A large regional bank holding company headquartered in Columbus, Ohio, with deep presence in Michigan and the Midwest. Overlaps in commercial lending, treasury management, and Detroit-area deposit gathering; not MDI-focused but competes for the same commercial and small business clients.
Emerging players
- Live Oak Bancshares: A digitally-led, small business-focused community bank headquartered in Wilmington, North Carolina. Comparable in scale and small business / SBA lending orientation; differentiated by a technology-first model rather than MDI mission.
Regional players
- Bremer Bank: A regional community bank operating across Minnesota, North Dakota, and Wisconsin (now a division of Old National Bank). Comparable in regional community banking model and is part of First Independence's surcharge-free ATM network in the Twin Cities.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
First Independence Bank social profiles
Digital presenceFirst Independence Bank compliance and trust
Trust signalCompliance9 records
First Independence Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Independence Bank leadership team
Management profileNumber of profiles
Profiles13 records
First Independence Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
First Independence Bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Independence Bank M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Independence Bank
What does First Independence Bank do?
First Independence Bank is a state-chartered commercial bank that provides deposit products (checking, savings, money market, certificates of deposit), consumer and commercial lending (mortgages, auto loans, personal loans, home equity, SBA loans, term loans, commercial real estate), treasury management and merchant services, and digital banking channels to individuals, small and mid-sized businesses, municipalities, and minority-owned enterprises across Michigan, Minnesota, and Illinois.
Is First Independence Bank a public or private company?
First Independence Bank is a private company. It is classified as family owned and is currently operating.
When was First Independence Bank founded?
First Independence Bank was founded in 1970. It employs 51 to 100 people.
Where is First Independence Bank based?
First Independence Bank is headquartered in Detroit, United States, in the North America region.
How does First Independence Bank make money?
Five revenue lines are on record. Personal Banking is the primary driver. The others are business Banking, commercial Lending, treasury Management Services and joint Marketing Partners.
Who are First Independence Bank's main competitors?
Direct peers on record are Tri-State Bank of Memphis, OneUnited Bank, Industrial Bank, Citizens Trust Bank, City First Bank, Liberty Bank and Broadway Federal Bank. Huntington Bancshares is listed as a broad incumbent. Live Oak Bancshares is listed as an emerging player. Bremer Bank is listed as a regional player.
Does First Independence Bank have an API?
No public API is recorded for First Independence Bank.
What industry is First Independence Bank in?
First Independence Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor). Its NAICS code is 522110 and its SIC code is 6022.