Fifth Third Bank boosts investment in Detroit-based First Independence
Follows $3 million investment in 2008
Larger banks increasingly taking investment positions in minority banks
Kenneth Kelly
First Independence Bank, among the nation s largest Black-owned banks, continues to receive interest from larger lenders amid calls for more economic equity.
The Detroit-based First Independence, a minority depository institution and community development financial institution (CDFI), has received a follow-investment of $2.5 million from a community development subsidiary of Fifth Third Bancorp., according to a news release. The investment, announced on Monday, brings the Cincinnati-based Fifth Third s total investment in First Independence to $5.5 million since 2008, according to the release.
A once-great commercial banking market is poised to become another Milwaukee or St. Louis. Does that matter? It does if you like your lender to be truly local.
Fifth Third Bank has expanded the scope of a retail executive who has been with the bank since late 2009.
Dewayne King has been named senior vice president and retail executive for Tennessee. King has since early 2018 led Fifth Thirdâs Georgia retail operation, which comprises 31 branches, and will continue to oversee that group. The Tennessee retail operations of Cincinnati-based Fifth Third cover 39 offices and nearly 200 bankers.
King began his career at Fifth Third as a financial center manager and has since, among other tasks, also led the bankâs partnership with the Nashville Predators and its Tennessee retail small business team. He had previously been with HSBC Financial Services.