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Fifth Third makes $2 5 million investment in Detroit minority-owned bank
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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.