Detroit-based First Independence Bank will be the recipient of a U.S. Bank mentorship as part of the Bureau of Fiscal Service Mentor-Protégé Program sponsored by the U.S. Department of the Treasury.
The three-year commitment will offer guidance and insight as First Independent works to become a financial services provider to the Department of Treasury.
“With the mentor-protégé program, the Treasury Department intentionally recognizes the importance of small banks in our economy, banks that have historically and traditionally served mostly their local communities,” says Corvelli McDaniel, assistant commissioner of revenue collections for Treasury’s Bureau of the Fiscal Service. “Now, through a period of preparation and mentorship, small banks will have an opportunity to serve the nation.”
The U.S. Department of the Treasury launched the program to broaden the capacity of small and community banks and seeks to expand networks within the financial services industry and include a broader range of financial institutions in Treasury business opportunities.
“We consider this a high honor and grand opportunity to serve as financial agents to the U.S. Department of Treasury as a U.S. Bank mentee in the Bureau of Fiscal Service Mentor-Protégé Program,” says Kenneth Kelly, chairman and CEO of First Independence Bank.
“First Independence Bank keeps its customers’ needs at the forefront at all times, so an opportunity such as this positions us for continued growth in areas that will allow us to better serve new and existing customers at an expanded level locally and nationally. It will be our goal to demonstrate with U.S. Bank and the U.S. Department of Treasury that mentorship in business is a benefit to all.”
First Independence Bank has been in operation for more than 49 years. It is the seventh largest African-American controlled commercial bank in the U.S. and offers services including managing accounts, personal loans, mortgages, consumer education, and investments. It has three locations and offers banking solutions digitally.
“We are excited about the opportunity to partner with First Independence Bank, leveraging our 30 years of experience as an innovative, trusted adviser and financial agent of the U.S. Treasury,” says Russell Zint, senior vice president and division manager of federal banking for U.S. Bank. “First Independence Bank’s values align with ours, and we believe our collaboration will lead to broader minority involvement in U.S. Treasury business and greater economic development in our communities.”
U.S. Bancorp has 74,000 employees and had $482 billion in assets as of June 30. It is the parent company of U.S. Bank, which is based in Minneapolis and is the fifth-largest commercial bank in the U.S.