Southfield-based MassMutual Great Lakes, a financial services and strategies company, and Detroit’s First Independence Bank, have announced a strategic alliance through which the bank will be able to provide comprehensive financial services to its retail and commercial clients in Detroit and nationwide.
MassMutual offers insurance; wealth accumulation and investment planning; business, retirement, and estate planning; trust services; and more to individuals, families, and businesses.
“At MassMutual Great Lakes, we believe every individual, small business owner, and corporation deserves the right to financial services and strategies designed to create stability,” says Manuel Amezcua, president and CEO of MassMutual. “Our commitment is to develop meaningful relationships that reshape the financial well-being and success of a diverse group of individuals and institutions in the communities we serve.”
Maurice Miller Jr., a MassMutual wealth management adviser, will serve as an onsite advisor at the 7 Mile branch location. Starting this month, he will be available virtually from 10 a.m.-4 p.m. on weekdays and by appointment on Saturdays.
To kick off the partnership, an initial series of virtual financial wellness educational sessions is being offered starting this month. The sessions are open to the community, and topics include life insurance, retirement, and setting financial goals. Those interested can register here.
“We are thrilled about our new partnership with MassMutual Great Lakes,” says Kenneth Kelly, chairman and CEO of First Independence Bank. “Together, we will help move the financial literacy, stability, and mobility of our Detroit community and beyond. This ongoing partnership, where MassMutual Great Lakes holds equal measure of commitment and lends its resources to serve FIB customers and our surrounding community, will add value to all involved.”
First Independence Bank opened its doors in May of 1970 and is the only African American-owned bank headquartered in Detroit. According to the 2019 Survey of Consumer Finances conducted by the U.S. Federal Reserve, the 2019 median wealth of Black households in the U.S. was $24,100, compared to $189,100 for white households.
“We are excited to form this alliance with FIB to increase financial education opportunities and access to financial products and services while enhancing the level of convenience offered to the bank’s clients and the surrounding community,” says Gina Coleman, chief sales officer at MassMutual.
First offers banking services including accounts, personal loans, mortgages, consumer education, and investments. It has three locations.