DETROIT — First Independence Bank, a commercial bank chartered in Michigan and the only bank headquartered in Detroit, reported today a highly profitable 2012 – the highest in its 43-year history. The locally owned bank recorded a $2.3 million net profit in 2012; a $3.5 million turn-around from the $1.2 million loss suffered in 2011. The bank also reported that its tangible capital ratio was 10.8% at on Dec. 31, 2012.
“We’ve aggressively implemented several strategic initiatives including those that address the housing needs of our community,” Donald Davis, First Independence Bank CEO and chairman, said. “We’re committed to providing innovative financial products while improving economic conditions within the diverse communities we serve. We’re committed to the inner-city communities. For us, it’s a priority.”
First Independence Bank, which opened its doors in 1970, is Michigan’s only African-American owned bank and one of 26 such banks in the country.
“We’re proud to deliver quality financial resources to underserved communities,” Davis said. “Our customers trust us because of our loyalty and longevity. We understand the cultural dynamics. We work with our customers from the cradle to the grave – kids to retirees.”
To perpetuate the upswing in profits, First Independence Bank has laid plans for over $300 million in residential mortgages, $20 million in commercial business loans, and a progressive initiative for conventional home loans tailored to the specific financial resources of lower and moderate-income families.
“We’re investing in Detroit,” Davis said. “And looking forward to another successful year.”