Local businesses are the beating heart of Detroit’s economy. They play an essential role in driving economic growth, creating jobs and helping residents build wealth.
One of the half a million businesses headquartered in the region, First Independence Bank (FIB) has been serving customers in greater Detroit since 1970. The bank serves as a beacon of financial health and economic opportunity for the community, and has expanded over the years to help residents open small businesses, buy homes and grow their personal wealth.
To this day, it plays a significant role in the city’s growth and prosperity, as one of just two banks headquartered in the City of Detroit, as well as the only minority depository institution headquartered in the State of Michigan.
Now, FIB has won a new opportunity that supports local taxpayers and opens doors for future growth of the bank, with the help of J.P. Morgan and the Wayne County Treasurer’s Office.
As community banks like FIB look to increase their footprint and customer base, working on large deals can be an effective path toward growth, helping diversify their portfolio and strengthen their operations. However, it can be challenging for smaller banks to participate in certain opportunities given their size. That’s where institutions like J.P. Morgan can play a role.
Since 2021, J.P. Morgan has worked with First Independence as a client and helped the bank make an even larger impact.
Most recently, J.P. Morgan closed a $184 million transaction with Wayne County Treasurer’s Office, another longstanding client. The deal will support the county’s taxpayer assistance programs and help municipalities within the county direct dollars back into their communities.
FIB was included as the second participant in the deal. FIB has worked with Wayne County Treasurer’s Office in the past, and this transaction offers an opportunity to continue its support for their local government—and aligns with the bank’s 54-year history of community impact.
“This support from Wayne County Treasurer’s Office is a vote of confidence in our future. We are proud to be one of two banks engaged this year to provide access to capital for Wayne County, which will in turn support its constituents,” said Timothy Ha, Chief Investment Officer and Treasurer of First Independence Bank.
He added, “The more we can grow relationships and diversify our portfolio, the better positioned we’ll be to serve greater Detroit and Wayne County for years to come.”
J.P. Morgan’s work with clients like FIB and Wayne County is an important part of the firm’s work in Detroit. Over the last 10 years, the firm has made significant strides to accelerate Detroit’s economy, including investing more than $200 million to support local job training and placement programs, small businesses, affordable housing and financial health education.
“At J.P. Morgan we know local relationships are key to long-term success, and we value the opportunity to make connections between our clients to advance our shared goals,” said Syed Shakir of J.P. Morgan Government Banking, who serves clients in greater Detroit. “We hope this deal is just the beginning for Wayne County Treasurer’s Office and First Independence Bank as we look to build a stronger Detroit and Wayne County together.”
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