Frogtown just landed a new financial neighbor with some serious history behind it. First Independence Bank, the Detroit-based Black-owned institution that opened a Twin Cities division a few years back, officially cut the ribbon on its new St. Paul branch on Wednesday during a community celebration at the Neighborhood Development Center. The storefront sits at 627 University Avenue West, right along the Green Line, across from the Rondo Community Library.
Bank leaders say this is not just another branch, but a deliberate move to offer accessible banking, financial education, and small-business support in neighborhoods that traditional lenders have long underserved.
In a statement to KSTP, Damon Jenkins, First Independence Bank Twin Cities senior vice president and Minnesota regional president, called the new spot "convenient, on the main level of the building, along the Green Line light rail and across from the Rondo library." He said the St. Paul opening gives the bank a better chance to meet people where they already are and to help support the creation of generational wealth in Frogtown and surrounding neighborhoods.
Local footprint and background
First Independence expanded into Minnesota in 2022 with its first Twin Cities location in Minneapolis, part of a broader effort to grow minority-deposit institutions in the region. According to a PR Newswire release tied to the Minnesota Business Coalition for Racial Equity’s deposit challenge, regional partners have been encouraged to place deposits and build local partnerships to boost the bank’s lending power and support both small-business growth and homeownership opportunities.
Why Frogtown matters
The Neighborhood Development Center, which runs entrepreneur training and lending programs from its University Avenue offices, hosted the grand opening celebration and will serve as a key outreach partner. With the branch just steps from the Rondo Community Library and the Green Line, basic banking services are now positioned squarely in the daily path of transit riders and nearby residents. Bank leaders say that location choice is intentional, aimed at widening practical access to financial services rather than expecting customers to come to more distant commercial corridors.
What to watch next
Bank officials say the Saint Paul branch builds directly on the bank’s early Twin Cities success and is meant to deepen neighborhood ties as new programs roll out. As reported by KSTP, First Independence plans financial-education workshops and accessible account services with an eye toward improving financial stability and opening more paths to homeownership.
Community partners, including regional efforts such as the GroundBreak Coalition and other groups that backed the bank’s Twin Cities launch, say the new Frogtown branch is a visible step toward more equitable access to capital and financial know-how. In the coming weeks, both the bank and the Neighborhood Development Center are expected to post details on account-opening hours and upcoming events through their Twin Cities channels and community calendars.
