MBCRE ‘$1 million Deposit Challenge’ yields more than $3 million in deposits

Campaign supporting First Independence Bank Twin Cities exceeds expectations with 90 new accounts 

MINNEAPOLIS, July 18, 2023 /PRNewswire/ — The Minnesota Business Coalition for Racial Equity (MBCRE) announces that its “$1 Million Deposit Challenge”, supporting First Independence Bank (FIB), yielded $3.2 million in deposits.

During the campaign, which ended on Juneteenth (June 19), more than 90 individuals and organizations opened accounts with FIB, Minnesota’s first Black-owned and a Minority Deposit Institution. MBCRE member depositors included Greater MSP and Greater Twin Cities United Way. The Deposit Challenge was intended to help expand access to financial services for Black Minnesotans.

“We are thrilled to have facilitated more than $3 million in deposits at First Independence Twin Cities,” said Tiffani Daniels, managing director of MBCRE. “These deposits have the power to help close the homeownership gap, empower local businesses and more.”

Damon Jenkins, senior vice president and Twin Cities regional market president of First Independence Bank, expressed gratitude for MBCRE’s support. “These deposits will assist in our capacity building of resources and have a positive impact on our communities. I truly appreciate everyone who supported FIB during this challenge.”

MBCRE members made a huge difference. John Wilgers, president and CEO of Greater Twin Cities United Way, explained why his organization stepped up: “Supporting Minnesota’s first Minority Deposit Institution increases access to capital and financial literacy resources to help underserved communities. Expanding economic opportunity is imperative if we want to build a more equitable economy.”

The MBCRE encouraged member businesses, organizations and the wider Twin Cities community to open an account online or at FIB’s Minneapolis locations: 3430 University SE or 2217 Lake Street. Learn more at: http://mbcredepositchallenge.com/.

About Minnesota Business Coalition For Racial Equity 
The Minnesota Business Coalition for Racial Equity (MBCRE) is a collective impact organization working with the business community across the state of Minnesota. We believe that through our collective action, we can build an equitable, inclusive, and prosperous state with and for Black Minnesotans. For more information on the Minnesota Business Coalition for Racial Equity, visit https://mbcre.org/

Media Contact:
Meredith Moore
Minnesota Business Coalition for Racial Equity
[email protected]

SOURCE Minnesota Business Coalition for Racial Equity