First Independence Bank
FDIC #20179
📍 Detroit, Michigan
First Independence Bank is a commercial bank, state charter and fed nonmember, supervised by the fdic. established in May 14, 1970. With assets of $601.78 Million, it operates 4 domestic branches.
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Community Reinvestment Act (CRA) Rating
Latest Exam: November 1, 2023
What is CRA? The Community Reinvestment Act (CRA) is a federal law that encourages banks to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods.
Rating History
November 1, 2023
Satisfactory
September 1, 2020
Outstanding
December 1, 2014
Satisfactory
💰 Financial Strength
Total Assets$601.78 Million
Total Deposits$478.88 Million
Equity Capital$42.31 Million
Net Income$1.28 Million
📈 Performance
ROA0.31%
ROE4.26%
Financial Terms:
ROA (Return on Assets): Measures profitability relative to size. 1.0%+ is good.
ROE (Return on Equity): Measures profitability for shareholders. 10%+ is strong.
ROA (Return on Assets): Measures profitability relative to size. 1.0%+ is good.
ROE (Return on Equity): Measures profitability for shareholders. 10%+ is strong.
📋 Corporate Structure
EstablishedMay 14, 1970
FDIC Cert20179
Holding CoFirst Independence Corp
Parent CertNA - Not listed as a child of a larger bank.
Last ChangeAugust 31, 2022
Foreign Offices0
SAIF InsuredNo
State CharteredYes
📜 Institutional History
2022
Relocation
Moved HQ to: 7310 Woodward Ave, Detroit, MI 48202.
2018
Relocation
Moved HQ to: 7310 Woodward Ave. Suite 101, Detroit, MI 48202.
2006
Name Change
Name became: Changed Institution Name To First Independence Bank.
1997
Relocation
Moved HQ to: 44 Michigan Avenue, Detroit, MI 48226.