First Independence Bank was founded 50 years ago to help rebuild Detroit’s economy in the wake of damaging urban violence. Today, in a new era of economic hardship due to the coronavirus pandemic, and protests and unrest in response to incidents of racial injustice, minority depository institutions continue to have a unique role in serving distressed communities.

On the latest episode of the ABA Banking Journal Podcast — sponsored by Jack Henry — First Independence Chairman and CEO Kenneth Kelly tells the First Independence story and discusses: the historical struggles of and current environment for MDIs; talent development in the MDI sector; and the ongoing role of minority banks in promoting financial inclusion and helping minority communities build wealth.

As chairman of the National Bankers Association, Kelly also discusses the NBA’s recent strategic partnership with the American Bankers Association and how ABA member banks can get involved to support the MDI sector.