First Independence Bank

01 / The story of this place

Make time for these

First Independence Bank opened its doors on May 14, 1970, founded to give Detroit's Black community better access to capital and financial services at a time when mainstream banks routinely underserved Black neighborhoods. The bank struggled financially in its early years, and in 1980 record producer and businessman Don Davis, best known for his Motown-era production work with artists like Johnnie Taylor, stepped in and acquired a controlling interest, using his business acumen to stabilize the institution and preserve it as Michigan's only Black-owned commercial bank. Davis led the bank for decades until his death on June 5, 2014, leaving behind a rare example of Black-owned banking that survived Detroit's economic upheavals. First Independence Bank operates today from its headquarters on Woodward Avenue in the New Center area, continuing to serve Detroit's neighborhoods.

1. Opened May 14, 1970
2. Don Davis acquired a controlling interest in 1980, saving the bank
3. Michigan's only Black-owned commercial bank
4. Don Davis led the bank until his death in 2014
5. Still operating today, headquartered on Woodward Avenue