First Independence Bank chairman & CEO Kenneth Kelly has been appointed to the Federal Reserve Bank of Chicago’s Community Depository Institutions Advisory Council. The council is comprised of 12 members who are industry leaders across the Midwest, currently representing portions of the five states in the Seventh Federal Reserve District – Michigan, Illinois, Indiana, Iowa and Wisconsin. Chairman Kelly will serve a three-year term on the council from 2018-2020.
“I am grateful to be appointed to the Advisory Council to provide insight into our economy in Michigan and the current banking landscape,” said Kelly, “This opportunity will provide a platform to discuss the renaissance in Detroit and Southeastern Michigan from a financial perspective. It is my plan to solicit input from my peers in the banking industry, business leaders, and political stakeholders to positively effectuate policy for us in Southeastern Michigan over the next three years. In addition, it is humbling to join eleven of my peers to advocate for all 1,731 depository institutions within the Seventh Federal Reserve District.”
The Council’s purpose is to promote communication between the Chicago Fed and representatives from community depository institutions, including banks, thrifts and credit unions in the Seventh District. Council members serve staggered terms lasting up to three years and meet twice annually to provide their views on current business conditions to Chicago Fed President Charles Evans and other senior officials of the Bank. Input from Council members on regional banking conditions helps contribute to the Federal Reserve System’s formulation of national supervisory and monetary policy (according to the Federal Reserve Bank of Chicago’s website).
First Independence Bank has been operational for nearly fifty years. In a recent ratings report, the bank is a five-star ranked financial institution according to BAUERFINANCIAL™, which conducts independent institution rating and reporting since 1983.
First Independence Bank is the 10th largest African-American-controlled commercial bank in the United States. It offers a variety of high-quality banking services from managing accounts to personal loans, mortgages, consumer education and investments. First Independence bank has three locations and offers banking solutions online and digitally through its mobile app. Established in 1970, the bank continues to be a responsible leader, efficiently serving the financial needs of its community, its businesses and its customers nationwide. First Independence Bank is a member of FDIC and Equal Housing Lender. For more information visit http://www.firstindependence.com.
About the Federal Reserve Bank of Chicago
The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the nation’s central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.