DETROIT – A historic Metro Detroit bank is expanding its services to teach more people about financial literacy.
First Independence Bank is offering a virtual financial literacy workshop. Historically, it has been more difficult for Black people to get access to money.
First Independence Bank, founded in Detroit, was the first Black-owned bank in Michigan.
“There was some access but it wasn’t as much as we needed,” Dimitrius Hutcherson, with First Independence Bank, said. “We were that place that they could go.”
The bank has grown since it started in 1970. It’s now a full-service bank with three locations and partnerships with bigger banks.
“First Independence Bank is a financial services institution that was started in 1970,” Hutcherson said. “Customers of all types.”
It’s not just about how much money you make and where you put it -- something that’s not often taught in schools. And for minorities struggling just to get in the game, financial literacy hasn’t always been a focus when just making enough money to survive took precedent.
“People tend to live more day-by-day or paycheck-to-paycheck,” Gina Coleman, the CSO of MassMutual Great Lakes, said. “They feel we paid the bills so we’re good.”
That’s why MassMutual Great Lakes and First Independent Bank partnered to offer financial literacy lessons. The series is being offered via Zoom and is free for anyone interested.
When the series is and how to join
Financial goal setting
Learn how to set up goals for some of the most prominent areas of concern: Income, savings, retirement and debt.
- May 19 from 6 p.m. to 7 p.m. with Gina Coleman.
- May 21 from 1 p.m. to 2 p.m. with DaShaun Draper.
- May 22 from 10 a.m. to 11 a.m. with Maurice Miller Jr.
Understanding life insurance
Learn the difference between term and permanent life insurance and who might need it.
- June 2 from 6 p.m. to 7 p.m. with Gina Coleman.
- June 4 from 1 p.m. to 2 p.m. with DaShaun Draper.
- June 5 from 10 a.m. to 11 a.m. with Maurice Miller Jr.
Envisioning a successful retirement
Already dreaming of retirement? Learn what steps you can take today for your vision of retirement.
- June 9 from 6 p.m. to 7 p.m. with Gina Coleman.
- June 11 from 1 p.m. to 2 p.m. with DaShaun Draper.
- June 12 10 a.m. to 11 a.m. with Maurice Miller Jr.