MassMutual Great Lakes (MMGL) a financial services firm has announced a strategic alliance with First Independence Bank (FIB), the only Black-owned in Michigan.
The alliance will boost FIB’s efforts to provide service to its retail and commercial clients in Detroit and nationwide, many of which have been ignored when seeking these services.
The partnership will begin with a series of financial wellness educational sessions beginning this month. The sessions are open
to FIB customers, clients, and employees as well as the community. The sessions will focus on understanding life insurance, how to prepare for retirement, and setting and achieving financial goals such as saving for a home or a child’s college.Manuel Amezcua, president and CEO of MassMutual Great Lakes said in a release the partnership will help the underserved reshape how they view money.
“At MassMutual Great Lakes, we believe every individual,
small business owner and corporation deserves the right to financial services and strategies designed to create stability,” Amezcua said. “Our commitment is to develop meaningful relationships that reshape the financial well-being and success of a diverse group of individuals and institutions in the communities we serve.”Those interested in the courses can apply for them directly at MassMutual Great Lakes website.
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FIB has been serving the financial needs and dreams of Black Americans since 1970 and is the only Black-owned bank based in Michigan. FIB is one of only 155 minority depository institutions in the country.
The coronavirus pandemic has only increased the racial wealth gap. Partnerships like these not only help close that gap but also brings awareness to the services clients may not have known existed.
Gina Coleman, MMGL chief sales officer, said she is excited to work with FIB and enhance the financial power of FIB and its customers.
“For more than five decades, First Independence Bank has played an important role in addressing economic inequality and helping to create economic stability,” Coleman said. “We are excited to form this alliance with FIB to increase financial education opportunities and access to financial products and services while enhancing the level of convenience offered to the bank’s clients and the surrounding community.”