U.S. Bank Joins the U.S. Department of Treasury’s Bureau of the Fiscal Service Mentor-Protégé Program
October 02 2019 - 9:19AM
Business Wire
Bank to Mentor First Independence Bank, a
Minority-Owned Detroit Community Bank
U.S. Bank will mentor First Independence Bank, a minority-owned
community bank in Detroit, Mich., as part of the Bureau of the
Fiscal Service Mentor-Protégé Program sponsored by the U.S.
Department of Treasury. During the three-year commitment, U.S. Bank
will provide guidance and insight to First Independence Bank as it
strives to become a provider of financial services to the
Department of Treasury.
“With the mentor-protégé program, the Treasury Department
intentionally recognizes the importance of small banks in our
economy, banks that have historically and traditionally served
mostly their local communities,” said Corvelli McDaniel, Assistant
Commissioner of Revenue Collections for Treasury’s Bureau of the
Fiscal Service. “Now, through a period of preparation and
mentorship, small banks will have an opportunity to serve the
nation.”
The U.S. Department of the Treasury launched the mentor-protégé
program to broaden the capacity of small and community banks. By
establishing relationships between the largest commercial banks and
small protégé banks, Treasury seeks to expand networks within the
financial services industry and to facilitate the inclusion of a
broader range of financial institutions in Treasury business
opportunities.
“We are excited about the opportunity to partner with First
Independence Bank, leveraging our 30 years of experience as an
innovative, trusted advisor and financial agent of the U.S.
Treasury,” said Russell Zint, senior vice president and division
manager of Federal Banking for U.S. Bank. “First Independence
Bank’s values align with ours and we believe our collaboration will
lead to broader minority involvement in U.S. Treasury business and
greater economic development in our communities.”
“We consider this a high honor and grand opportunity to serve as
financial agents to the U.S. Department of Treasury as a U.S. Bank
mentee in the Bureau of the Fiscal Service Mentor-Protégé Program,”
says Kenneth Kelly, chairman & CEO, First Independence Bank.
“First Independence Bank keeps its customers’ needs at the
forefront at all times, so an opportunity such as this positions us
for continued growth in areas that will allow us to better serve
new and existing customers at an expanded level locally and
nationally. It will be our goal to demonstrate with U.S. Bank, and
the U.S. Department of Treasury that mentorship in business is a
benefit to all.”
U.S. Bank is deeply committed to diversity, equity and inclusion
as one of its core values. The company recently invested $1 million
in the National Museum of African American History and Culture.
Additionally, U.S. Bank committed $1 million in the Chicago
Entrepreneurs of Color Fund, providing capital to minority-owned
small businesses on Chicago’s South and West sides.
About U.S. Bank U.S. Bancorp, with 74,000 employees and
$482 billion in assets as of June 30, 2019, is the parent company
of U.S. Bank, the fifth-largest commercial bank in the United
States. The Minneapolis-based bank blends its relationship teams,
branches and ATM network with mobile and online tools that allow
customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at usbank.com or follow on social media to
stay up to date with company news.
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Susan Beatty, U.S. Bank 612.303.9229,
susan.beatty@usbank.com
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