FHLBank Indianapolis Opens Detroit ‘Hub’ to Serve Detroit Communities, Partners

INDIANAPOLIS – Today, the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) officially opened its Detroit Hub for business with the help of Detroit Mayor Mike Duggan and several Detroit-area affordable housing leaders and financial services partners. The event was hosted at FHLBank Indianapolis’ new suite in the historic Palms Building in the heart of downtown Detroit.

“Detroit is the biggest city in our district and opening a satellite office downtown is just the latest step we’ve taken to growing our ties to the city,” said Cindy Konich, president and CEO of FHLBank Indianapolis. “Our Detroit Hub will provide space for us to facilitate better community investment engagement between local partners and financial institutions committed to affordable housing and community development.”

“We’re excited that another bank is establishing a permanent presence in downtown Detroit,” Mayor Duggan said. “FHLBank Indianapolis has been an affordable housing and a financial services partner in the Detroit area for many years. Establishing its presence in our city is another example of its commitment to investing in Detroit and its residents." 

Also attending the event on behalf of the City of Detroit was Julie Schneider, director of the Detroit Housing & Revitalization Department.

“FHLBank Indianapolis has proven to be a valued partner as we seek to fund and develop a sustainable and inclusive stock of affordable housing in Detroit,” Schneider said. “FHLBank Indianapolis’ Affordable Housing Program, in particular, has helped provide gap funding in areas where the city has already committed HOME and CDBG funding.”

FHLBank Indianapolis: Building Partnerships, Serving Communities

The Federal Home Loan Bank of Indianapolis is one of 11 regional banks that make up the Federal Home Loan Bank System. FHLBank Indianapolis was established in 1932 to ensure the availability of low-cost funding for its Michigan and Indiana financial institution members, which include commercial banks, credit unions, insurance companies, savings banks, and Community Development Financial Institutions.

In addition to providing liquidity to its members, FHLBank Indianapolis sets aside 10 percent of net income each year to support affordable housing and community investment throughout Michigan and Indiana.

Investing in Detroit

FHLBank Indianapolis has always served Michigan and the Detroit area. However, being based out of Indianapolis has made it more challenging to bring the benefits of its affordable housing programs to the metro area and the state.

As a result, in early 2019, FHLBank Indianapolis undertook a targeted approach to improving its engagement in southeast Michigan. The bank’s Community Investment team visited Detroit almost monthly, meeting with various stakeholders, including the City of Detroit, FHLBank Indianapolis members, other Detroit-area financial institutions, and community partners.

Community Investment Officer MaryBeth Wott explained the approach: “We did more listening than talking and learned that FHLBank Indianapolis had the right programs to make a difference in Detroit. However, lacking a representative in Detroit made consistent member and community engagement more challenging.”

As a result, Detroit-based Community Investment Outreach Partner Anna Shires in April 2020. Before joining the bank, Anna served as the manager of Housing Development for the City of Detroit.

“In recent years, Detroit has seen a resurgence in economic activity and revitalization, but a significant portion of city residents are still battling generational poverty and decades of neighborhood disinvestment,” said Anna Shires, FHLBank’s Community Investment Outreach Partner. “Between the needs of city residents and the uptick in lending activity, FHLBank Indianapolis is uniquely positioned to support our members’ local investments while increasing community impact across the city.”

FHLBank Indianapolis’ affordable housing and economic development programs are having a significant impact on Detroit:

About the FHLBank Indianapolis Detroit Hub
The FHLBank Indianapolis Detroit Hub is located in the Palms building, a historic Downtown Detroit gem, well-situated to serve Michigan-based financial institutions and the Detroit affordable housing and economic development communities. It is steps away from Little Caesars Arena, Comerica Park, and Ford Field, and close to food and entertainment. The space includes a conference room to host meetings, workshops, and training sessions for up to 30 people.

The Detroit Hub will provide office space for many of FHLBank Indianapolis’ Michigan-based employees and meeting space to better connect with the Detroit financial institutions, nonprofits, and community partners we serve.

Better Engagement for Detroit- and Michigan-based Financial Institutions
FHLBank Indianapolis also hired a new Detroit-area Account Manager, Jaime Carver, in early August. The Detroit Hub will provide Carver a home base to work with local members, expand member recruitment efforts in southeast Michigan, and more actively engage with local partners and in local activities.

The Detroit Hub will also provide a venue for the bank to host meetings serving its broader Michigan membership. “We anticipate inviting members from across the state to meet with us out of our Detroit Hub and anticipate supporting our members without a local presence in using our space to host their Detroit/southeast Michigan outreach and engagement,” said Jon Griffin, Chief Business Development Officer for FHLBank Indianapolis. “We look forward to growing our relationships with current members serving southeast Michigan and forging new relationships with other financial institutions in the area,” Griffin said.

A copy of the press release is available in PDF here: FHLBank Indianapolis Opens Detroit 'Hub' to Serve Detroit Communities, Partners.