1974 - First Black-Owned Bank in Mississippi Chartered

On May 27, 1974, the First Independence Bank of Mississippi received its charter, becoming one of the few Black-owned financial institutions in the state’s history. The bank was created to address discriminatory lending practices and provide Black Mississippians with access to capital for housing, business, and education. During a time when traditional banks refused to serve Black customers fairly, this new institution represented economic resistance and community empowerment. The May 27 charter marked a turning point in Mississippi’s financial landscape, offering new hope in a state long marked by racial inequality. Although many Black-owned banks have since faced consolidation and closure, their legacy of economic autonomy remains vital. This milestone reminds us of the enduring need for financial institutions that serve Black communities with equity, integrity, and self-determination at the core.