First Independence Bank
Detroit, MI
IDRSSD: 254849
Total Assets
$699.59M
Latest filing
Total Deposits
$530.49M
Latest filing
Net Interest Margin
3.04%
Profitability
Locations
Main office and branches. Select to view on the map.
Main Office
First Independence Bank
7310 Woodward Ave
Detroit, MI 48202
Full Service - Brick and Mortar
Updated 11/14/2025Established 05/14/1970FDIC Certificate 13869
Branches (3)
Page 1 of 1| Name | Address | City / State |
|---|---|---|
| First Independence Bank (Main) | 7310 Woodward Ave | Detroit, MI |
| 7 MILE BRANCH | 7020 W 7 Mile Rd | Detroit, MI |
| UNIVERSITY BRANCH | 3430 University Ave Se | Minneapolis, MN |
| LAKE STREET BRANCH | 2215 E Lake St | Minneapolis, MN |
Showing 3 of 3
Quarterly Trends
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Total Assets vs Total Liabilities
Loans & Leases vs Deposits
Interest Income vs Expense
Net Interest Income
Noninterest Expense vs Income
Net Income
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Institution Profile
| Institution Class | Commercial bank, state charter, Fed non-member, and supervised by the FDIC |
| Primary Regulator | FDIC |
| Established Date | 05/14/1970 |
| Community Bank | Yes |
| Ownership Type | Not Mutual |
| ZIP | 48202 |
| State and County Number | 26163 |
| Subchapter S Corporations | No |
| Trust Powers | N/A |
| Federal Reserve ID Number | 07 |
| Numeric code | 21 |
| Insured by FDIC | Institutions that are currently open and insured by the FDIC |
| Federal Reserve District | Chicago |
| Core Based Statistical Area Name | Detroit-Warren-Dearborn, MI |
Operational Info
| Number of Employees | 86 |
| Domestic Offices | 4 |
| Foreign Offices | 0 |
| US Offices | 0 |
| Directly owned by another bank (CERT) | No |
| Last Structure Change Effective Date | 08/31/2022 |
| Date of Deposit Insurance | 05/14/1970 |
| Primary Insurance Agency | DIF |
| Website | www.firstindependence.com |
| Data Updated | 11/14/2025 |
| CERT | 20179 |
| Office of The Comptroller District: | — |
| Office of Thrift Supervision Region | N/A |
Financial Summary
| Total Assets | $699.59M |
| Total Deposits | $530.49M |
| Total Liabilities | $617.53M |
| Total Equity Capital | $82.06M |
| Net Income | $2.18M |
| Net Loans and Leases | $389.20M |
| Assets Per Employee ($Millions) | $7.86M |
| Bank Premises and Fixed Assets | $1.49M |
| Cash and Balances due from Depository Institutions | $41.34M |
| Deposits Held in Domestic Offices | $530.49M |
Key Performance Ratios
| Return on Assets (ROA) | 0.88% |
| Return on Equity (ROE) | 10.11% |
| Net Interest Margin | 3.04% |
| Efficiency Ratio | 82.05% |
| Tier 1 Risk-Based Capital Ratio | 0% |
| Net Loans and Leases to Core Deposits | 0% |
| Credit Loss Provision to Assets | 0.01% |
| Cash Dividends to Net Income (YTD Only) | 0% |
| Equity Capital to Assets | 8.886% |
| Earning Assets to total Assets | 82.27% |
Income and Expense
| Total Interest Income | $7.53M |
| Total Noninterest Income | $10.46M |
| Total Interest Expense | $3.17M |
| Total Noninterest Expense | $12.16M |
| Net Interest Income | $4.36M |
| Pre-tax Net Operating Income | $2.65M |
| Provision for Credit Losses | $14.00k |
| Discontinued Operations (Extraordinary Gains - Net) | $0 |
Additional Financial Info
| Goodwill and Other Intangibles | $0 |
| All Other Assets | $0 |
| Other Real Estate Owned | $0 |
| Other borrowed funds | $71.62M |
| Federal Funds Sold & Reverse Repurchase Agreement | $38.37M |
| Federal Funds Purchased and Repurchased Agreement | $4.00M |
| All Other Liabilities | $11.42M |
| Total Liabilities and Capital | $699.59M |
Securities
| Securities | $118.39M |
| Available-for-sale debt securities | $118.39M |
| Equity securities with readily determinable fair values not held for trading | $0 |
| Held-to-maturity securities | $0 |
| Subordinated Debt | $0 |
| Trading Account Assets | $0 |
| Trading Liabilities | $0 |
Frequently Asked Questions
What are the total assets of First Independence Bank?
$699.59M as of the latest filing.
How much are First Independence Bank's total deposits?
$530.49M in total deposits.
Where is First Independence Bank located?
Detroit, MI.
What is the Net Interest Margin?
3.04%.
How many domestic offices does it operate?
4.
When was it established?
05/14/1970.
What is the Return on Assets (ROA)?
0.88%.
How much are total loans and leases?
$389.20M (latest filing).
What is the total interest income (latest filing)?
$7.53M.