First Independent Bank
Russell, MN
IDRSSD: 761851
Total Assets
$575.21M
Latest filing
Total Deposits
$484.39M
Latest filing
Net Interest Margin
3.71%
Profitability
Locations
Main office and branches. Select to view on the map.
Main Office
First Independent Bank
300 Front St
Russell, MN 56169
Full Service - Brick and Mortar
Updated 11/14/2025Established 01/01/1903FDIC Certificate 1266
Branches (11)
Page 1 of 2| Name | Address | City / State |
|---|---|---|
| First Independent Bank (Main) | 300 Front St | Russell, MN |
| FIRST SECURITY BANK BRANCH | 113 S Main St | Hendricks, MN |
| STATE BANK OF LUCAN BRANCH | 106 Main St | Lucan, MN |
| 176 SOUTH BROADWAY BRANCH | 176 Broadway St | Vesta, MN |
| BALATON BRANCH | 108 3rd St | Balaton, MN |
| DETACHED FACILITY | 101 N 1st St | Hanley Falls, MN |
| MARSHALL BRANCH | 105 Market St | Marshall, MN |
| BEARDSLEY BRANCH | 101 Main St N | Beardsley, MN |
Showing 7 of 11
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 | 01/01/1903 |
| Community Bank | Yes |
| Ownership Type | Not Mutual |
| ZIP | 56169 |
| State and County Number | 27083 |
| Subchapter S Corporations | Yes |
| Trust Powers | N/A |
| Federal Reserve ID Number | 09 |
| Numeric code | 21 |
| Insured by FDIC | Institutions that are currently open and insured by the FDIC |
| Federal Reserve District | Kansas City |
| Core Based Statistical Area Name | Marshall, MN |
Operational Info
| Number of Employees | 82 |
| Domestic Offices | 11 |
| Foreign Offices | 0 |
| US Offices | 0 |
| Directly owned by another bank (CERT) | No |
| Last Structure Change Effective Date | 07/11/2025 |
| Date of Deposit Insurance | 01/01/1934 |
| Primary Insurance Agency | DIF |
| Website | www.fibmn.com |
| Data Updated | 11/14/2025 |
| CERT | 1900 |
| Office of The Comptroller District: | — |
| Office of Thrift Supervision Region | N/A |
Financial Summary
| Total Assets | $575.21M |
| Total Deposits | $484.39M |
| Total Liabilities | $529.71M |
| Total Equity Capital | $45.50M |
| Net Income | $1.47M |
| Net Loans and Leases | $380.85M |
| Assets Per Employee ($Millions) | $6.77M |
| Bank Premises and Fixed Assets | $8.04M |
| Cash and Balances due from Depository Institutions | $22.04M |
| Deposits Held in Domestic Offices | $484.39M |
Key Performance Ratios
| Return on Assets (ROA) | 1.05% |
| Return on Equity (ROE) | 13.16% |
| Net Interest Margin | 3.71% |
| Efficiency Ratio | 61.48% |
| Tier 1 Risk-Based Capital Ratio | 9.986% |
| Net Loans and Leases to Core Deposits | 0% |
| Credit Loss Provision to Assets | 0.25% |
| Cash Dividends to Net Income (YTD Only) | 0% |
| Equity Capital to Assets | 7.91% |
| Earning Assets to total Assets | 93.93% |
Income and Expense
| Total Interest Income | $7.68M |
| Total Noninterest Income | $271.00k |
| Total Interest Expense | $2.79M |
| Total Noninterest Expense | $3.34M |
| Net Interest Income | $4.89M |
| Pre-tax Net Operating Income | $1.47M |
| Provision for Credit Losses | $354.00k |
| 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 | $43.63M |
| Federal Funds Sold & Reverse Repurchase Agreement | $3.20M |
| Federal Funds Purchased and Repurchased Agreement | $0 |
| All Other Liabilities | $1.68M |
| Total Liabilities and Capital | $575.21M |
Securities
| Securities | $140.60M |
| Available-for-sale debt securities | $56.92M |
| Equity securities with readily determinable fair values not held for trading | $0 |
| Held-to-maturity securities | $83.62M |
| Subordinated Debt | $0 |
| Trading Account Assets | $0 |
| Trading Liabilities | $0 |
Frequently Asked Questions
What are the total assets of First Independent Bank?
$575.21M as of the latest filing.
How much are First Independent Bank's total deposits?
$484.39M in total deposits.
Where is First Independent Bank located?
Russell, MN.
What is the Net Interest Margin?
3.71%.
How many domestic offices does it operate?
11.
When was it established?
01/01/1903.
What is the Return on Assets (ROA)?
1.05%.
How much are total loans and leases?
$380.85M (latest filing).
What is the total interest income (latest filing)?
$7.68M.