First Independent Bank (Russell, MN)
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Data as of · sourced from FFIEC call reports. How we update
First Independent Bank is an FDIC-insured commercial bank headquartered in Russell, MN, established in 1903 (FDIC certificate 1900), and it is supervised by the FDIC. At Q2 2026 it reported total assets of $632.3M, up 15.7% from Q2 2025, the 36th largest of 221 banks headquartered in Minnesota. Its CET1 capital ratio was 12.26% at Q2 2026, above regulatory requirements.
- Charter
- Commercial bank
- Regulator
- FDIC
- Deposit insurance
- FDIC
- FDIC certificate
- 1900
- Headquarters
- Russell, MN
- Established
- 1903
- Total assets, Q2 2026
- $632.3M
- Assets vs Q2 2025
- +15.7%
- CET1 ratio, Q2 2026
- 12.26%
- Domestic offices
- 12 FDIC institution directory, current count
- Routing number
- 091209247
- Holding company
- FINLAYSON BANCSHARES, INC.
- Asset rank in state
- 36th of 221 in Minnesota
First Independent Bank runs leaner than most banks of its size. It reported $632 million in assets at June 30, 2026, up 15.7% from a year earlier. It spends about 43 cents to bring in each dollar of revenue, lower than about 9 in 10 of the 2,660 banks with $100 million to $1 billion in assets (median 61 cents). It also grew its loan book 22.6% over the year, 4.1 times the median of 5.5% for banks its size.
Net income for the quarter rose 30% from a year earlier, to $2.7 million. Over the same year, loans grew 22.6% and deposits grew 19.1%. Where it has less room is capital: it holds common equity equal to 12.26% of its risk-weighted assets, lower than about three-quarters of banks its size (median 15.12%).
As of June 30, 2026, First Independent Bank reported a CET1 capital ratio of 12.26%, a return on assets of 1.70%, a nonperforming-loan ratio of 0.14% and a Texas ratio of 0.95%. The figures come from its call report filed with the FFIEC.
Of the 221 banks headquartered in Minnesota, First Independent Bank is the 36th largest by total assets at Q2 2026. Quarter on quarter (Q1 2026 to Q2 2026), its total assets fell 0.3% to $632.3M, loans rose 3.9% and deposits fell 0.8%. Its loan book on June 30, 2026 was led by farmland and other real estate loans, at 27.0% of total loans, followed by agricultural production loans at 26.4%. The FDIC Summary of Deposits lists 12 offices for it, in 12 cities in MN; its Marshall office books 26% of its branch deposits. By the capital ratios in its Q2 2026 call report, First Independent Bank meets every capital ratio test for well capitalized.
Headquarters Profile
- Address
- 300 Front St, Russell, MN 56169
- County
- Lyon
- Metro Area
- Marshall, MN
- Charter
- Commercial bank, state charter, Fed non-member, FDIC-supervised
- Primary Regulator
- FDIC
- FDIC Region
- Kansas City (Region 11)
- Federal Reserve member
- No
- Federal Reserve district
- District 9, Minneapolis
- Fiduciary (trust) powers
- —
- Call Report form
- FFIEC 051
- Established
- January 1, 1903
- Domestic offices
- 12 FDIC institution directory, current count
- Employees (FTE)
- 90
- Domestic deposits
- $533.0M
- Allowance for credit losses
- $6.1M
- Net charge-offs (YTD)
- $34K
- Average total assets
- $633.0M
- Average total loans
- $436.2M
- Average interest-bearing deposits
- $393.2M
- Tax status
- Subchapter S
- Ownership
- Stock
- Community bank
- Yes
- FDIC-insured since
- January 1, 1934
- FDIC Cert
- 1900
- Fed RSSD
- 761851
- SEC CIK
- 2127904 → filed by FINLAYSON BANCSHARES, INC.
- Website
- www.fibmn.com →
- Parent Holding Company
- FINLAYSON BANCSHARES, INC. (RSSD 1126037)
Profitability
Q2 annualizedCapital & Liquidity
Balance Sheet
Income Statement
Operating & Funding
Ratios tagged annualized use the Q2 income alone. The UBPR and FDIC annualize the year to date instead. FDIC BankFind divides by the average of quarter-end total assets, the UBPR by RC-K average assets. The YTD margin is the UBPR's tax-equivalent figure over its own average earning assets; FDIC BankFind's margin is not tax-equivalent. How we compute these figures
Quarterly trends
First Independent Bank's total assets moved between a low of $485.4M (Q3 2023) and a high of $634.1M (Q1 2026) from Q3 2023 to Q2 2026, and it earned a profit in all 12 quarters. The line under each chart compares Q2 2026 with Q2 2025. How these charts are built
$632.3M total assets against $546.5M; $571.1M total liabilities against $502.5M.
$437.3M net loans and leases against $357.0M; $533.0M total deposits against $447.6M.
$136.6M securities against $130.8M; $28.9M cash and balances due against $33.9M.
$8.5M total interest income against $6.9M; $2.7M total interest expense against $2.5M.
$5.8M net interest income against $4.4M.
$1.7M total noninterest income against $292K; $3.5M total noninterest expense against $2.6M.
$1.2M provision for credit losses against $1K.
$2.7M net income against $2.1M.
1.70% return on assets against 1.56%; 3.80% net interest margin against 3.47%.
12.26% CET1 capital ratio against 11.56%; 9.87% tier 1 leverage ratio against 9.05%.
Inside the full First Independent Bank terminal
21 quarters of trends · 8 tabs · peer percentiles · watchlist alerts
Unlock this bank, freeWatch flags
Automated conditions triggered on this bank's latest filing. Advisory only; see the source metric pages for full context. Each flag is tagged Regulatory when it cites an official supervisory threshold, or BRR analysis when it's our own band, informed by our data and models.
Held-to-maturity securities carry unrealized losses worth 10–25% of book equity. Carried at amortized cost, they do not reduce reported capital, but they shrink the bank's true mark-to-market cushion if the securities ever have to be sold. BankRegReports analysis, HTM marks aren't a reported regulatory metric.
First Independent Bank rankings
Its closest position to the top of a national ranking is 326 of 3,606, for efficiency ratio; its furthest is 1,630 of 2,134, for CET1 ratio.
Banks merged into First Independent Bank
- First Security Bank-Hendricks, effective July 12, 2025
Quarterly trend: last 8 quarters
Across the 8 quarters to Q2 2026, its return on assets ran from 0.68% (Q4 2024) to 1.70% (Q2 2026) and its net interest margin ran from 3.01% (Q3 2024) to 3.80% (Q2 2026).
| Quarter | CET1 | ROA | NPL | Texas | NIM |
|---|---|---|---|---|---|
| Q2 2026 | 12.26% | 1.70% | 0.14% | 0.95% | 3.80% |
| Q1 2026 | 12.31% | 1.39% | 0.17% | 1.54% | 3.75% |
| Q4 2025 | 10.31% | 0.95% | 0.16% | 1.73% | 3.71% |
| Q3 2025 | 9.99% | 1.01% | 0.24% | 1.93% | 3.47% |
| Q2 2025 | 11.56% | 1.56% | 0.24% | 1.84% | 3.47% |
| Q1 2025 | 10.59% | 0.90% | 0.23% | 1.84% | 3.26% |
| Q4 2024 | 10.32% | 0.68% | 0.12% | 1.00% | 3.77% |
| Q3 2024 | 10.52% | 0.88% | 0.67% | 5.03% | 3.01% |
Swipe the table sideways to see every column.
Branch Network
View all 12 branches → Branch count from the FDIC Summary of Deposits, June 30, 2026. The domestic office count above is the FDIC's current figure, so the two can differ.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Marshall Branch | Marshall , MN | 56258 | $136.5M |
| First Independent Bank (main office) | Russell , MN | 56169 | $91.2M |
| State Bank of Lucan Branch | Lucan , MN | 56255 | $50.1M |
| Balaton Branch | Balaton , MN | 56115 | $46.3M |
| Tyler Branch | Tyler , MN | 56178 | $38.9M |
| First Security Bank Branch | Hendricks , MN | 56136 | $35.4M |
| Cottonwood Branch | Cottonwood , MN | 56229 | $33.2M |
| Main Street - Ruthton Branch | Ruthton , MN | 56170 | $30.9M |
| Wood Lake Branch | Wood Lake , MN | 56297 | $26.3M |
| Beardsley Branch | Beardsley , MN | 56211 | $24.0M |
| 176 South Broadway Branch | Vesta , MN | 56292 | $18.8M |
| Detached Facility | Hanley Falls , MN | 56245 | $1.4M |
Events & Regulatory History
Mergers, charter changes, enforcement actions, FDIC assistance, and (if applicable) failure events recorded against this institution. Click a year to see what else was happening across US banking that year.
| Date | Category | Event | Source |
|---|---|---|---|
| July 12, 2025 | Structure Change | Acquired First Security Bank-Hendricks Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| July 11, 2025 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 28, 2022 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| May 28, 2022 | Structure Change | Acquired Citizens State Bank of Tyler, Incorporated Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 11, 2021 | Structure Change | Acquired United Southwest Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 10, 2021 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| March 16, 2013 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| March 16, 2013 | Structure Change | Acquired The Buffalo Ridge Bank Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| December 31, 2011 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| December 31, 2011 | Structure Change | Acquired State Bank of Lucan Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
| November 29, 2008 | Merger | Participated in Absorption/Consolidation/Merger | FDIC |
| November 29, 2008 | Structure Change | Acquired First Independent Bank of Wood Lake Charter Discontinued (Merger or Purchase & Assumption) for the acquired bank | FFIEC NIC |
Sourced from the bank event history (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 12 events, scroll the table for the full history.
Regulatory record
Facts as filed or published, not a rating.
- Deposit market share
- 0.2% of deposits in MN, rank 54 of 277 institutions
- Period: June 30, 2026. Source: FDIC Summary of Deposits.
- SBA 7(a) lending
- 1 loans, $133K approved, $133K average. 0.00% of that year's loans have since been charged off
- Period: Federal fiscal year 2019 (October to September). Source: SBA 7(a) and 504 loan data (FOIA).
- Not on file
- Enforcement actions, Mortgage lending (HMDA), Consumer complaints, CFPB enforcement, CRA examination rating. No record from these sources, which is not the same as a clean record. Sources
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Frequently asked about First Independent Bank
What are First Independent Bank's total assets?
As of the Q2 2026 filing, First Independent Bank reported total assets of $632.3 million in its FFIEC call report.
Where is First Independent Bank headquartered?
It is headquartered in Russell, MN, United States.
When was First Independent Bank founded?
It was established in 1903, per the FDIC institution directory.
Is First Independent Bank FDIC-insured?
Yes. It is an FDIC-insured commercial bank (FDIC Certificate #1900). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category, per FDIC rules.
Who regulates First Independent Bank?
First Independent Bank's primary federal regulator is the FDIC.
What is First Independent Bank's CET1 capital ratio?
It reported a Common Equity Tier 1 (CET1) capital ratio of 12.26% in its Q2 2026 call report, above regulatory requirements.
How many branches does First Independent Bank operate?
It operates 12 domestic offices, per the FDIC institution directory. That count includes administrative and limited-service offices as well as full-service branches.
What is First Independent Bank's Texas Ratio?
Its Texas Ratio is 0.95% in its Q2 2026 call report, within the healthy range (at or below 50%, the level at which problem assets reach half of the capital cushion). The Texas Ratio measures non-performing assets against the bank's capital and reserves.
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