First Independent Bank
First Independent completed a merger involving an acquired institution in July 2025. Capital moved notably last quarter — CET1 ratio of 12.31% was up 200bps from the prior quarter. Operating from Russell, MN, First Independent Bank serves its local market as an FDIC-insured commercial bank. The Q1 2026 balance sheet stands at $634M in assets, including $427M in loans. The bank posts a strong 1.39% ROA and 16.07% ROE. Capital is comfortably above regulatory minimums — CET1 ratio of 12.31% sits well above the 7% well-capitalized threshold. Asset quality is pristine — 0.17% NPLs and a 1.54% Texas Ratio. First Independent operates a 12-branch network.
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
- Fed District
- 11
- Established
- January 1, 1903
- Branches
- 12 domestic
- Employees (FTE)
- 86
- FDIC Cert
- 1900
- Fed RSSD
- 761851
- Website
- www.fibmn.com →
- Parent Holding Company
- FINLAYSON BANCSHARES, INC. (RSSD 1126037)
Capital & Liquidity
Inside the full First Independent Bank terminal
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First Independent Bank rankings
How this bank ranks against the full population of US commercial banks in each leaderboard. Click any rank to see the full ranked list.
Quarterly trend — last 6 quarters
Quarter-over-quarter movement in the five most-watched ratios. Sourced from the bank's own FFIEC call report filings.
Branch Network
Every branch from the FDIC Summary of Deposits — mapped, and listed with the deposits booked at each location.
| Branch | Location | ZIP | Deposits |
|---|---|---|---|
| Loading branches… | |||
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.
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
- Structure ChangeCharter Discontinued (Merger or Purchase & Assumption)FFIEC NIC
- MergerParticipated in Absorption/Consolidation/MergerFDIC
Sourced from unified bank events (FDIC, Federal Reserve NIC, OCC, and OTS). Showing the most recent 12 events.
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Frequently asked about First Independent Bank
What are First Independent Bank's total assets?
As of the Q1 2026 filing, First Independent Bank reported total assets of $634.1 million in its most recent FFIEC call report. All figures come directly from the bank's quarterly Schedule RC filing.
Where is First Independent Bank headquartered?
First Independent Bank is headquartered in RUSSELL, MN, United States. It files quarterly FFIEC call reports as required of all FDIC-insured commercial banks.
When was First Independent Bank founded?
First Independent Bank was established in 1903, per the FDIC institution directory.
Is First Independent Bank FDIC-insured?
Yes. First Independent Bank 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. All FDIC-insured banks also report to the FDIC and, depending on charter, the Federal Reserve.
What is First Independent Bank's CET1 capital ratio?
First Independent Bank reported a Common Equity Tier 1 (CET1) capital ratio of 12.31% in its most recent quarterly filing — above regulatory minimums.
How many branches does First Independent Bank operate?
First Independent Bank operates 12 domestic branches, per the most recent FDIC Summary of Deposits filing.
What is First Independent Bank's Texas Ratio?
First Independent Bank's Texas Ratio is 1.54% — within the healthy range (under 25%). The Texas Ratio measures non-performing assets against the bank's capital and reserves; see our /glossary/texas-ratio/ page for the full definition.
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