Headquartered in Russell, Minnesota, First Independent Bank is a state-chartered bank with $632.3M in total assets and $533.0M in deposits as of Q2 2026. It operates 12 offices. Its charter dates back to 1903.
Based on its Q2 2026 filing, First Independent Bank scores 76/100, which we describe as strong. That is higher than 64% of 2,650 banks with $100 million – $1 billion. Among 223 banks headquartered in Minnesota, it ranks 52nd. Its strongest component is problem-loan coverage (98/100; 0.9%), and its lowest is capital cushion (49/100; 9.87%).
TellerScore · Q2 2026
Scorecard
The TellerScore is our own summary of the figures this institution reports publicly; it is not issued or endorsed by any government agency. It is not a prediction, and deposits within insurance limits are protected either way.
9 quarters
Health trend
From Q2 2025 to Q2 2026, the score rose 5 points (71 → 76), mostly because the earnings component improved by 13 points.
Show as table
| Quarter | TellerScore |
|---|---|
| Q2 2024 | 60 |
| Q3 2024 | 62 |
| Q4 2024 | 66 |
| Q1 2025 | 67 |
| Q2 2025 | 71 |
| Q3 2025 | 65 |
| Q4 2025 | 67 |
| Q1 2026 | 75 |
| Q2 2026 | 76 |
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| Quarter | Tier 1 leverage ratio |
|---|---|
| Q2 2024 | 8.58% |
| Q3 2024 | 8.37% |
| Q4 2024 | 8.41% |
| Q1 2025 | 8.59% |
| Q2 2025 | 9.05% |
| Q3 2025 | 8.03% |
| Q4 2025 | 8.03% |
| Q1 2026 | 9.89% |
| Q2 2026 | 9.87% |
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| Quarter | Noncurrent loans |
|---|---|
| Q2 2024 | 0.86% |
| Q3 2024 | 0.67% |
| Q4 2024 | 0.12% |
| Q1 2025 | 0.23% |
| Q2 2025 | 0.24% |
| Q3 2025 | 0.24% |
| Q4 2025 | 0.16% |
| Q1 2026 | 0.17% |
| Q2 2026 | 0.14% |
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| Quarter | Return on assets |
|---|---|
| Q2 2024 | 0.82% |
| Q3 2024 | 0.84% |
| Q4 2024 | 0.80% |
| Q1 2025 | 0.91% |
| Q2 2025 | 1.23% |
| Q3 2025 | 1.16% |
| Q4 2025 | 1.11% |
| Q1 2026 | 1.39% |
| Q2 2026 | 1.55% |
| Quarter | Score | Assets | Capital | Problem loans | ROA | Loans/deposits |
|---|---|---|---|---|---|---|
| Q2 2026 | 76 | $632.3M | 9.87% | 0.14% | 1.55% | 82.0% |
| Q1 2026 | 75 | $634.1M | 9.89% | 0.17% | 1.39% | 78.5% |
| Q4 2025 | 67 | $600.2M | 8.03% | 0.16% | 1.11% | 79.1% |
| Q3 2025 | 65 | $575.2M | 8.03% | 0.24% | 1.16% | 78.6% |
| Q2 2025 | 71 | $546.5M | 9.05% | 0.24% | 1.23% | 79.7% |
| Q1 2025 | 67 | $524.4M | 8.59% | 0.23% | 0.91% | 79.1% |
| Q4 2024 | 66 | $527.7M | 8.41% | 0.12% | 0.80% | 79.3% |
| Q3 2024 | 62 | $510.0M | 8.37% | 0.67% | 0.84% | 78.7% |
| Q2 2024 | 60 | $517.3M | 8.58% | 0.86% | 0.82% | 77.8% |
2,650 peers · $100 million – $1 billion
How it compares with peers
Percentile against banks of similar size nationwide (100th = best among peers; for ratios where lower is better, the scale is flipped).
Similar-size banks in Minnesota
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| Scale BankBank Edina, MN | 83 out of 100, Strong | $626.7M | 14.0% | 0.06% | vs |
| BankVistaBank Sartell, MN | 46 out of 100, Below average | $651.1M | 9.9% | 2.21% | vs |
| American Heritage National BankBank Long Prairie, MN | 80 out of 100, Strong | $604.7M | 11.9% | 0.00% | vs |
| North Shore Bank of CommerceBank Duluth, MN | 71 out of 100, Strong | $598.5M | 8.7% | 0.14% | vs |
| Citizens Bank MinnesotaBank New Ulm, MN | 70 out of 100, Strong | $596.0M | 9.3% | 0.02% | vs |
| Wnb Financial, N.A.Bank Winona, MN | 76 out of 100, Strong | $583.7M | 10.3% | 0.08% | vs |
Deposit insurance
Is my money safe at First Independent Bank?
Yes. First Independent Bank is an FDIC-insured institution (FDIC certificate #1900). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
An estimated 16.8% of deposits ($89.7M) are above the $250,000 FDIC insurance limit, below the peer median of 24%. Insured balances are protected regardless of the score.
The tier 1 leverage ratio is 9.87%, above the 5% level regulators use as the "well capitalized" benchmark for this measure. Its total risk-based capital ratio is 13.49% (benchmark: 10%).
12 locations
Branches
First Independent Bank lists 11 offices in 11 cities. Most locations:
- Balaton, MN (1)
- Beardsley, MN (1)
- Cottonwood, MN (1)
- Hendricks, MN (1)
- Lucan, MN (1)
- Marshall, MN (1)
- Russell, MN (1)
- Ruthton, MN (1)
- Tyler, MN (1)
- Vesta, MN (1)
- Wood Lake, MN (1)
Identity & history
Profile
- Legal name
- First Independent Bank
- Former names
- Farmers State Bank of Russell
- Type
- State-chartered bank
- FDIC certificate #
- 1900
- RSSD ID
- 761851
- Primary regulator
- FDIC
- Holding company
- Finlayson Bancshares Inc
- Established
- January 1, 1903
- Headquarters
- 300 Front St, Russell, MN 56169
- Website
- www.fibmn.com
- Employees
- 90
Quick answers
First Independent Bank: common questions
Is First Independent Bank FDIC insured?
Yes. First Independent Bank is an FDIC-insured institution (FDIC certificate #1900). Deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
What is First Independent Bank's TellerScore?
76 out of 100 (Strong), based on its Q2 2026 publicly reported figures. The TellerScore is our own summary and is not issued by any government agency.
Has First Independent Bank ever failed?
There is no failure record for FDIC certificate #1900 in the FDIC failed bank list.
How many branches does First Independent Bank have?
12 offices as of the latest FDIC data.
Nearby
Highest-scoring banks and credit unions with branches near Russell
| Institution | Score | Assets | Capital | Problem loans | Compare |
|---|---|---|---|---|---|
| First Security Bank - CanbyBank Canby, MN | 97 out of 100, Very strong | $85.2M | 14.1% | 0.08% | vs |
| Minnwest BankBank Redwood Falls, MN | 68 out of 100, Moderate | $2.9B | 10.8% | 0.56% | vs |
| Currie State BankBank Currie, MN | 66 out of 100, Moderate | $100.0M | 10.7% | 0.96% | vs |
| Old National BankBank Evansville, IN | 59 out of 100, Moderate | $73.9B | 8.8% | 0.92% | vs |
| Wells Fargo Bank, National AssociationBank Sioux Falls, SD | 58 out of 100, Moderate | $1.9T | 8.0% | 1.04% | vs |
| BMO Bank National AssociationBank Chicago, IL | 58 out of 100, Moderate | $255.0B | 11.3% | 0.92% | vs |