First Independent Bank
Russell, Minnesota, Lyon County
$632M in total assets, the 1,522nd largest of 4,309 US banks and 36th of 225 headquartered in Minnesota.
- FDIC certificate
- 1900
- Established
- 1903
- Owned by
- Finlayson Bancshares Inc
- Primary regulator
- FDIC
- Website
- www.fibmn.com
At a glance
Compared with 150 banks headquartered in Minnesota with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $632M | 89% | $277M | |
| Loans | $443M | 85% | $181M | |
| Deposits | $533M | 89% | $243M | |
| Return on assets | 1.29% | 54% | 1.23% | |
| Net interest margin | 3.92% | 43% | 4.00% | |
| Efficiency ratio | 49.3% | 12% | 61.1% | |
| Equity to assets | 9.68% | 53% | 9.54% | |
| Loans to deposits | 83% | 51% | 82% |
Growth
Total assets grew 10.9% a year over the last 5 years and 8.8% a year over 10 years, including 3 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jul 2025 | First Security Bank-Hendricks Hendricks, MN | $40M |
| May 2022 | Citizens State Bank of Tyler, Incorporated Tyler, MN | $30M |
| Dec 2021 | United Southwest Bank Cottonwood, MN | $59M |
| Mar 2013 | The Buffalo Ridge Bank Beardsley, MN | $49M |
| Dec 2011 | State Bank of Lucan Lucan, MN | $41M |
| Nov 2008 | First Independent Bank of Wood Lake Wood Lake, MN, an affiliate under the same holding company | $17M |
Where they operate
12 branches in 6 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Lyon County, MN | $307M | 25.4% | 2 of 7 |
| Lincoln County, MN | $74M | 55.1% | 1 of 3 |
| Redwood County, MN | $69M | 8.2% | 5 of 9 |
| Pipestone County, MN | $31M | 5.4% | 4 of 4 |
| Yellow Medicine County, MN | $28M | 4.3% | 4 of 4 |
| Big Stone County, MN | $24M | 9.0% | 5 of 5 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 3 branches since 2016 (9 to 12, +33.3%). 0 opened, 5 acquired, 2 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 9 | |||
| 2020 | Closed Marshall | 0 | 1 | −1 | 8 |
| 2021 | Acquired United Southwest Bank | 3 | 0 | +3 | 11 |
| 2022 | Acquired Citizens State Bank of Tyler, IncorporatedClosed Hanley Falls | 1 | 1 | 0 | 11 |
| 2025 | Acquired First Security Bank-Hendricks | 1 | 0 | +1 | 12 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Farmland | 27% | 10% | |
| Agricultural | 26% | 8% | |
| 1-4 family residential | 14% | 28% | |
| Commercial real estate | 13% | 25% | |
| Business (C&I) | 9% | 15% | |
| Multifamily | 4% | 4% | |
| Consumer | 2% | 4% | |
| Construction and land | 2% | 5% | |
| Other | 4% | 1% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Time deposits | 40% | 30% | |
| Other interest-bearing | 33% | 49% | |
| Noninterest-bearing | 26% | 21% |
Brokered deposits are 6.3% of deposits (peers 3.6%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.14% | 0.48% |
| Net charge-offs, annualized | 0.02% | 0.00% |
| Reserves to loans | 1.38% | 1.20% |
| Leverage ratio | 9.87% | 10.08% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Minnesota
Largest competitors in Lyon County, MN
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/first-independent-bank-russell-mn