First Independent Bank - Home Mortgage

First Independent Bank
300 Front Street
Russell, MN 56169
Phone: (507) 823-4391
Toll Free: (888) 823-4300

In the summer of 2003, First Independent Bank celebrated their 100th
anniversary as a real community bank serving Russell and the surrounding areas. To recognize one hundred years of First Independent Bank's success, they had a celebration that included the reenactment of the 1933 bank robbery, a picnic and much more.

The bank was reorganized in 1902 but January of 1903 was when it
actually became incorporated, marking the official beginning of the
present bank, which was called First State Bank of Russell. The bank had been built of brick in 1904. In 1921, there was a disastrous fire on Main Street; the bank only suffered water damage because of the brick structure as the flames spread throughout the wooden structures along the street.

In 1923, the First State Bank purchased the Farmers State Bank and moved into the new brick building because it was better equipped to handle the increase in business. It was named Farmers and Merchants State Bank with Harry Tillmans of Minneota as president.

Like so many banks throughout the country, the Russell bank was closed for six months or so in 1930 at the height (or depth) of the Big Depression.

When it reopened, William Palmer was president. Over the next several years, the bank changed hands several times and in the 50's the name was changed to Farmers State Bank.

Jim Ulvilden came to the bank in 1953 as Ag representative and later bought the bank. Upon Jim's death, his wife Irene sold the bank to Tom Rustand. In 1982 Tom Rustand, sold the bank to the current owners with Duke Pogatchnik as president and his father Lowell Pogatchnik, as chairman of the board.

In 1983, the new owners made plans for an expansion and remodeling project, giving Russell the finest, most modern and up-to-date banking facility in Southwestern Minnesota at that time.

The Marshall branch opened in January 1995 as an added way to serve our customers. Many customers employed in Marshall had little opportunity to use the Russell Office. Placing an office in Marshall satisfied many of the customers' needs.

In April 1999, the First Independent Bank purchased the former 21st Century Bank in Balaton. By purchasing the Balaton location, we not only increased our customer base but were able to offer our present customers yet another location to do their banking.

In 1999, there was much talk about the Y2K compliance issues. After much preparation, the First Independent Bank breezed through the Big Y2K scare with no difficulties.

On December 5, 2001, United Prairie Bank-Slayton entered into an agreement to sell the assets and liabilities of its Marshall Branch office to First Independent Bank. This move allowed the existing Marshall Branch office to move from their facility, which they were outgrowing, into a bigger facility.

In 2003, First Independent Bank celebrated their 100th Anniversary. We hope to spend the next 100 years improving and providing our customers with even better quality and wider variety of services.

In the fall of 2004, the Board of Directors at First Independent Bank was approached about opening an in-store branch at the new Super Wal-Mart store in Marshall. Though in unfamiliar territory, the bank embraced the opportunity and opened the location on April 13, 2005. Opening the Wal-Mart branch provides another convenient location for our customers and has brought great success to First Independent Bank.

Â©2009 First Independent Bank.