First Independent Bank is a community bank currently serving the thriving communities of Hendricks, Russell, Marshall, Balaton, Wood Lake, Hanley Falls, Lucan, Beardsley, Ruthton, Cottonwood, Vesta, and Tyler, Minnesota. We’re big enough to know business, small enough to know you. With the expertise and resources of a large bank and over 100 years of banking leadership, we offer a wide variety of personal, commercial, and agricultural financial solutions. We’re your local experts, advocates, and neighbors ready to provide personal care for you! Learn more about us below.
To provide superior financial service, create a challenging and rewarding work environment, contribute our time, talent, and resources to enhance our community, and achieve long-term stockholder expectations through strong leadership, stability, and growth.
To be a thriving independent community bank by building mutually beneficial relationships with our customers, employees, and communities.
Integrity: This is our foundation. Our actions are professional, trustworthy, and respectful in all that we do.
Confidentiality: Everyone’s personal and financial information remains absolutely confidential.
Accuracy: Our customers and teammates expect us to be efficient and accurate. It matters.
Communication: We must be forthright and clear in all communication; our actions support our words.
Respect: We treat others in a courteous, professional, and caring manner.
Knowledge: We work at improving our expertise and skills through experience and education so that we are able to help others. We will excel with a highly trained, professional, and forward-thinking team.
Teamwork: Knowing when to ask for help and when to offer help. We will rely on each other so we can succeed and celebrate together. We treat others in a courteous, professional, and caring manner.
Although the bank was reorganized in 1902, it was officially incorporated as First State Bank of Russell in January 1903. This marked the beginning of the strong banking leadership journey we are rooted in today.
First State Bank of Russell was built brick by brick, differentiating it from other historical downtown buildings that were only made from wooden structures at the time.
A devastating fire spread down Russell’s Main Street, destroying many of the local businesses made from wooden structures. First State Bank of Russell stood tall, only incurring minor water damage due to the brick structure’s natural ability to deter flames.
First State Bank of Russell acquired its first new bank, Farmers State Bank. The bank went through its first rebranding, ultimately choosing the new name Farmers and Merchants State Bank. Harry Tillmans was named the President of the merged bank. Due to increased bank traffic, Farmers and Merchants State Bank moved into a new brick building that was better equipped to assist all the loyal customers.
Farmers and Merchants State Bank was forced to close its doors like many other banks throughout the United States during the height (or depth) of the Great Depression.
Farmers and Merchants State Bank was able to reopen the bank doors on Monday, March 23, 1931, after being forced to close them due to the Great Depression only 6 months prior. William Palmer was named the new President of the reopened bank.
The bank was robbed by 3 masked gunmen—one was armed with an automatic weapon, one stood guard at the door with a machine gun, and one resided in the getaway car. The criminals were able to escape and were never captured. Luckily, no employees were injured during the incident.
Farmers and Merchants State Bank’s stockholders voted on whether to move the bank to Marshall. The Commissioner of Banks would not allow the move, ultimately leaving the bank positioned in Russell. Over the next several years, the bank would change hands and leadership several times.
The bank went through its second rebranding on Saturday, February 1, 1947, ultimately choosing the new name Farmers State Bank.
Jim Ulvilden joined Farmers State Bank as the Agricultural Representative and later purchased the bank. Upon his passing, his wife, Irene Ulvilden, sold the bank to Tom Rustand.
Farmers State Bank changed ownership when Tom Rustand sold the bank to the Pogatchnik family. It marked the final ownership changeover to date and gave us the title of a family-owned company. Duke Pogatchnik was named the new President of the bank. His father, Lowell Pogatchnik, was named the Chairman of the Board of the bank.
The new family owners made plans for a bank expansion and remodeling project, with the vision of giving Russell the most modern and cutting-edge banking facility in Southwestern Minnesota at the time.
The bank went through its third rebranding in December of 1994, ultimately choosing the new name First Independent Bank—the bank name you all know and love in your local communities today!
First Independent Bank opened its Marshall location, with hopes of expanding its footprint and better serving the customers in the local communities.
The bank expanded again in August of 1996 by opening new branches in Wood Lake and Hanley Falls. The Wood Lake bank continued to operate under its own charter for the next 12 years, even though it used the same record-keeping system as the rest of First Independent Bank.
The bank gained popularity at a rapid rate, which allowed First Independent Bank to acquire yet another bank, 21st Century Bank in Balaton, in April of 1999. This offered us a unique opportunity to serve a new territory of loyal customers. During this time, there were several concerns about Y2K and the compliance issues that were associated with it. However, our outstanding employees navigated through the scares without a single incident.
The bank was robbed for the second time in its history, but this time only by one individual. The criminal walked directly up to the teller station, claimed to have a gun, and told them to drain the drawers. While the criminal was able to walk out of the bank with cash in hand, they were later found and arrested. We were lucky enough again to have no employees injured during this incident.
First Independent Bank entered into an acquisition agreement with United Prairie Bank of Slayton on Wednesday, December 5, 2001, which allowed us to obtain the assets and liabilities tied to that bank’s location in Marshall. This acquisition facilitated a move to a larger facility that solved our growing pains as our footprint continued to develop in the area.
First Independent Bank celebrated its 100-year anniversary. To recognize the banking leadership throughout the years and all of the loyal customers who made it possible, we held a celebration in our communities. Activities included re-enactment of the 1933 bank robbery performed by the Great Pretenders, a picnic, and much more.
In the fall of 2004, the First Independent Bank Board of Directors was approached about a unique opportunity to open an in-store branch at the new Super Walmart in Marshall. It was unfamiliar territory. However, the Board of Directors agreed that it would be an opportunity to embrace banking’s ever-changing landscape.
First Independent Bank became the proud owners of an in-store branch at the new Super Walmart in Marshall on Wednesday, April 13, 2005. More exciting updates were happening in our Balaton and Russell locations as we continued to develop as the preferred bank in our communities. The Balaton location was upgraded to a new building, which could house additional offices for our growing team and a 24-hour ATM that better served our customers. The Russell location also upgraded the current building that housed a state-of-the-art operations center, much-needed storage areas, a conference room, and additional offices for our growing team.
The Wood Lake bank quit operating under its own charter and fully merged all operations with First Independent Bank on Sunday, November 30, 2008. The merger proved to be a strong step in the right direction, as it offered customers and staff more flexibility to bank at their preferred locations.
The Wood Lake building underwent a bank expansion and remodeling project in the fall of 2009 to ensure there was ample room to better serve our customers.
First Independent Bank was presented with the opportunity to purchase the State Bank of Lucan in October of 2011. On Friday, December 30, 2011, the merger was completed, which contributed $40.00+ million in assets to our bank and allowed us to serve yet another thriving community.
First Independent Bank acquired Beardsley Bancshares, Inc. in March of 2013. This acquisition would mark our most widespread growth in history, which expanded our footprint to Beardsley and Ruthton.
The bank made the tough decision to close our branch in the Super Walmart of Marshall. However, we knew the timing was right as we focused on prioritizing the expansion of our primary branch location in Marshall and offering electronic banking options to our customers.
Our team mourned the loss of our long-standing First Independent Bank President, Duke Pogatchnik, on Friday, January 15, 2021. On Wednesday, January 27, 2021, the Board of Directors unanimously named Duke's brother, Bruce Pogatchnik, the new President of First Independent Bank. Kathy Neels and Thomas Koerber were also named as Directors. While we continue to grieve Duke’s passing, we are thankful for his many years of leadership, which allowed us to serve our communities and customers well. Although it was a difficult year, it did not stop First Independent Bank from continuing to grow. In August of 2021, the bank signed an acquisition agreement with United Southwest Bank, promising a merger by the end of the year. The acquisition would include expanding our footprint to Cottonwood and Vesta. The acquisition contributed $58.00+ million in assets to our bank and allowed us to serve two more thriving communities.
Fueled by recent growth initiatives, First Independent signed an acquisition agreement with Citizens State Bank. The merger was completed by Tuesday, May 31, 2022. The acquisition included expanding our footprint to Tyler and contributing $31.00 million in assets to the bank. This key acquisition marked ownership of the 11 locations we know today at First Independent Bank. This year also marked significant leadership changes. In February of 2022, Bruce Pogatchnik was named Chief Executive Officer and Chairman of the Board of Directors. Tom Koerber was named the new President of the bank.
In March of 2024, Brandon Finck was named the new President of First Independent Bank. As our current President, Finck is well-equipped to advocate for and lead our future growth. He brings with him over 25 years of experience in agricultural and commercial lending, while also managing his farm operations firsthand. Prior to accepting his position, he acted as the Jackson, Minnesota Market President for a $1.30 billion Iowa-chartered bank. We look forward to the success he will help bring to the bank.
The best is yet to come, and we can’t wait to see what the future holds for First Independent Bank. We look forward to continued growth, community connection, and building a better banking experience for our customers. Stay tuned!
We would be delighted to further assist you with any questions you may still have about us! Click the Contact Us button below to get in touch with a trusted team member at your local First Independent Bank!
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