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First Independent Bank: The History Behind Our Russell Location

At First Independent Bank, we can trace our history back over 100 years. As such, we thought it might be fun to share some history and the story behind our Russell location.

It’s not just a story about the bank, but about the people we serve, our colleagues, neighbors, and our local community.

Fire, Robbery, and Change

The official beginning of our present bank was in January 1903 as the First State Bank of Russell. The bank was built of brick in 1904, and in 1921, there was a disastrous fire on Main Street. But because the bank was made of brick, it only suffered water damage as the flames spread throughout the wooden structures along the street. Shortly after the fire in 1922, First State Bank purchased Farmers State Bank of Russell and changed the name from First State Bank of Russell to Farmers and Merchants State Bank of Russell.

During the height of the Big Depression in the Fall of 1930, the Russell Bank closed its doors, along with many other banks. The doors remained closed until March 23, 1931, and when it reopened, the new name was New Farmers and Merchants State Bank of Russell, and William Palmer was President.

On January 3, 1933, three masked gunmen robbed the bank. One man was armed with an automatic weapon, one stood at the door with a machine gun, and the third remained in the car. No one was hurt in the robbery, and the men were never captured.

In 1934, stockholders voted to move the bank to Marshall. Fortunately for the town of Russell, the Commissioner of Banks would not allow the move. Over the next several years, the bank changed hands many times, and on February 1, 1947, the name was changed to Farmers State Bank.

New Ownership and a New Bank

Fast-forwarding to 1982, the bank was sold to the current owners with Duke Pogatchnik as President and his father, Lowell Pogatchnik, as Chairman of the Board. In 1983, plans were made for an expansion and remodeling project, giving Russell the finest, most modern, and up-to-date banking facility in Southwestern Minnesota at that time!

In December of 1994, Farmers State Bank of Russell changed its company name to First Independent Bank. Not long after the name change, the bank expanded by opening a branch in Marshall in January of 1995.

Our 100th Anniversary, the Loss of a Leader, and the Future

In 2003, we celebrated the 100th Anniversary of First Independent Bank serving Russell and the surrounding areas. To recognize 100 years of First Independent Bank’s success and show appreciation for our customers, we held a celebration that included the re-enactment of the 1933 bank robbery, a performance by the “Great Pretenders,” a picnic, and much more.

On January 15th, 2021, we mourned the passing of our long-time president Dorane “Duke” Pogatchnik. Shortly after, the bank’s board of directors unanimously agreed upon Duke’s brother, Bruce Pogatchnik, as the new president of First Independent Bank.

Moving Ahead

Today, First Independent Bank has eight bank locations in Southwest Minnesota and recently acquired United Southwest Bank in Cottonwood, MN, by merger.

At First Independent Bank, we are your neighbors and friends, looking out for you and your interests as we provide access to the banking services and solutions you need. We take great pride in providing personal care for each customer while having the expertise and resources of a large bank, and we plan to spend the next 100 years improving and providing our customers with even better quality and a wider variety of services! 

 

 

FIB Russell parade riders

Some of the Russell staff enjoying one of the many parades we participate in.

 


FIB Russell highway clean up

The Russell staff cleaning up a stretch of Highway 23

 


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