The Latest
Ways to Spot Financial Scams During the Holidays
As the holidays rapidly approach, it’s important to remember to stay alert against financial scams that could add more stress to your already busy season. Financial scams are everywhere all year round, but scammers often take advantage of the holiday season by posing as friends and family, people in need, or even mail carriers asking for sensitive information. Keep reading to learn how to spot common scams that pop up during the holidays.
Business Scams to Be Aware of this Holiday Season
The holidays are a busy time for everyone, but they can be especially hectic for business owners. Unfortunately, this can put small business owners and employees at a greater risk of falling for scams. While the holiday season does bring legitimate deals and offers, it also brings new ways for scammers to target businesses. Keep reading to learn how to spot common scams that pop up during the holidays.
Local Banks: The Smart Choice For Your Money And Your Community
Banking is not always top of mind for individuals and businesses, but it’s something that can directly and indirectly affect many aspects of life and finances. In an era where national and online banks dominate the banking landscape, local community banks might seem like a relic of the past. Yet, the local, community focused banks play a vital role in the areas they serve. Community banks help foster local growth, prioritize relationship- based banking, and offer services uniquely tailored to the needs of their customers.
Core Conversion: What is it and what do you need to know?
First Independent Bank’s Online and Mobile Banking systems will be undergoing some exciting changes this week. These changes will bring new tools and functions to our Online and Mobile Banking platforms, giving our customers access to new tools and a smoother banking experience.
Managing Money on the Farm: How to Survive the Cash Ebb and Flow
Running a farm is not only a full-time job— it’s a 24/7/365 lifestyle that demands financial agility and strategic decision-making. From fluctuating income to high transaction volumes, managing cash flow on a farm can often feel like a juggling act. For many farmers, balancing both personal and business finances adds to the complexity, making the right financial tools essential for long-term stability.
5 Fraud Scams that Small Business Owners Need to Look Out For
Scammers seem to be everywhere, and if you don’t know what to watch out for, it can be easy to fall for them. When it comes to your small business, your time and resources are often stretched thin, making you a prime target for scammers. This blog will help you identify frequent tactics that scammers use, recognize common scams that are circulating, and take practical steps to protect your business.
Maximize Your Money: How CDs + Time = Growth
When it comes to saving and investing your money, Certificates of Deposit (CDs) stand out as a reliable option, offering the potential for growth balanced with stability and security. For individuals and business owners alike, CDs offer a simple, effective way to maximize your cash. This blog will explore the benefits of CDs as an investment tool and offer insights into how you can make the most of your money with First Independent Bank’s unique CD offerings.
Better Ways for Self-Employed Farmers to Spend: Introducing the Business Advantage Checking Account
For self-employed farmers, managing both farm and personal finances can be a challenging juggling act. Between the unpredictability of agricultural income and the high volume of transactions required to keep the farm running smoothly, having the right financial tools is essential. One critical tool that will help to maintain your farm’s financial health is a tailored business checking account, developed with farmers in mind.
How to Choose the Right Checking and Savings Accounts for You
Selecting the right checking and savings accounts is a fundamental step in managing your personal finances effectively. With numerous options available, it’s important to find accounts that align with your financial goals and lifestyle. At First Independent Bank, we offer a range of personal checking and savings accounts designed to meet your specific needs. Here’s a guide to help you choose the right accounts for you.
Why Farmers Need to Plan for Retirement Now: All About CDs and IRAs for Minnesota Ag Operators
As a self-employed farm owner, retirement planning might not always be at the forefront of your mind. The demands of running a farm are relentless, and the unpredictable nature of agriculture can make it difficult to think about the future. However, planning for retirement is essential, especially when you're self-employed and don't have access to employer-sponsored retirement plans.
Certificates of Deposit: A Safe, Easy Way to Maximize Your Money
When it comes to securing your financial future, there’s something reassuring about knowing your money is working hard for you, especially in today’s ever-changing economic landscape. One of the most effective tools for growing your savings with minimal risk is the Certificate of Deposit (CD), a time-honored investment option that offers a solid return with the safety net of FDIC insurance.
How to Use CDs to Make Your Family Budget for the School Year
As summer winds down and the back-to-school season approaches, it's time to revisit your family budget. The start of the school year brings with it a wave of expenses, from school supplies and new clothes to extracurricular activities and unexpected costs. Managing these expenses effectively requires careful planning and strategic financial tools, like Certificates of Deposit (CDs).
Managing Finances for Farmers: How to Pursue Agricultural Financial Growth
For farmers, managing finances is crucial to ensure the sustainability and growth of their agricultural operations. Effective financial management involves understanding the various financial products available and leveraging them to support and expand your farm.
Here's How Rural Residents can Prevent New Financial Scams
Living in the peaceful rural areas of southwest Minnesota offers many advantages, including a close-knit community and a slower pace of life. However, even in our tranquil surroundings, it's crucial to stay vigilant against financial fraud. Scammers are becoming increasingly sophisticated, and their tactics can deceive even the most cautious individuals. Here are some essential tips to help protect your finances from fraud scams.
Why You Should Get Your Next Credit Card from Your Local Bank
In today's fast-paced world, having a reliable credit card is essential. Whether it's for everyday purchases, emergencies, or travel, a credit card offers the convenience and security you need. While there are countless options available, getting your next credit card from a local bank like First Independent Bank offers several unique advantages. Here’s why you should consider a personal credit card from First Independent Bank.
How to Navigate New Beneficial Ownership Information (BOI) Reporting
In the evolving landscape of regulatory compliance, businesses face a new challenge this year: Beneficial Ownership Information (BOI) Reporting. At First Independent Bank, we're committed to supporting our business clients in every way, including teaching and advising owners about new mandates and regulations.
Here's How to Keep Your Minnesota Farm Moving Forward
In Minnesota's robust agricultural landscape, the majority of farm owners rely on financial support to keep their operations thriving. At First Independent Bank, we understand the unique challenges and opportunities that come with running a farm or agricultural operation in the Land of 10,000 Lakes.
Securing Your Farming Future: The Importance of the Right Ag Equipment and Financing
Farming isn't just a job but a way of life and having the right equipment isn't just a luxury – it's a necessity. As we gear up for another season of ag production, ensuring that your farming operation is equipped with the right tools is essential.
The Powerful Role Of Local Banks In Rural Mortgage Lending
For many families, the journey towards owning a home in small and rural communities can seem daunting, with obstacles such as limited access to financial resources and sparse lending options preventing many from achieving their dreams.
First Independent Bank's New President and 2024 Employee Promotions
We are happy to welcome our new President, Brandon Finck, and to celebrate several internal promotions at First Independent Bank!
7 Helpful Personal Budgeting Tips for the New Year
As we step into a new year, it's the perfect time to reassess our financial habits and set the stage for a more financially secure future. One of the most effective tools for reaching your financial goals is a well-crafted personal budget.
5 Financial Scams to Watch Out for This Holiday Season
The holiday season is a time of joy, celebration, and, unfortunately, increased activity for scammers looking to take advantage of unsuspecting individuals.
5 Benefits of Mobile Deposits from Your Local Bank
Mobile deposits have become a game-changer in personal banking, offering a host of benefits that make managing your finances more convenient and efficient.
Embracing the Future: Exploring the Benefits of Mobile and Online Banking Tools
In today's fast-paced world, technology continues to reshape the way we live, work, and manage our finances. Gone are the days of waiting in long queues;
Preparing for Harvest: Equipping Your Farm with the Right Machinery
As the warm summer days will soon begin to gradually give way to the crispness of fall, farmers worldwide are gearing up for one of the most crucial times of the year:
Why Choosing the Right Deposit Strategy Matters for Your Financial Future
When it comes to managing your finances, having a solid deposit strategy is the cornerstone of building a secure and prosperous future.
Cultivating Success for Your Farm: Navigating Agricultural Real Estate Lending
In the heartland of Minnesota, agriculture isn't just a livelihood; it's a way of life. From sprawling farms that stretch across the horizon to bustling agricultural operations that feed communities, the state's rich agricultural heritage is deeply ingrained in our communities.
First Independent Bank Announces New Senior Vice President, Gary Kellen
First Independent Bank is excited to announce that Gary Kellen has re-joined the bank as Senior Vice-President specializing in Agriculture and Commercial Lending.
What IRA is Right for You? Traditional, Roth, and SEP IRAs Explained
When saving for retirement, Individual Retirement Accounts (IRAs) offer a practical and tax-advantaged way to secure your financial future.
5 Questions to Ask Before You Buy Your Next Piece of Farm Equipment
As a local bank invested in the success of our agricultural community, we understand the importance of making wise financial decisions when purchasing equipment for your agricultural operation.
Why You Should Use First Independent Bank for Your Ag Equipment Financing Needs
When it comes to financing your farm equipment, you have a lot of options available to you, including big banks and online lenders.
Three Reasons to Utilize First Independent Bank's First Reserve Line of Credit
Some months make it harder to reach your financial goals than others. With bills, unexpected expenses, medical bills, etc., you might look at your bank account and realize that you're going to need more money to make it to your next paycheck.
How To Know It's Time to Upgrade Your Farm Equipment
Farming equipment is essential to getting your daily tasks done on the farm. Old or deteriorating equipment could slow or stop your operations,
Top 3 Agriculture Equipment Buying Trends for 2023
Farming equipment is an essential part of your agricultural operations. When it comes time to buy new equipment,
First Independent Bank's Response to Recent Headlines
As a community bank, First Independent Bank remains well-capitalized and well-positioned to continue to serve our customers and community.
Four Tips on How to Get the Most Out of Your Credit Card
Credit Cards have become the easiest way to build, improve, and maintain your credit score. Some cards offer many benefits and can be a lifeline in an emergency.
The Best Advice if You’re Looking to Buy a Car in 2022
The supply chain is still reeling from the pandemic shutdowns over the last two years. While we are starting to see some sectors go back to normal, the car market is still struggling to regain a sense of normalcy.
UTV or ATV: What is the Best Off-Road Terrain Vehicle for Me?
A UTV (Utility Terrain Vehicle) or an ATV (All-Terrain Vehicle) can be a great addition to your home, farm, or cabin.
Four Reasons Working With a Local Bank Benefits Your Business
Banking is an essential part of your day-to-day business operations. From daily deposits or withdrawals to business loans, your experience with a bank could positively or negatively affect your company’s success.
5 Ways an SBA 504 Loan Could Benefit Your Small Business
When it comes to getting a loan for your small business, there are many options. You might have heard about the SBA 504 Loan program explicitly created to support the small business industry.
What HSA Accounts Are and Why You Might Want One
A health savings account (HSA) is similar to a personal savings account, but it can only be used for healthcare expenses.
Six Budget-Friendly Summer Vacation Ideas That Are Fun for the Whole Family
As prices rise on gas and goods, hotels and airfare are climbing alongside them, and many people’s budgets are getting tighter. You might be wondering how you can justify getting out and taking a vacation this summer. But there are plenty of ways to plan a vacation that fits your lifestyle and will keep you on track to meeting your financial goals.
First Independent Bank and Citizens State Bank of Tyler, Inc. Announce Merger
First Independent Bank, Russell MN, and Citizens State Bank of Tyler, Inc., announced the signing of an agreement to merge. Completion of the transaction is scheduled for May 31, 2022.
Please Welcome New Bankers in Our Cottonwood and Vesta Locations
We are excited to introduce two new bankers who have joined our team through the merger with United Southwest Bank!
4 Types of Commercial Loans for Growing Your Business
We know that cash flow rises and falls when it comes to your business. Sometimes a commercial loan is what you need to move your business forward, whether that’s so you can hire more employees, make improvements to your store, or buy new equipment.
What You Need to Know Before Buying Your Dream Fixer-Upper
In the current hot housing market, many people are thinking about buying homes that need some work. But is buying a fixer-upper right for you? Here are the pros and cons of buying a house that needs renovations.
5 Helpful Tips for Beginning Minnesota Farmers
Did you know that 25% of all farmers are beginning farmers (in business less than ten years); their average age is 46 (source: Farm Bureau). In Minnesota, we rank fifth in the nation in agricultural production, and our top five agricultural commodities are soybeans, corn, livestock products, wheat, and processed vegetables.
Steps to Take to Get Preapproved for a Mortgage
Knowing your home buying budget and the loan amount you will qualify for is an important part of the search process when you’re in the market for a new home. That’s where mortgage preapproval comes in. Getting preapproved for your mortgage can help give you confidence and show you are a serious buyer in a competitive housing market.
First Independent Bank Announces New President and Employee Promotions
On February 8th, 2022, the Board of First Independent Bank elected Thomas Koerber as President. Tom has currently been serving as Executive Vice-President and Chief Credit Officer. He has been in banking since 1987, with First Independent since 2017, and served as Chief Credit Officer of First Independent Bank’s sister Bank, Northview Bank, from 2005-2017.
Should You Lease or Buy Your Farm Equipment?
To make the best decision when evaluating whether to buy or lease ag machinery for your operations, it’s essential to understand the factors affecting the economics and compare the financial aspects of each option.
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.
How a Business Line of Credit Can Help You Stay Competitive
A business line of credit is a flexible form of financing that is used by many small businesses. It can be accessed as needed (as long as you haven’t hit your credit limit and it is used for approved expenses), similar to a credit card, but has many advantages over a credit card.
How a Debt Consolidation Loan Can Help You
Credit card debt can be frustrating, overwhelming, and feel impossible to pay off. It’s also expensive! The average credit card interest rate is around 16%.
Five Warning Signs That Your Dream Home Might Not Be So Dreamy
House hunting can be fun and exciting, especially when you think you might have found the home of your dreams. It’s also an intensely emotional decision.
4 Tips That Can Help You Get a Commercial Loan
If you’re looking for a commercial or business loan for your small business, you’ve come to the right place. Here are four of our best tips that can help you get a commercial loan.
Swine Farm Loans and Pig Farm Financing at First Independent Bank
As a livestock farmer, you have dreams and plans for your operation. You have the know-how to get the job done. What you might need is a partner for financing your growth and expansion.
Five Key Steps to Take Before Getting a Business Loan
As a small business owner, you probably have big plans. Sometimes a capital injection is helpful, though, when it comes to starting or expanding your small business. A business loan can help. Here are five key steps to take before getting a business loan.
4 Bad Financial Decisions That Can Hurt Your Small Business
Managing finances can be a challenge for small business owners. You might be an expert in making your product or providing a service, but managing your business finances is a significant part of small business success.
Dreaming of Recreational or Hunting Property?
Have you dreamed of owning recreational or hunting property? Many people buy recreational land to enjoy hunting, camping, fishing, hiking, or ATV-riding on the privacy of their own property. Owning recreational land can give you a unique opportunity to escape the pace of daily living and provide you with a chance to enjoy the many benefits of being out in nature.
Two Questions to Ask When Considering a Business Expansion Loan
Expanding your small business can help ensure you stay competitive and in business. Recent research found that 82 percent of small businesses fail due to lack of capital (cash flow), and 55 percent of small business owners cite cash flow as the number one challenge to growing their businesses.
3 Terrific Last-Minute Family Vacation Ideas On a Budget
Summer is almost here and many people are ready to get out and enjoy a relaxing summer vacation this year. If you haven’t planned a trip yet, we’ve got some last-minute family vacation ideas that can fit many budgets.
Convenient Business Services for Every Business Owner
At First Independent Bank, we focus on providing the very best tools and resources to our members. Whether you're exploring options or expanding your business operations, our suite of business loans, financial services, and professional expertise can help your small business reach its goals.
Three Fun Things You Can Do with a Recreational Loan
If you’re ready to plan your next adventure, we’d like to help! At First Independent Bank, we have helped countless people enjoy their leisure time by providing recreational loans. Our recreational loans are designed to help you and your family get the most of your time off without “breaking the bank.”
Does Your Child Need a Savings Account?
Opening a savings account for your child is one of the best ways to introduce them to the concept of saving at an early age. It’s a skill they will use throughout their life, so teaching them about money and financial literacy at an early age has many benefits.
Have You “Herd” About Our Livestock Lending Program?
Livestock is an integral part of the Minnesota agricultural economy. Hogs are Minnesota’s top-producing livestock commodity, we are second in the nation for the number of bison producers, and we lead the nation in turkey production.
Three Powerful Benefits of Working with a Local Bank
At First Independent Bank, you may know our tagline, “Big Enough to Know Business. Small Enough to Know You.” But what do we mean by that, exactly? To us, it speaks to the many benefits of working with a local community bank. Here’s how those benefits translate for our customers.
Budgeting Ideas for the New Year
We’re still fresh into the new year, and if you’re like many people, you have some financial goals. One financial goal that many people start with in the new year is to create and stick to a budget. Budgeting can help you achieve the goals you’re working toward. It’s getting out of debt, saving for retirement, or just trying to keep your grocery bill from getting out of hand. Budgets can help you reign in your spending and gain control of your financial life.
First Independent Bank Elects New President
After 38 years, on January 27th, 2021, the Board of First Independent Bank elected as President someone other than Duke Pogatchnik.
First Independent Bank Names New Directors
Kathy Neels and Thomas Koerber were named as Directors of First Independent Bank at its annual board meeting held on January 27, 2021.
First Independent Bank: Your Partner for Farm Land Financing
Farm land and property are at the heart of any Ag business, which is why we make financing land an integral part of the services we offer at First Independent Bank. For over 100 years, we have helped aspiring and experienced farmers imagine the possibilities of the future. Together, we work to make that future a reality with farm mortgage loans, rural land loans, and more.
Four Fresh Money Moves to Start the New Year
The new year is upon us! If one of your goals is to improve your finances, we have some tips for you.
Helping Your Ag Business Grow: Machinery and Operation Financing from FIB
Running an Ag business takes expertise, hard work, and money. If any of these variables is missing, you’re going to have a hard time.
Expertise can be taught. Hard work can be learned. But money is something altogether different.
Beef Up Your Dairy Operations with a Dairy Farm Loan
USDA Census of Agriculture data ranks milk from cows as the fourth largest contributor to Minnesota’s agricultural sales, accounting for 9.4 percent of the state’s total agricultural products sold. On average, a Minnesota dairy farm has 200 head of dairy cows and spent $882,160 to produce milk in 2019. This spending generated $1.6 million of economic activity in the state – a significant source for our state!
Three Holiday Spending Tips to Keep You on Track Financially
The holiday season is a joyful time of family, gifts, and festive celebration. Unfortunately, sometimes financial worries add a lot of stress to our holidays. Here are three tips that will reduce stress and help you stay on track financially.
What Business Banking Services Can We Help You With?
With First Independent Bank as your business banking partner, you can manage your finances with confidence. We offer the capabilities of the big banks, but also you get personal service, flexibility, and the local decision-making of a trusted community bank.
Is That Email a Phishing Scam?
Phishing scams are plentiful right now, and they can sometimes be hard to spot. What is "phishing"? Scammers use email messages (and sometimes text messages) to trick you into giving them your personal information. What they are ultimately after are your passwords, account numbers, or Social Security numbers, with the intent to gain access to your email, bank, or other accounts.
How an Ag Loan Can Help Your Farm Grow
At First Independent Bank, we are passionate about partnering with farm and agricultural operations across Minnesota. One of the services we provide is financing and lending support to launch, operate, and expand agricultural and farming facilities across the state.
What is a USDA Loan and Are You Eligible for One?
When shopping for a new home, there are many types of mortgages to choose from. One of the lesser-known types of mortgage loans is a USDA loan, which is a zero-down-payment mortgage for rural and suburban homebuyers. USDA loans are issued through the USDA Rural Development Guaranteed Housing Loan Program by the U.S. Department of Agriculture.
First Independent Bank Stands with Minnesota Hog Farmers
Minnesota is the nation's third-largest hog-producing state and pork is critical to our state’s agricultural economy. Though swine farmers (and farmers in general) are no strangers to navigating difficult times, the last six to nine months have been tough for our friends in the swine industry.
3 Refinancing Mistakes to Watch Out For
Mortgage refinancing rates are still low compared to historic standards and many homeowners are choosing to refinance their mortgage loans, saving thousands of dollars in interest over the life of their loans.
5 Helpful Tips You Need to Read Before Buying a Home
For the first time since 1971, interest rates have fallen below 3%. So, it is no surprise that with interest rates at historic lows, many people are buying homes for the first time or trading up from their current home.
Lake Home Financing from First Independent Bank
In Minnesota, lake life is a dream for many during the summer. A cabin or vacation property is fun for all, unlike your primary home where you pay bills or do homework at the dining room table.
Low Interest Rates and the Mortgage that's Right for You
If you’re a homeowner or a vacation property owner - or if you plan to be one - then you’ve undoubtedly been watching the record low mortgage rates that have been put in place to boost and sustain our economy.
Getting Ready to Open Your Doors Again?
Businesses are beginning to open up again after the unprecedented nationwide shutdown. Crippling business restrictions have turned out to be too much for many small businesses around the country. Some business owners, to avoid inevitable permanent closure, have chosen to defy mandated lockdowns.
6 Ways to Protect Yourself from Coronavirus Scams
In times of crisis, the helpers always show up. People who risk their lives to help others in any way they can. We are so thankful for all the essential workers who are currently doing just that as the COVID-19 situation continues to develop.
Coronavirus: Some Advice to Ag Professionals
People who work in the Ag business are already some of the hardest working people in our country. Early mornings. Late nights. You’re managing a business, working with your hands, thinking financially, working strategically. In all of it, you are also at risk in this season of quarantine.
Tips for Managing Your Money During Coronavirus
While we are currently in the middle of a health crisis with the novel coronavirus, we’re also experiencing an economic downturn of historic proportions.
Coronavirus Scams to Look Out For
Livestock Financing from First Independent Bank
Don’t Fall for Money Mule Scams!
A “money mule” scam is when someone is recruited to move money for a scammer by transferring stolen funds from one account to another. Usually the “mule” has no idea he or she is aiding in theft and simply thinks they’ve fallen on an online opportunity to make some extra money.
Teaching Your Kids the Language of Money
One of the greatest ways to train your kids for the life that awaits them is by finding practical, even fun, ways to demonstrate the real world to them. As a parent, you have the chance to give them the tools they’ll need to manage money. It just takes time and opportunity. There’s no minimum amount of money your child needs to start. It’s simply about building the habits, developing the discipline, and teaching the language.
Refinancing Your Home? The Questions to Ask
As a homeowner, you’re frequently given opportunities to refinance your home. Sometimes a simple inquiry online leads to an onslaught of communication from mortgage lenders you've never heard of. But the decision can be a hard one to make, and it’s based on more than interest rates.
Farm Land Purchasing with First Independent Bank
Whether just starting your farming operation or expanding it, our Ag lending experts from First Independent Bank partner with farmers across Minnesota to help them buy farm land. By walking with them to find and finance farm land, our lending team is giving farmers a financial advocate who understands the farming business and is invested in helping them succeed.
A New Year with First Independent Bank
At First Independent Bank, our doors first opened in the early 1900’s. Since then, our branches have expanded across the state and we’ve been able to impact thousands of Minnesota families. We have branches throughout Minnesota that work with local families, local business owners, and local farmers.
First Independent Bank: A Key Partner for Your Ag Operation
The more strategic you are with your financing, the more profitable you’ll be in your Ag operation. By working with First Independent Bank, farmers have access to the most competitive financing solutions available, with terms and conditions that work with their budgets and on their timelines. They’ll also be partnered with a bank that has been supporting local Ag operations for more than a century.
Dairy Loans from First Independent Bank
More than 75% of the dairy farms in the United States are family owned and operated. This means that, for most dairy farmers, the people doing the heavy lifting are the same people managing the facility, buying animals, maintaining the operation, and strategically planning for the future. First Independent Bank partners with dairy farms to make the work easier.
Debt Consolidation Loans with First Independent Bank
At First Independent Bank, we are committed to working with people throughout Minnesota in whatever situation they’re in. It’s why we do what we do. We’re helping you make life easier with our services and products. Our customers rely on our lending experts to help them find the tools, support, and resources they need for the improvements they’re looking to make in life.
First Independent Bank: Banking is Personal
That’s a statement that points to the opportunities that customers have to work with a bank with the tools they need to make success possible, and the expertise they need to make the right decisions at each crossroads. It's also a statement of the value of having a personal banker.
First Independent Bank: Lending Expertise for Any Season of Life
Sometimes that means we’re helping a couple save for college for their children or for some other major expense that is just around the corner. Sometimes it means we’re helping them build out an investment portfolio that plans for the future or an HSA that takes care of coming medical costs.
First Independent Bank: Minding Your Business
Our loan officers and lending professionals are committed to the success of your business, whether that means helping you manage your operation or equipping you to expand it. From facility acquisition and equipment purchasing to merchant services and business checking, First Independent Bank makes running a business easier.