There were three early banking institutions in Russell’s history: Bank of Russell, First State Bank of Russell, and Farmers State Bank of Russell.

The Bank of Russell was organized in 1901 and existed until 1903 when it merged into the First State Bank of Russell.

The First State Bank of Russell was incorporated on Jan. 1, 1903. The bank moved into its new brick building in 1904.

The Farmers State Bank of Russell was organized in 1914 and existed until 1922 when it was merged into the First State Bank of Russell. In May 1919, the Farmers State Bank built a new brick building at a cost of $6,764.

In March 1921, the First State Bank of Russell building was partially damaged by a fire. The bank intended on building a new building, however, in 1922 the Farmers State Bank of Russell merged into the First State Bank and the combined entity known as First State Bank of Russell moved into the Farmers State Bank building. About a month after the merger, the name changed to Farmers and Merchants State Bank of Russell.

On Sept. 29, 1930, the bank closed its doors due to the collapsing economy. A group drove to St. Paul to meet with the banking commissioner, in November, about reopening the bank. By March 23, 1931, they had succeeded in recapitalizing the corporation. The bank became known as the New Farmers and Merchants State Bank of Russell.

On Jan. 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, while the third remained in the car. No one was hurt in the robbery and the men were never captured.

On Feb. 1, 1947, the name of the bank was changed again to Farmers State Bank of Russell.

In 1983, the bank purchased lots next to its building. The building was enlarged and renovated, and a drive-thru facility was added. The renovation was dedicated in February of 1984.

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 opened a branch in Marshall in January of 1995. Over the years, more branches in other towns were added.

The photograph featured this week from the Lyon County Museum’s collection shows the cover of a calendar that First Independent Bank produced in 2003 for the centennial anniversary of the First State Bank of Russell, which was incorporated on Jan. 1, 1903. The cover has a photograph of the First State Bank’s brick building in which they moved into in 1904 and was used until 1922 when the merger between the Farmers State Bank of Russell and the First State Bank of Russell occurred. From that point on, the Farmers State bank building, built in 1919, was used for the bank.

The Lyon County Historical Society (LCHS) is a nonprofit, member-supported organization. LCHS operates the Lyon County Museum at 301 West Lyon Street in Marshall.