Hank's Small Banks

[10 bagger]

FFSL...First Independence Corp.

First Independence Corporation
For Further Information, Call
Anne M. Bertie, Vice President & CFO
[phone]


FIRST INDEPENDENCE ANNOUNCES FOURTH QUARTER EARNINGS AND FISCAL YEAR END RESULTS:

INDEPENDENCE, KS (October 21, 2008) -- First Independence Corporation (OTC Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $427,000 for the fourth quarter of fiscal 2008, compared to $366,000 for the fourth quarter of fiscal 2007.

Diluted earnings per share of common stock for the fourth quarter of fiscal 2008 were $.51, compared to diluted earnings per share of $.42 for the fourth quarter of fiscal 2007. Net earnings for the 2008 fiscal year were $1,799,000, compared to $1,377,000 for the 2007 fiscal year. Diluted earnings per share for the 2008 fiscal year were $2.12, compared to diluted earnings per share of $1.57 for the 2007 fiscal year.

Return on average assets for the fourth quarter of fiscal 2008 was .84% (annualized), compared to .76% (annualized), for the same period last year. Return on average equity for the fourth quarter of fiscal 2008 was 9.81% (annualized), compared
to 8.65% (annualized), in the fourth quarter of fiscal 2007. Return on average assets for the 2008 fiscal year was .91%, compared to .73% for the same period last year. Return on average equity for the 2008 fiscal year was 10.50%, compared to 8.26%, for fiscal 2007.

We had $202.2 million in assets and $17.5 million in stockholders’ equity as of September 30, 2008. During this fiscal year, we repurchased 37,621 shares of common stock, at an average cost of $18.05 per share. At September 30, 2008, total shares outstanding were 834,163.

The Company is the parent corporation for First Federal Savings and Loan Association of Independence, Kansas ("First Federal"). At September 30, 2008, First Federal exceeded all of its regulatory capital requirements. First Federal has four fullservice branch offices primarily serving Montgomery, Wilson, Crawford and Chautauqua Counties in Kansas along with a loan production office in Lawrence, Kansas.

MYRTLE & SIXTH - P.O. DRAWER 947 - INDEPENDENCE, KANSAS 67301 - 620/331-1660

Myrtle & Sixth Streets
Independence, KS 67301
Phone: [phone]
Fax: [phone]
Web Site: http://www.firstfederalsl.com


BUSINESS SUMMARY
First Independence Corporation operates as the holding company for First Federal Savings and Loan Association of Independence, which provides general banking services in southeastern Kansas. The company attracts various deposits, such as NOW accounts, First Super NOW and First Money Fund accounts, passbook savings accounts, and certificates of deposits. It also originates loans for residential, consumer, and nonresidential purposes, including one-to-four family residential real estate loans, multi-family residential loans, nonresidential mortgage loans, and construction loans, as well as various consumer and other loans, such as automobile, home equity and second mortgages, unsecured home improvement, and mobile homes loans. The company was founded in 1905 and is based in Independence, Kansas.