Hank's Small Banks

[10 bagger]

FFSL..First Independence Corporation

Anne M. Bertie, Vice President & CFO [phone]

FOR IMMEDIATE RELEASE

FIRST INDEPENDENCE ANNOUNCES FIRST QUARTER EARNINGS
INDEPENDENCE, KS (January 21, 2009) -- First Independence Corporation (OTC
Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $435,000 for the
first quarter of fiscal 2009, compared to $412,000 for the first quarter of fiscal 2008.
Diluted earnings per share of common stock for the first quarter of fiscal 2009 were
$.52, compared to diluted earnings per share of $.47 for the first quarter of fiscal 2008.
Return on average assets for the first quarter of fiscal 2009 was .86% (annualized),
compared to .85% (annualized), for the same period last year. Return on average
equity for the first quarter of fiscal 2009 was 9.83% (annualized), compared to 9.66%
(annualized), in the first quarter of fiscal 2008.
We had $203.3 million in assets and $17.8 million in stockholders’ equity as of
December 31, 2008. At December 31, 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 December 31, 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.
This release contains forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ materially from
those anticipated. These risks and uncertainties include, among others, changes in
economic conditions in our market area, changes in policies by regulatory agencies,
fluctuations in interest rates, demand for loans in our market area and competition that
could cause actual results to differ materially from historical earnings and those
presently anticipated or projected. For additional discussion of factors that may affect
the Company’s performance, refer to those described from time to time in our press
releases and other communications.