For Further Information, Call
James B. Mitchell, Vice President & CFO
(620) 331-1660

FOR IMMEDIATE RELEASE

FIRST INDEPENDENCE ANNOUNCES FOURTH QUARTER EARNINGS AND FISCAL YEAR END RESULTS

INDEPENDENCE, KS (October 17, 2003) -- First Independence Corporation (OTC Bulletin Board: FFSL.OB) (the “Company”), reported net earnings of $265,000 for the fourth quarter of fiscal 2003, compared to $382,000 for the fourth quarter of fiscal 2002.  Diluted earnings per share of common stock for the fourth quarter of fiscal 2003 were $.29, compared to diluted earnings per share of $.39 for the fourth quarter of fiscal 2002.  Net earnings for the 2003 fiscal year were $1,321,000, compared to $2,032,000 for the 2002 fiscal year.  Diluted earnings per share for the 2003 fiscal year were $1.42, compared to diluted earnings per share of $2.09 for the 2002 fiscal year.  Earnings for the 2002 fiscal year included $682,000 due to the adoption on October 1, 2001, of Statement of Financial Accounting Standards No. 141, “Business Combinations” which addresses the accounting for negative goodwill.  Negative goodwill of $682,000, arising from an earlier business combination, was recognized as the cumulative effect of the accounting change and increased diluted earnings per share for the 2002 fiscal year by $.70.  Excluding the cumulative effect of a change in accounting principle, net earnings for the 2002 fiscal year would have been $1,350,000.

    Return on average assets for the fourth quarter of fiscal 2003 was .66% (annualized), compared to .99% (annualized), for the same period last year.  Return on average equity for the fourth quarter of fiscal 2003 was 6.96% (annualized), compared to 10.24% (annualized), in the fourth quarter of fiscal 2002.  Return on average assets for the 2003 fiscal year was .83%, compared to .88%, exclusive of effect of change in accounting principle, for the same period last year.  Return on average equity for the 2003 fiscal year was 8.78%, compared to 9.13%, exclusive of effect of change in accounting principle, for fiscal 2002.

    We had $159.3 million in assets and $15.1 million in stockholders’ equity as of September 30, 2003.  During this fiscal year, we repurchased 34,249 shares of common stock, at an average cost of $15.82 per share.  At September 30, 2003, total shares outstanding were 919,916.

     The Company is the parent corporation for First Federal Savings and Loan Association of Independence, Kansas ("First Federal").  At September 30, 2003, First Federal exceeded all of its regulatory capital requirements.  First Federal has four full-service 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.

    A consolidated financial summary follows.

FIRST INDEPENDENCE CORPORATION FINANCIAL HIGHLIGHTS (Dollars in thousands, except per share data)
					September 30, 2003																September 30, 2002
Financial Condition Highlights:
Total assets					$ 159,327																$ 156,050
Loans receivable					105,636																118,578
Loans held for sale					---																88
Mortgage-backed and investment securities held to maturity					39,964																19,809
Real estate acquired through foreclosure					490																730
Deposits					105,724																108,221
Borrowed funds					37,457																32,000
Stockholders' equity					15,093																14,577
Stockholders' equity per outstanding common share					$16.41																$15.92
Selected Asset Quality Ratios:
Non-performing loans to total loans					.87%																1.52%
Non-performing assets to total assets					.89%																1.63%
Allowance for loan losses       to non-performing loans					80.99%																45.51%
Allowance for loan losses       to non-performing assets					52.86%																32.48%
			Three months ended September 30,															Year ended September 30,
			2003								2002								2003							2002
Operating Highlights:
Net interest income			$ 1,137								$ 1,310								$ 4,910							$ 5,257
Provision for loan losses			2								12								24							220
Earnings before cumulative effect of       change in accounting principle			265								382								1,321							1,350
Cumulative effect of change in accounting       for negative goodwill amortization			---								---								---							682
Net earnings			265								382								1,321							2,032
Operating Ratios (annualized):
Return on average assets			.66%								.99%								.83%							1.33%
Return on average equity			6.96%								10.24%								8.78%							13.74%
Interest rate spread information:
Average yield on interest-earning assets			5.66%								6.87%								6.08%							7.22%
Average cost of interest-bearing liabilities			2.95%								3.68%								3.17%							4.04%
Average rate spread during period			2.71%								3.19%								2.91%							3.18%
Net interest margin			2.93%								3.49%								3.16%							3.52%
Ratio of average interest-earning assets      to average interest-bearing liabilities			108.36%								109.07%								108.61%							109.15%
Stock price for period:
High bid			$16.24								$16.40								$16.24							$16.45
Low bid			$15.72								$15.40								$14.50							$12.52
Closing bid at 9/30			$15.72								$15.56								$15.72							$15.56
Net earnings per share (diluted)				$.29						$.39										$1.42							$2.09
	Weighted average shares of common stock and common stock equivalents	926,185						973,850									927,669								974,485