ESOP · DOL Form 5500 · 2024

First Independence Corporation ESOP

Data updated 2026-08-25

$239K
Total assets Small plan by assets: N/A
Participants Small participant base: 12th
Percentile by assets National rank

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Official DOL plan name: First Independence Corporation Stock Ownership Plan · Sponsored by First Independence Corporation · Michigan · Management of Enterprises

$239K in assets, N/A participants

First Independence Corporation's First Independence Corporation Stock Ownership Plan reported $239K in total assets and N/A participants in its 2024 DOL Form 5500 filing, ranking in the 12th percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

#90 in Management of Enterprises (1,133 peers)

First Independence Corporation multi-year trail

First Independence Corporation's plans moved +99.8% in assets from 2022 to 2024; this filing shows First Independence Corporation Stock Ownership Plan at $239K / N/A participants.

#90
in Management of Enterprises (1,133 peers): +52.4%
assets growth YoY

First Independence Corporation Stock Ownership Plan among the smaller filed plans by assets

First Independence Corporation Stock Ownership Plan vs every filed plan by assets

End-of-year total assets · plan year 2024 · DOL Form 5500

$238,816 12th percentile higher than 12% of 123,620 filed plans

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2024

Filed plans by participant headcount

Plan-year 2024 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets.

Micro (1-10) 33,766 filings (27%) Small (11-100) 26,107 filings (21%) Medium (101-1,000) 54,251 filings (43%) Large (1,001-10,000) 10,349 filings (8%) Mega (10,000+) 1,399 filings (1%)

First Independence Corporation Stock Ownership Plan reported net income rose from $37K in the plan year 2023 filing to $82K in the plan year 2024 filing.
First Independence Corporation Stock Ownership Plan end-of-year assets rose from $157K in the plan year 2023 filing to $239K in the plan year 2024 filing.

See the national 2023→2024 release diff →

Form 5500 schedule snapshot

Filing strip 382583843 · First Independence Corporation PY 2024 · ESOP

First Independence Corporation Stock Ownership Plan · $239K · N/A · 12th

RANK $239K
PHOTO N/A
IND 12th
EOY ESOP
5500 near Gage Bros. Employee Stock Ownership Plan
ASSETS ind #90

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with What is an ESOP? → · Plans in Michigan →

End-of-year total assets ($M) among First Independence Corporation Stock Ownership Plan and nearest nationwide ESOP peers. Source: DOL Form 5500 plan year 2024.

First Independence Corporation multi-year asset trail

Latest sponsor-wide plan assets: $239K 99.79753867262338% vs 2022; 2024 filing year

Year	Plans	Participants	Total Assets
2022	1	N/A	$120K
2023	1	N/A	$157K
2024	1	N/A	$239K

First Independence Corporation filing trail (2024)

Total Assets (Beginning of Year)	$157K
Net Assets (End of Year)	$239K
Net Income	$82K
Employer EIN	382583843
Plan Effective Date	1986-01-01
Filing Status	FILING RECEIVED

Nearby ESOP Plans in Michigan

Peer ESOP plans, same state, same plan type, ranked by total assets.

First Independence Corporation Stock Ownership Plan vs. nearby ESOP plans in Michigan, assets vs. participants

Mcnaughton-Mckay Electric Company Employee Stock Ownership Plan $1.6B · 1,780
The Kendall Group Employee Stock Ownership Plan $900M · 1,936
Project Worldwide, Inc. Employee Stock Ownership Plan $453M · 1,284
Motor City Electric Co. Employee Stock Ownership Plan $410M · 218
Lee Contracting, Inc. Employee Stock Ownership Plan $250M · 565

Compare First Independence Corporation Stock Ownership Plan side-by-side with 3 peers →

First Independence Corporation Stock Ownership Plan's closest out-of-state ESOP peers by assets

Outside Michigan, the nearest ESOP by end-of-year assets is Gage Bros. Employee Stock Ownership Plan in SD at $238K (this filing: $239K).

Closest by plan assets

Nearest other-state filings by tot_assets_eoy ($239K here).

Gage Bros. Employee Stock Ownership Plan (SD) $238K · 209
Incal Technology, Inc. Employee Stock Ownership Plan (CA) $240K · 19
Devore Aviation Corporation of America Employee Stock Ownership Plan (NM) $237K · N/A
Schroeder Iron Corporation Employee Stock Ownership Plan (CA) $237K · 35

DOL Form 5500 plan year 2024. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did First Independence Corporation Stock Ownership Plan assets move in 2024? ▼

First Independence Corporation Stock Ownership Plan surged - up 52.4% during 2024, from $157K to $239K. Reported net income was $82K.

How have First Independence Corporation plan assets changed over time? ▼

Across 3 plan years on file (2022-2024), First Independence Corporation's sponsor-wide assets grew 99.8%, from $120K to $239K.

Where does First Independence Corporation Stock Ownership Plan rank by assets among Form 5500 filers? ▼

First Independence Corporation Stock Ownership Plan ranks in the 12th percentile by end-of-year assets among 123,622 plans that reported assets for plan year 2024 (among the smaller plans by assets on file).

Which ESOP plans are similar in size to First Independence Corporation Stock Ownership Plan? ▼

Among ESOP plans in other states, the closest by assets is Gage Bros. Employee Stock Ownership Plan in SD ($238K, 209 participants).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2024.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 382583843.