<PAGE>   1
                     U.S. SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                  FORM 10-QSB/A


                 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 1999

                                       OR

                 [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                      For the transition period from > to >

                         Commission File Number: 0-15777

                         FIRST INDEPENDENCE CORPORATION
        (Exact Name of Small Business Issuer as Specified in its Charter)

           Michigan                                     38-2583843
(State or Other Jurisdiction of             (I.R.S. Employer Identification No.)
Incorporation or Organization)

                      44 Michigan, Detroit, Michigan 48226
                    (Address of Principal Executive Offices)

                                 (313) 256-8400
                (Issuer's Telephone Number, Including Area Code)

Check whether the issuer (1) filed all reports required to be filed by Section
13 of 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes  X  No    .
                                                             ----   ----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

           336,760 shares of Common Stock ($1 par value) as of October 30, 1999.

Transitional Small Business Disclosure Format (check one):  Yes    ; No   X  .
                                                               ----      ----


<PAGE>   2



                         FIRST INDEPENDENCE CORPORATION
                                      INDEX


<TABLE>
<CAPTION>
PART 1.       Financial Information                                                                    Page No.
              ---------------------                                                                    --------
<S>           <C>                                                                                      <C>
     Item 1.      Financial Statements

                  Condensed Consolidated Balance Sheet -
                    September 30, 1999 (Unaudited)...................................................        1

                  Condensed Consolidated Statements of Income - Three and
                    Nine Months Ended September 30, 1999 (Unaudited) and
                    September 30, 1998 (Unaudited)...................................................        2

                  Consolidated Statements of Comprehensive Income - Three
                    and Nine Months Ended September 30, 1999 (Unaudited) and
                    September 30, 1998 (Unaudited)...................................................        3

                  Condensed Consolidated Statements of Cash Flows -
                    Nine Months Ended September 30, 1999 (Unaudited) and
                    September 30, 1998 (Unaudited)...................................................        4

                  Notes to Condensed Consolidated Financial Statements (Unaudited)...................        5


     Item 2.      Management's Discussion and Analysis of Financial
                    Condition and Results of Operations..............................................     6-11


PART II.      Other Information

     Item 1.      Legal Proceedings..................................................................       12

     Item 2.      Changes in Securities and Use of Proceeds..........................................       12

     Item 3.      Defaults upon Senior Securities....................................................       12

     Item 4.      Submission of Matters to a Vote of Security Holders................................       12

     Item 5.      Other Information..................................................................       12

     Item 6.      Exhibits and Reports on Form 8-K...................................................       12

     Signatures   ...................................................................................       13
</TABLE>


<PAGE>   3


PART I.       FINANCIAL INFORMATION
Item 1.       Financial Statements

                  FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
                      CONDENSED CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                                            September 30,
                                                                                                1999
                                                                                                ----
                                                                                             (Unaudited)
<S>                                                                                      <C>
ASSETS
     Cash and due from banks                                                              $      7,600,083
     Federal funds sold                                                                         11,250,000
                                                                                          ----------------
         Total cash and cash equivalents                                                        18,850,083

     Securities available for sale                                                              49,012,310
     Securities held to maturity (fair value of $3,526,950)                                      3,513,496
                                                                                          ----------------
                                                                                                52,525,806

     Total loans                                                                                44,392,360
     Allowance for loan losses                                                                  (1,021,263)
                                                                                          ----------------
                                                                                                43,371,097
     Premises and equipment - net                                                                3,773,770
     Accrued interest receivable and other assets                                                3,069,058
                                                                                          ----------------
         Total assets                                                                     $    121,589,814
                                                                                          ================

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
     Deposits
         Noninterest-bearing                                                              $     35,741,729
         Interest-bearing                                                                       51,289,370
                                                                                          ----------------
                                                                                                87,031,099

     Short-term borrowings                                                                      27,628,266
     Accrued expenses and other liabilities                                                        699,216
     Long-term debt                                                                                900,000
                                                                                          ----------------
         Total liabilities                                                                     116,258,581

Shareholders' equity
     Preferred stock                                                                             2,482,086
     Common stock, $1 par value:  1,000,000 shares authorized;
       336,760 shares issued and outstanding                                                       336,760
     Capital surplus                                                                             2,369,782
     Retained earnings                                                                           1,017,158
     Unrealized gain on securities available for sale                                             (874,553)
                                                                                          ----------------
         Total shareholders' equity                                                              5,331,233
                                                                                          ----------------
              Total liabilities and shareholders' equity                                  $    121,589,814
                                                                                          ================
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                                                              1.

<PAGE>   4



                  FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                      Three Months Ended            Nine Months Ended
                                                                         September 30,                September 30,
                                                                      1999          1998           1999           1998
                                                                      ----          ----           ----           ----
<S>         `                                                   <C>            <C>           <C>            <C>
Interest income
     Loans, including fees                                       $   976,558    $ 1,018,784   $ 2,895,685    $ 2,985,482
     Federal funds sold                                              167,530        144,234       630,521        477,746
     Securities                                                      819,531        687,526     2,459,623      2,086,038
                                                                 -----------    -----------   -----------    -----------
                                                                   1,963,619      1,850,544     5,985,829      5,549,266
Interest expense
     Deposits                                                        415,639        470,507     1,256,166      1,416,661
     Other borrowed funds                                            288,693        155,579       807,746        483,247
                                                                 -----------    -----------   -----------    -----------
                                                                     704,332        626,086     2,063,912      1,899,908
                                                                 -----------    -----------   -----------    -----------

NET INTEREST INCOME                                                1,259,287      1,224,458     3,921,917      3,649,358

Provision (credit) for loan losses                                   (30,000)        75,000        60,000        225,000
                                                                 -----------    -----------   -----------    -----------

NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES                1,289,287      1,149,458     3,861,917      3,424,358

Noninterest income
     Service charges on deposit accounts                             178,422        175,366       531,583        521,841
     Net gain (loss) on sales of residential real estate loans        (2,484)         2,086        (2,484)        24,494
     Other noninterest income                                        183,639         83,360       349,023        236,855
                                                                 -----------    -----------   -----------    -----------
                                                                     359,577        260,812       878,122        783,190
Noninterest expense
     Salaries and employee benefits                                  641,902        570,459     1,979,197      1,745,411
     Occupancy                                                       412,653        290,274     1,035,148        907,735
     Professional services                                            93,000         77,500       223,000        192,500
     Other noninterest expense                                       235,423        242,206       768,305        686,944
                                                                 -----------    -----------   -----------    -----------
                                                                   1,382,978      1,180,439     4,005,650      3,532,590
                                                                 -----------    -----------   -----------    -----------

INCOME (LOSS) BEFORE FEDERAL INCOME TAX                              265,886        229,831       734,389        674,958

Federal income tax expense                                             2,807              0         2,807              0
                                                                 -----------    -----------   -----------    -----------

NET INCOME (LOSS)                                                    263,079        229,831       731,582        674,958

Preferred stock dividend requirement                                   8,550          8,550        17,100         25,650
                                                                 -----------    -----------   -----------    -----------

INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCK                       $   254,529    $   221,281   $   714,482    $   649,308
                                                                 ===========    ===========   ===========    ===========
Basic and diluted earnings (loss) per common share               $      0.76    $       .66   $      2.12    $      1.93
                                                                 ===========    ===========   ===========    ===========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                                                              2
<PAGE>   5



                  FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                         Three months ended                Nine months ended
                                                            September 30,                     September 30,
                                                         1999           1998              1999             1998
                                                         ----           ----              ----             ----
<S>                                                <C>              <C>            <C>                <C>
Net income                                          $    263,079     $   229,831    $      731,582     $    674,958


Other comprehensive income, net of tax:
     Change in unrealized gains (losses)
       on securities                                    (133,697)        444,417          (944,751)         415,387
                                                    ------------     -----------    --------------     ------------


Comprehensive income (loss)                         $    129,382     $   674,248    $     (213,169)    $  1,090,345
                                                    ============     ===========    ==============     ============
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                                                              3.

<PAGE>   6

                  FIRST INDEPENDENCE CORPORATION AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                      Nine Months Ended
                                                                         September 30,
                                                                     1999              1998
                                                                     ----              ----
<S>                                                           <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
     Net income                                                $    731,582      $    674,958
     Adjustments to reconcile net income
       to net cash from operating activities:
         Depreciation                                               441,107           365,096
         Amortization of premiums and accretion of
           discounts on securities, net                              70,872            59,983
         Provision for loan losses                                   60,000           225,000
         Net change in:
              Accrued interest receivable and other assets       (1,361,427)          (40,627)
              Accrued expenses and other liabilities                200,088          (231,792)
                                                               ------------      ------------
                  Net cash from operating activities                142,222         1,052,618

CASH FLOWS FROM INVESTING ACTIVITIES
     Net change in loans                                         (5,048,735)          (61,403)
     Securities available for sale:
         Proceeds from maturities and principal paydowns          8,066,505        16,193,923
         Purchases                                              (10,356,403)      (23,092,031)
     Securities held to maturity:
         Proceeds from maturities                                 1,017,678         6,552,329
     Premises and equipment expenditures, net                      (921,842)         (227,767)
                                                               ------------      ------------
              Net cash from investing activities                 (7,242,797)         (634,949)

CASH FLOWS FROM FINANCING ACTIVITIES
     Net change in deposits                                      (7,766,579)        1,761,988
     Net change in short-term borrowings                          5,979,078        (2,949,429)
     Retirement of preferred stock                                 (133,711)
     Dividends paid                                                 (98,491)          (34,203)
                                                               ------------      ------------
         Net cash from financing activities                      (2,019,703)       (1,221,644)
                                                               ------------      ------------

Net change in cash and cash equivalents                          (9,120,278)         (803,975)

Cash and cash equivalents at beginning of period                 27,970,361        13,692,380
                                                               ------------      ------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                     $ 18,850,083      $ 12,888,405
                                                               ============      ============

Supplemental disclosures of cash flow information
     Cash paid during the period for
         Interest                                              $  2,106,322      $  1,400,950
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                                                              4.
<PAGE>   7



                         FIRST INDEPENDENCE CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.   BASIS OF PRESENTATION:

     The unaudited condensed consolidated financial statements include the
     consolidated results of operations of First Independence Corporation ("the
     Corporation") and its wholly-owned subsidiary, First Independence National
     Bank of Detroit ("the Bank"). These consolidated financial statements have
     been prepared in accordance with the Instructions for Form 10-QSB and Item
     310(b) of Regulation S-B and do not include all disclosures required by
     generally accepted accounting principles for a complete presentation of the
     Corporation's financial condition and results of operations. In the opinion
     of management, the information reflects all adjustments (consisting only of
     normal recurring accruals) which are necessary in order to make the
     financial statements not misleading and for a fair presentation of the
     results that may be achieved of operations for such periods. The results
     for the period ended September 30, 1998 should not be considered as
     indicative of results that may be achieved for a full year. For further
     information, refer to the consolidated financial statements and footnotes
     included in the Corporation's Annual Report on Form 10-KSB for the year
     ended December 31, 1998.


2.   EARNINGS (LOSS) PER COMMON SHARE:

     Basic earnings (loss) per common share is based on net income (loss)
     divided by the weighted average number of common shares outstanding during
     the period. Diluted earnings (loss) per common share further assumes the
     issue of any potentially dilutive common shares. The weighted average
     number of common shares used in the calculation of both basic and diluted
     earnings (loss) per common share was 336,760 shares for the three and nine
     months ended September 30, 1999 and 1998.


3.   COMPREHENSIVE INCOME:

     Under a new accounting standard, comprehensive income is now reported for
     all periods, effective for both interim and year-end financial statements
     for fiscal years beginning after December 31, 1997. Comprehensive income
     includes both net income and other comprehensive income. Other
     comprehensive income includes the change in net unrealized gains and losses
     on securities. Interim financial statements need only disclose total
     comprehensive income for each reported period.


4.   CONTINGENCIES

     The Company and Bank are subject to various other claims and legal actions
     arising in the ordinary course of business. In the opinion of management,
     after consultation with legal counsel, the ultimate disposition of these
     matters is not expected to have a material effect on the Company's
     consolidated financial condition or results of operations.


                                                                              5.

<PAGE>   8



Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

RESULTS OF OPERATIONS

Net income attributable to common stock for the third quarter of 1999 was
$254,529, or $0.76 per common share, compared to a net income attributable to
common stock of $221,281 or $0.66 per common share for the third quarter of
1998. The increase in net income for the third quarter 1999, as compared to
1998, was primarily the result of a decrease in the loan loss provision.

Net income attributable to common stock for the nine months ended September 30,
1999 was $714,482, or $2.12 per common share, compared to $649,308, or $1.93 per
common share, for the nine months ended September 30, 1998. The increase was
primarily the result of an increase in net interest income and noninterest
income.

Net Interest Income: Net interest income for the third quarter of 1999 was
$1,259,287, an increase of $34,829 from the third quarter of 1998 net interest
income of $1,224,458. Net interest income for the nine months ended September
30, 1999 was $3,921,917, an increase of $272,559 when compared to the nine
months ended September 30, 1998. The increase for both the third quarter and the
first nine months of 1999 as compared to 1998 was attributable to average
earning assets increasing more than average interest-bearing liabilities.

Provision for Loan Losses: The provision (credit) for loan losses in the third
quarter of 1999 was $(30,000), a decrease of $105,000 from the third quarter of
1998. The provision for loan losses for the nine months ended September 30, 1999
was $60,000, compared to $225,000 for the nine months ended September 30, 1998.
The allowance for loan losses as a percentage of total loans outstanding as of
September 30, 1999 was 2.30%. The Bank maintains the allowance for loan losses
at a level management feels is adequate to absorb losses inherent in the loan
portfolio. The evaluation is based upon a continuous review of the Bank's and
banking industry's historical loan loss experience, known and inherent risks
contained in the loan portfolio, composition and growth of the loan portfolio,
current and projected economic conditions and other factors. The decrease in the
need for additional provisions for loan losses is a result of management's
continued efforts on improving the quality of the loan portfolio.

Noninterest Income: Noninterest income for the third quarter of 1999 amounted to
$359,577, an increase of $98,765, or 37.9%, from the third quarter of 1998. The
increase was primarily due to additional surcharge fees on ATM usage.

Noninterest income for the nine months ended September 30, 1999 was $878,122, an
increase of $94,932 when compared to the nine months ended September 30, 1998.
The increase was the result of an increase in service charges on deposits of
$9,742 and an increase in other noninterest income of $112,168, primarily from
additional surcharge fees on ATM usage, partially offset by a decrease in gains
on sales of residential real estate loans of $26,978. The decrease in gains on
sales of residential real estate loans is primarily the result of less emphasis
placed by management on the origination and sale of residential real estate
loans.

                                  (Continued)

                                                                              6.

<PAGE>   9

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

RESULTS OF OPERATIONS (Continued)

Noninterest Expense: Noninterest expense for the third quarter of 1999 amounted
to $1,382,978, an increase of $202,539, or 17%, from the third quarter of 1998
noninterest expense of $1,180,439. The increase was primarily the result of an
increase in salary and wages of $71,443, professional services expense of
$15,500, and occupancy expense of $122,379.

For the nine months ended September 30, 1999, noninterest expense of $4,005,650
had increased $473,060 as compared to the nine months ended September 30, 1998.
The overall increase was the result the following: salaries and employee
benefits increased $233,786, occupancy expense increased $127,413, and
professional services expense increased $30,500.


FINANCIAL CONDITION

Liquidity: Federal funds sold were $11,250,000, or 13% of total deposits of
$87,031,099 at September 30, 1999. Total securities available-for-sale at
September 30, 1999 were $49,012,310, or 56% of total deposits. Thus, the Bank
has a liquidity position such that management believes it is capable of funding
loan demand or deposit withdrawals.

Securities: The Company had approximately $52,526,000 of securities at September
30, 1999, compared to approximately $52,756,000 of securities at December 31,
1998. The slight decrease was a result of management's decision to maintain the
portfolio at a stable level while investing excess liquidity in loan growth
during the period. Securities continue to consist primarily of U.S. Treasury and
U.S. Government and federal agency securities to ensure credit risk is
minimized.

As of September 30, 1999, the maturity of the security portfolio ranges
primarily from one to seven years, with a weighted average maturity of less than
six years. Management feels the maturity mix is adequate to manage interest rate
risk under the Company's asset and liability policy, and to provide a secondary
source of liquidity. Management recognizes that securities may need to be sold
in the future to help fund loan demand and, accordingly, as of September 30,
1999, 93% of the securities portfolio of $52,525,806 million was classified as
available for sale.

Loans:  The following  table sets forth the  composition  of the Bank's loan
portfolio (in thousands) at September 30, 1999:

<TABLE>
        <S>                                                                       <C>          <C>
         Commercial                                                                $   11,660        26.3%
         Commercial real estate                                                        11,477        25.9
         Residential real estate                                                       15,966        35.9
         Consumer                                                                       5,289        11.9
                                                                                   ----------    --------

                                                                                   $   44,392       100.0%
                                                                                   ==========    ========
</TABLE>


                                  (Continued)

                                                                              7.

<PAGE>   10

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

FINANCIAL CONDITION (continued)

At September 30, 1999, the Bank had $1,112,000 of loans that were considered
nonperforming. Nonperforming loans include non-accrual loans, loans with
principal or interest past due 90 days or more, and other impaired loans.
Non-accrual loans are those loans on which the Bank does not accrue interest
income. Loans are placed on non-accrual status when principal or interest is in
default for a period of 90 days or more unless the loan is in the process of
collection and is well secured so that delinquent principal and interest would
be expected to be satisfied from the collateral. Impaired loans are those loans
which management does not expect to fully collect all principal and interest
under the original terms of the loan. At September 30, 1999, total nonperforming
and impaired loans amounted to 2.5% of aggregate loans at September 30, 1999,
compared to 3.22% at December 31, 1998.

At September 30, 1999, there were no significant loans other than those
identified above, for which information was known that would cause management to
have serious doubts as to the ability of borrowers to comply with loan repayment
terms.

The allowance for loan losses totaled $1,021,263 at September 30, 1999, compared
to December 31, 1998 of $1,174,888. The allowance for loan losses represented
2.30% of total loans at September 30, 1999 compared with 2.97% at December 31,
1998. The allowance for loan losses was 92% of nonperforming loans at September
30, 1999 as compared to 88% of nonperforming loans at December 31, 1998. The
total amount of the allowance for loan losses is based on management's
evaluation of the portfolio, past experience, economic conditions, composition
of the portfolio, collateral location and values, cash flow positions of the
borrowers, delinquencies and other factors deemed relevant. The allowance for
loan losses, in management's opinion, is adequate taking all such considerations
into account.

Loans charged off in the third quarter of 1999 aggregated $332,716. The charge
offs are part of the Bank's continuing effort to address problem loans in the
loan portfolio and improve the quality of the loan assets. The Bank's collection
efforts in the third quarter of 1999 resulted in recoveries of $119,091 on loans
previously charged off.

The table below presents management's allocation of the allowance for loan
losses by loan portfolio at September 30, 1999.

<TABLE>
<CAPTION>
(In thousands)                                                                  Allowance           Percent
                                                                                ---------           -------
        <S>                                                                <C>                   <C>
         Commercial/commercial real estate                                  $      261,110           25.57%
         Real estate mortgage                                                       24,233            2.37
         Consumer                                                                  195,377           19.13
         Unallocated                                                               540,543           52.93
                                                                            --------------       ---------

                                                                            $    1,021,263          100.00%
                                                                            ==============       =========
</TABLE>

                                  (Continued)


                                                                              8.

<PAGE>   11


Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

FINANCIAL CONDITION (continued)

The following table summarizes activity in the allowance for loan losses during
the nine months ended September 30, 1999.

<TABLE>
        <S>                                                                              <C>
         Average loans outstanding during the period                                      $     41,637,348
                                                                                          ================

         Allowance for loan losses
              Beginning balance                                                           $      1,174,888
              Provision for loan losses                                                             60,000
              Charge-offs                                                                         (332,716)
              Recoveries                                                                           119,091
                                                                                          ----------------

              Balance at end of period                                                    $      1,021,263
                                                                                          ================

         Provision for loan losses as a percent of average loans                                      0.14%
         Net loans charged off as a percent of average loans                                          0.51%
         Total loans charged off as a percent of average loans                                        0.80%
</TABLE>

Deposits: The following is a summary of the average balances and average rates
paid on deposits for the nine months ending September 30, 1999.

<TABLE>
<CAPTION>
                                                                                  Average            Average
(In thousands)                                                                    Balance             Rate
                                                                                  -------             ----
        <S>                                                                    <C>                  <C>
         Noninterest-bearing demand deposits                                    $   35,858
         Interest-bearing demand deposits                                            9,088             2.07%
         Savings deposits                                                           15,186             1.72
         Time deposits
              $100,000 or more *                                                    14,364             4.12
              Other time deposits                                                   14,770             4.30
                                                                                ----------

                                                                                $   89,266
                                                                                ==========
</TABLE>

*    Includes approximately $2.0 million of noninterest-bearing time deposits
     from the U.S. Treasury.

During October of 1999, the Bank opened the Greektown branch, a leased office
location in metropolitan Detroit. Leasehold improvements were less than $125,000
in preparation for opening, and lease expense is not expected to have a
significant impact on the Company's financial condition or results of
operations. As a result of new business developments, including the planned
opening of the Detroit casinos, management anticipates an increase in consumer
and small business traffic, providing an opportunity for growth in its retail
products, primarily in core deposits. It is anticipated that the branch will
provide for up to $5,000,000 in deposits after one year.


                                  (Continued)

                                                                              9.

<PAGE>   12


Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

FINANCIAL CONDITION (continued)

Capital Resources: The following table presents the components of Tier 1 Capital
and Total Capital as of September 30, 1999. Both Tier 1 and Total Capital exceed
regulatory minimum requirements of 4% and 8%, respectively. The Tier 1 Leverage
Ratio, also presented below, exceeds the regulatory minimum of 3%.

<TABLE>
<CAPTION>
                                                                              September 30,       December 31,
                                                                                  1999                1998
                                                                                  ----                ----
    <S>                                                                      <C>                  <C>
     Ratios (end of period):
         Risk-Based Capital Ratios:
              Tier 1 Capital Ratio                                                12.31%              12.91%
              Total Capital Ratio                                                 13.56%              14.18%
              Tier 1 Leverage Ratio                                                5.87%               6.30%
</TABLE>


YEAR 2000 ISSUE

The year 2000 issue confronting the Company and its suppliers, customers, and
competitors, centers on the inability of computer systems and embedded
technology to properly recognize dates near the end of and beyond the year 1999.
The Corporation has formed a Year 2000 Committee (the "Committee") to address
the potential problems associated with the Year 2000 computer issue. The
Committee, consisting of directors, officers and employees of the Corporation,
meets on a regular basis and provides regular reports to the Board of Directors
detailing progress with the Year 2000 issue. The Company's year 2000 plans are
subject to modification and are revised periodically as additional information
is developed.

Readiness: The Company has completed the inventory, assessment and planning
phases for its mission-critical information technology and non-information
technology systems, which pose risks to the Company's ability to process data
for its loans, deposits and general ledger impacting revenues and operating
results. Based on testing that has been completed, management believes that all
mission-critical systems are year 2000 compliant. The Company recognizes that
its ability to be year 2000 compliant is somewhat dependent upon the year 2000
efforts of its vendors. In 1998 and 1999, the Company has requested year 2000
readiness information from its significant vendors. All mission-critical vendors
have represented that they are or will be year 2000 compliant. The Company
routinely monitors its non-mission critical vendors to determine their level of
year 2000 readiness as well. The Company is also following regulatory
requirements that require an assessment of loan customers' year 2000 readiness.
Letters and questionnaires have been utilized to access material loan customers'
readiness based on the size of their loan type. All material customers
represented that they are year 2000 compliant. The Company requires business
customers applying for new loans to disclose the potential impact of the year
2000 problem on their businesses.


                                  (Continued)

                                                                             10.

<PAGE>   13

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.

YEAR 2000 ISSUE (continued)

Worst Case Scenario and Contingency Plans: The Company has determined the most
reasonably likely worst case scenario is the possibility of the lack of power or
communication services for a period of time in excess of one day. If this
scenario were to occur, the Company's operations could be interrupted. The
Company has developed plans and procedures to address this scenario, ranging
from producing complete printed reports from the core banking systems prior to
January 1, 2000, to ensure that a hard copy of the data is available in the
event of a failure, to preparations for failures of voice and data
communications through the use of manual posting and courier services, use of
generators, alternative customer service locations or reduced lobby hours.
Contingency planning, including the type discussed above is an integral part of
the Company's year 2000 readiness plan. The Company's contingency plans attempt
to address alternative courses of action in the event that mission-critical
systems do not function properly with the date change. Development of the
contingency plans was recently completed. The year 2000 contingency plans have
been tested and the effectiveness of contingent procedures was validated by an
independent accounting firm.

Costs: The total costs associated with the Company's year 2000 compliance are
estimated at less than $100,000. These costs principally relate to the
employment of external consultants, and the purchase of software and hardware
upgrades. The Company expects to pay these costs from operating income.
Information technology staff and senior management have devoted significant time
and resources to year 2000 activities. While this has resulted in allocating
resources that would have otherwise been devoted to other information technology
projects, no projects have been delayed or postponed that would have a material
adverse impact on operations.

Regulatory Oversight: The Company's regulators have issued numerous statements
and guidance on year 2000 compliance issues and the responsibilities of senior
management and directors of banks and bank holding companies. In addition, bank
regulators have issued safety and soundness guidelines to be followed by insured
depository institutions, such as the Company, to ensure resolution of any year
2000 problems. Periodic year 2000 reviews are performed by various bank
regulatory agencies. Most of the recent examinations have been performed by the
OCC and it is expected that the OCC will continue its frequent examinations
throughout 1999. The bank regulatory agencies have asserted that year 2000
testing and certification is a key safety and soundness issue in conjunction
with regulatory examinations. Consequently, failure to address appropriately the
year 2000 issue could result in supervisory action, including the reduction of
the Bank's supervisory ratings, the denial of applications for examination, or
the imposition of civil money penalties. The Company has received a satisfactory
rating in its most recent examination from its regulators.


                                                                             11.


<PAGE>   14



PART II.      OTHER INFORMATION



Item 1.         Legal Proceedings
                There are no matters required to be reported under this item.

Item 2.         Changes in Securities
                There are no matters required to be reported under this item.

Item 3.         Defaults upon Senior Securities
                There are no matters required to be reported under this item.

Item 4.         Submission of Matters to Vote of Security Holders.
                There are no matters required to be reported under this item.

Item 5.         Other Information
                There are no matters required to be reported under this item.

Item 6.         Exhibits and Reports on Form 8-K.
                (a) Exhibit 27-Financial Data Schedule





                                                                             12.

<PAGE>   15



                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                          FIRST INDEPENDENCE CORPORATION
                                          Registrant

     Date:  November 15, 1999             /s/ William Fuller
          ----------------------------    --------------------------------------
                                          William Fuller, President

     Date:  November 15, 1999             /s/ Rose Ann Lacy
          ----------------------------    --------------------------------------
                                          Rose Ann Lacy, Chief Financial Officer




                                                                             13.

<PAGE>   16


                                 Exhibit Index
                                 -------------

<TABLE>
<CAPTION>
Exhibit No.                   Description
-----------                   -----------
<S>                          <C>
    27                        Financial Data Schedule
</TABLE>