Bank Independent

710 South Montgomery Avenue
Sheffield, AL 35660

Notable Rates APY Vs.Others
Savings 0.05% 2.60% →
1-Year CD 2.01% 2.36% →
2-Year CD 2.01% 2.60% →
5-Year CD 2.01% 2.80% →
30-Year Mortgage N.A. 3.31% →
15-Year Mortgage N.A. 2.77% →
HELOC N.A. 4.00% →

2019 Overview

General Bank Information

Bank Independent is an FDIC insured institution located in Sheffield, AL. It was founded in 1947 and has approximately $1.67 billion in assets. Customers can open an account at one of its 28 branches.

FDIC Insured Yes
FDIC Certificate # 16604
Date Established 1947
Assets $1.67 billion
Loans $1.29 billion
Deposits $1.39 billion
Capital $0.16 billion
 

For a more detailed analysis of Bank Independent's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 13, 2019

Your Current Location: Washington, WA 98101

Savings and Money Market Rates APY MIN MAX
Money Market
0.11% $1 $9,999 Learn MoreShow Less
Money Market
0.11% $10,000 $49,999 Learn MoreShow Less
CD Rates APY MIN MAX
3 Mo CD
0.91% $1,000 - Learn MoreShow Less
6 Mo CD
1.72% $1,000 - Learn MoreShow Less
Special: 7 Mo CD
2.02% $1,000 - Learn MoreShow Less
12 Mo CD
2.01% $1,000 - Learn MoreShow Less
18 Mo CD
2.01% $1,000 - Learn MoreShow Less
24 Mo CD
2.01% $1,000 - Learn MoreShow Less
36 Mo CD
2.01% $1,000 - Learn MoreShow Less
48 Mo CD
2.01% $1,000 - Learn MoreShow Less
60 Mo CD
2.01% $1,000 - Learn MoreShow Less

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.31% $1,000 - Learn MoreShow Less
Special: 7 Mo FIRA
2.02% $1,000 - Learn MoreShow Less

Loan Rates - November 13, 2019

Your Current Location: Washington, WA 98101

There are currently no loan rates available for Bank Independent

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:

Featured - Washington 30 Year Fixed Mortgage Rates 2019

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
First Internet Bank
NMLS ID: 424182
3.634% 3.625% 0.13 $280 $1,141 Learn More
AimLoan.com
NMLS ID: 2890
License#: 520-CL-25944
3.625% 3.625% 0.00 ($88) $1,141 Learn More
Rocket Mortgage
NMLS ID: 3030
4.875% 4.875% 0.00 $0 $1,324 Learn More
Infinity Mortgage Group
NMLS ID: 35972
License#: NMLS 35972
3.659% 3.625% 0.00 $1,089 $1,141 Learn More

Featured - Washington Home Equity Line Of Credit Rates 2019

Lender APR (%)? Monthly Payment? Learn More
Figure Home Equity Line
Figure Home Equity Line
0.000 %
$0 Learn More
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
3.740 %
$0 Learn More
More Info

Note to Bank Independent
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Branches

Bank Independent branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Seattle,Washington


Bank Independent Locations


Financial Details

Bank Independent Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank Independent. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Bank Independent U.S. Bank Average
8.62% 6.77%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its the bank’s tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of June 30, 2019, Bank Independent had $14,615,000 in non-current loans and $947,000 in owned real estate. To cover these potential losses it had $164,018,000 in equity and $16,498,000 in loans loss reserves. That gives it a Texas Ratio of 8.62%.

Return on Equity
Bank Independent U.S. Bank Average
13.95% 9.50%

Bank Independent has a Return on Equity of 13.95% versus the BestCashCow average of 9.50%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Bank Independent U.S. Bank Average
9.81% 12.76%

Bank Independent has a Capitalization of 9.81% versus the BestCashCow average of 12.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Bank Independent Balance Sheet Analysis

As of June 30, 2019, Bank Independent had assets of $1,671,518,000, loans of $1,289,356,000, and deposits of $1,385,862,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

June 30, 2019
ASSETS
Cash & Balances due from depository institutions $0.21 billion
Interest-bearing balances $0.17 billion
Total securities $0.05 billion
Federal funds sold and reverse repurchase $0.00 billion
Net loans and leases $1.29 billion
Loan loss allowance $0.02 billion
Trading account assets $0.00 billion
Bank premises and fixed assets $0.00 billion
Other real estate owned $0.00 billion
Goodwill and other intangibles $0.02 billion
All other assets $0.05 billion
     Total Assets $1.51 billion
LIABILITIES
Total deposits $1.39 billion
      Interest-bearing deposits $1.08 billion
      Deposits held in domestic offices $1.39 billion
      % insured (estimated) 68.36%
Federal funds purchased and repurchase agreements $0.01 billion
Trading liabilities $0.00 billion
Other borrowed funds $0.08 billion
Subordinated debt $0.00 billion
All other liabilities $0.04 billion
      Total Liabilities $1.51 billion
      Shareholders’ Equity $0.16 billion

Summary Income Statement

June 30, 2019
INCOME AND EXPENSES
Total Interest Income $0.05 billion
Total Interest Expense $0.01 billion
Net interest income $0.04 billion
Provision for loan and lease losses $0.00 billion
Total non interest income $0.01 billion
Total non interest expense $0.03 billion
Pre-tax Net Operating Income $0.01 billion

Bank Loan Profile?

The top three loan types in Bank Independent’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and 1-4 Family Residential Loans.

Compared to other banks in Alabama, Bank Independent has a significantly higher percent of Multifamily Mortgages, Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 25.11
Multifamily
Mortgages
5.29
Credit Card Loans 0.04
Consumer Auto Loans 0.47
Small Business Loans 8.13
Construction and Development Loans 12.67
Commercial Real Estate 28.58
Commercial and Industrial Loans 26.11
Farm Loans 0.08

Frequently Asked Questions About Bank Independent

Branches and Savings

Is Bank Independent FDIC insured?

Yes. It is covered under FDIC Certificate #16604.

Why does Bank Independent pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Bank Independent CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Bank Independent a commercial bank?

Yes

Where are Bank Independent locations?

See branch locations nearby.

Is Bank Independent open on Saturdays?

Is Bank Independent open on Sundays?

What time does Bank Independent open?

What time does Bank Independent close?

Are Bank Independent ATMs Open 24/7?

Do Bank Independent ATMs accept cash deposits?

Can Bank Independent customers use other ATMs?

Do Bank Independent branches have notaries?

Will Bank Independent notarize my document?

What address for Bank Independent should I put for incoming ACH transfers?

Will the Bank Independent branch print checks?

Do Bank Independent checks expire?

Does Bank Independent require US citizenship to open account?

Can Bank Independent close my account?

Does Bank Independent Report to credit bureaus?

Does Bank Independent Use Equifax?

What is Bank Independent's ACH Routing Number?

What is Bank Independent's SWIFT code?

Products

Does Bank Independent offer mortgages?

Compare mortgage rates here.

Does Bank Independent offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bank Independent offer personal loans?

Compare personal loan rates here.

Does Bank Independent offer student loans?

Will Bank Independent cash a check?

Will Bank Independent redeem a savings bond?

Does Bank Independent cash savings bonds?

Will Bank Independent cash money orders?

Can Bank Independent issue a money order?

Does Bank Independent do currency exchange?

Background on The Bank

Who owns Bank Independent?

How long has Bank Independent been around?

Can Bank Independent transfer to other banks?

Does Bank Independent have quick pay?

Does Bank Independent accept rolled coins?

Will Bank Independent accept loose change?

Where is Bank Independent headquarters?

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