Independent Bank (McKinney, TX) is headquartered in Mckinney and is the 22nd largest bank in the state of Texas. It is also the 332nd largest bank in the nation. It was established in 1913 and as of December of 2013, it had grown to 340 employees at 31 locations. Independent Bank (McKinney, TX)'s savings rates are 92% higher than the national average, and it boasts a A+ health rating.
BEWARE! They changed the qualification criteria in Dec but didn't update the website until after the statement closed in January! When I called to complain they referred to a fine print at the very bottom of the Nov statement! Taking my money elsewhere.
My "free" checking account at Independent Bank (Little Elm, TX branch) suddenly developed monthly service charges totalling $11.00. The charges showed up on my September bank statement. When I inquired about the charges, I was told: "We mailed out a letter in June to all free checking account holders to inform them that service charges were being initiated". Further inquiry resulted in the revelation that Independent Bank offers yet another "free checking account", but I must come in and apply for the new account in person. Even if such a change were being initiated, why couldn't the bank have politely informed account holders in June that ANOTHER type of free account is available???? The simple answer is that this bank has taken this opportunity to extract funds from its account holders who either ignored their letter or, worse yet, never received it . I have no recollection and no record in my files of having received the letter supposedly mailed in June. I have closed my account at Independent Bank and will never do business with them again. Perhaps others can profit from my experience. (I have awarded one star to this bank due to the fact that it is not possible to award zero stars.)
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Independent Bank (McKinney, TX) had $6 million in non-current loans and owned real-estate with $249.38 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank (McKinney, TX) a Texas Ratio of 2.40% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Independent Bank (McKinney, TX) decreased dramatically from 7.55% as of December 31, 2012 to 2.40% as of December 31, 2013, resulting in a positive change of 68.14%.This indicates that the balance sheet and financial strength for Independent Bank (McKinney, TX) has improved dramatically in recent periods.
In the past year, Independent Bank (McKinney, TX) has increased its total deposits by $341.57 million, resulting in 24.52% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Independent Bank (McKinney, TX) has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Independent Bank (McKinney, TX) has $2.16 billion in assets with $249.38 million in equity, resulting in a capitalization level of 11.53%, which is excellent.
|FDIC Certificate #||3076|
|Assets and Liabilities|
|Equity Capital||$235.42 million|
|Loan Loss Allowance||$13.96 million|
|Unbacked Noncurrent Loans||$2.67 million|
|Real Estate Owned||$3.32 million|
|Historic Data - December 2012|
|Equity Capital||$166.71 million|
|Loan Loss Allowance||$11.48 million|
|Unbacked Noncurrent Loans||$2.67 million|
|Real Estate Owned||$6.85 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.46%|
|Return on Assets||1.25%|
|Return on Equity||12.21%|
|Interest Income||$87.22 million|
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|0.40%||$100k||-||Index Fund Account|
|2.00%||-||$15k||Free Rewards Checking|
|0.25%||$500||-||Platinum Club Account|
|0.05%||-||-||Free Rewards Checking|
|1.40%||$1k||-||5 Year CD|
|0.90%||$1k||-||3 Year CD|
|0.60%||$1k||-||2 Year CD|
|0.55%||$1k||-||15 Month CD|
|0.35%||$1k||-||1 Year CD|
|0.20%||$1k||-||180 Day CD|
|0.10%||$1k||-||90 Day CD|
|0.05%||$1k||-||30 Day CD|
|1.40%||$250||-||5 Year IRA CD (Traditional,SEP)|
|0.90%||$250||-||3 Year IRA CD (Traditional,SEP)|
|0.60%||$250||-||18 Month IRA CD (Traditional,SEP)|
|0.35%||$250||-||1 Year IRA CD (Traditional,SEP)|