Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
972-562-3426
3090 Craig Drive
McKinney, TX 75070

Independent Bank (McKinney, TX) is headquartered in Mckinney and is the 21st largest bank in the state of Texas. It is also the 317st largest bank in the nation. It was established in 1913 and as of March of 2014, it had grown to 359 employees at 32 locations. Independent Bank (McKinney, TX)'s savings rates are 92% higher than the national average, and it boasts a A+ health rating.

Related Posts



Reviews (2)

SNEAKY PEOPLE!

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.

Beware - This Bank Will Gouge You!

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.)



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Independent Bank (McKinney, TX) had $5.61 million in non-current loans and owned real-estate with $277.44 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank (McKinney, TX) a Texas Ratio of 2.02% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for Independent Bank (McKinney, TX) decreased dramatically from 5.75% as of March 31, 2013 to 2.02% as of March 31, 2014, resulting in a positive change of 64.81%.This indicates that the balance sheet and financial strength for Independent Bank (McKinney, TX) has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Independent Bank (McKinney, TX) has increased its total deposits by $484.35 million, resulting in 34.13% 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.

Capitalization

GRADE:
A

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 $2.35 billion in assets with $277.44 million in equity, resulting in a capitalization level of 11.80%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #3076
Year Established1913
Employees359
Primary RegulatorFDIC
Assets and Liabilities
Assets$2.35 billion
Loans$1.88 billion
Deposits$1.90 billion
Equity Capital$262.60 million
Loan Loss Allowance$14.84 million
Unbacked Noncurrent Loans$2.70 million
Real Estate Owned$2.91 million
Historic Data - March 2013
Assets$1.75 billion
Equity Capital$165.53 million
Loan Loss Allowance$11.98 million
Unbacked Noncurrent Loans$2.70 million
Real Estate Owned$8.46 million
Profit Margin - Quarterly
Net Interest Margin4.34%
Return on Assets1.04%
Return on Equity9.42%
Interest Income$25.16 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Independent Bank (McKinney, TX), we are a rate comparison website and can not provide official rates or promotions.

Independent Bank (McKinney, TX) Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.00%-$15kREALSaver Account - Qualifying
0.40%$100k-Index Fund Account
0.15%$50-Savings
0.05%--REALSaver Account - Non Qualifying

Independent Bank (McKinney, TX) Money Market Rates

DetailsAPYMINMAXPRODUCT
0.10%$500-Money Market

Independent Bank (McKinney, TX) Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.00%-$15kRewards Checking - Qualifying
1.00%$500-IOLTA
0.25%$500-Platinum Club Account
0.05%--Rewards Checking - Non Qualifying
0.05%$500-NOW Checking

Independent Bank (McKinney, TX) CD Rates

DetailsAPYMINMAXPRODUCT
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

Independent Bank (McKinney, TX) IRA Rates

DetailsAPYMINMAXPRODUCT
1.40%$250-5 Year IRA CD
0.90%$250-3 Year IRA CD
0.60%$250-18 Month IRA CD
0.35%$250-1 Year IRA CD
Locations

Independent Bank (McKinney, TX) has 30 locations. Click to view all Independent Bank (McKinney, TX) locations.