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1 star rating based on 2 reviews.

Independent Bank TX

Independent Bank TX Locations
3090 Craig Drive
McKinney, TX 75070
972.562.3426
www.independent-bank.com

FDIC


Independent Bank TX is headquartered in Mckinney and is the 28th largest bank in the state of Texas. It is also the 401st largest bank in the nation. It was established in 1913 and as of December of 2012, it had grown to 316 employees at 32 locations. Independent Bank TX's savings rates are 92% higher than the national average, and it boasts a 5-star health rating.

Related Posts

Change In Caps And Requirements (Forum) - 1/17/2013

Independent Bank has changed cap/transactions from 25K/8 to 15K/12. I was not explicitly informed. I was informed today, after seeing the non-qualifying rate being applied that this was announced via a few sentences at the end ot the November statement:

Independent Bank (TX) RCA Rate Change (3.01%APY To 2.38%APY) Effective 9/22/11 (Forum) - 9/22/2011

The latest qualification cycle ended 9/20.  The monthly "Reward Checking results" Email received this morning included the following:  "Please be advised that the interest rate associated with the Rewards Checking Account will be changed to 2.3

RCA At Independent Bank (TX) 3.01%APY From 4.01%APY Effective 1/20/11 (Forum) - 1/2/2011

In a discussion with a bank CSR in December, a friend was told to expect lower rates in mid January.   While there has been no official notification to customers as of today, I noted the following when exploring the website this morning: R

Independent Bank (TX) RCA Drops To 3.01%APY From 4.01%APY, Other Changes Effective Immediately (Forum) - 12/13/2010

Effective sometime in January (likely after the January qualification period close), the following changes will take place: 1.  The RCA rate will drop from 3.01%APY to 4.01%APY.  2.  The RealSaver account rate will drop from 2.5%APY to 2%A

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See Rates for: Checking | Savings | Money Market | CD | IRA

Independent Bank TX Checking Account Rates

ApyMinMaxProduct
2.00%-$15kFree Rewards Checking
1.00%$500-IOLTA
0.25%$500-Platinum Club Account
0.05%$500-NOW Checking

Independent Bank TX Savings Account Rates

ApyMinMaxProduct
1.00%-$15kREALSaver
0.45%$100k-Index Fund Account
0.15%$50-Savings

Independent Bank TX Money Market Rates

ApyMinMaxProduct
0.10%$500-Money Market

Independent Bank TX CD Rates

ApyMinMaxProduct
1.40%$1k-5 Year CD
1.00%$1k-3 Year CD
0.70%$1k-2 Year CD
0.60%$1k-15 Month CD
0.40%$1k-1 Year CD
0.20%$1k-180 Day CD
0.15%$1k-90 Day CD
0.10%$1k-30 Day CD

Independent Bank TX IRA Rates

ApyMinMaxProduct
1.40%$250-3 Year IRA CD
1.40%$250-3 Year SEP IRA CD
1.00%$250-18 Month IRA CD
1.00%$250-18 Month SEP IRA CD
0.60%$250-1 Year IRA CD
0.60%$250-1 Year SEP IRA CD

Rates updated: 5/20/2013

Data for Q4 2012


Institution Statistics


Independent Bank
FDIC Certificate #3076
BankRate ReportView
Year Established1913
Employees316
Primary RegulatorFDIC

Assets and Liabilities

Assets$1.73 billion
Loans$1.37 billion
Deposits$1.39 billion
Equity Capital$166.71 million
Loan Loss Allowance$11.48 million
Unbacked Noncurrent Loans$6.60 million
Real Estate Owned$6.85 million

Historic Data - December 2011

Assets$1.24 billion
Equity Capital$115.77 million
Loan Loss Allowance$9.06 million
Unbacked Noncurrent Loans$4.45 million
Real Estate Owned$8.39 million

Profit Margin - Quarterly

Net Interest Margin4.71%
Return on Assets1.54%
Return on Equity15.96%
Interest Income$71.89 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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, 2012 Independent Bank TX had $13.45 million in non-current loans and owned real-estate with $178.19 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank TX a Texas Ratio of 7.55% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Independent Bank TX decreased slightly from 10.31% as of December 31, 2011 to 7.55% as of December 31, 2012, resulting in a positive change of 26.81%.This indicates that the balance sheet and financial strength for Independent Bank TX has improved slightly in recent periods.
Deposit Growth5
In the past year, Independent Bank TX has increased its total deposits by $357.87 million, resulting in 34.58% 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 TX has shown is excellent.
Capitalization4
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 TX has $1.73 billion in assets with $178.19 million in equity, resulting in a capitalization level of 10.31%, which is above average.
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SNEAKY PEOPLE!
1 stars - TwinsDad - Wednesday, January 23, 2013 - 3:57 PM

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.

3

Beware - This Bank Will Gouge You!
1 stars - disgusted - Thursday, October 6, 2011 - 1:30 PM

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.)

2