Average User Rating:
1 star rating based on 1 review.

Independent Bank TX

P.O. Box 3035 3090 Craig Drive
McKinney, TX 75070
972.562.3426
www.independent-bank.com

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Independent Bank TX is headquartered in Mckinney and is the 38^th largest bank in the state of Texas. It is also the 553^rd largest bank in the nation. It was established in 1913 and as of September of 2011, it had grown to 267 employees at 27 locations. Independent Bank TX's savings rates are 3X the national average, and it boasts a 5-star health rating.

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

Survey of the Best Checking Accounts in Austin Texas - 9/9/2010

I'm starting a new blog feature. I've been posting on new reward checking accounts for the last four years, and we now have a large database of reward checking accounts across the nation. These can be ...

2008

5/18 - High-Interest Reward Checking Account at a Texas Bank (Independent)

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

Independent Bank TX Checking Account Rates

Apy	Min	Max	Product
2.38%	-	$25k	Free Rewards Checking
1.00%	$500	-	IOLTA
0.30%	$500	-	Platinum Club Account
0.05%	$500	-	Regular NOW

Independent Bank TX Savings Account Rates

Apy	Min	Max	Product
1.51%	-	$25k	REALSaver
0.55%	$100k	-	Index Fund Account
0.15%	$50	-	Savings

Independent Bank TX Money Market Rates

	Apy	Min	Max	Product
	0.20%	$500	-	Money Market

Independent Bank TX CD Rates

Apy	Min	Max	Product
1.70%	$1k	-	5 Year CD
1.20%	$1k	-	3 Year CD
0.90%	$1k	-	2 Year CD
0.70%	$1k	-	15 Month CD
0.60%	$1k	-	1 Year CD
0.30%	$1k	-	180 Day CD
0.20%	$1k	-	90 Day CD
0.10%	$1k	-	30 Day CD

Independent Bank TX IRA Rates

Apy	Min	Max	Product
1.20%	$250	-	3 Year IRA
0.70%	$250	-	18 Month IRA
0.60%	$250	-	1 Year IRA

Rates updated: 2/11/2012

Data for Q3 2011

Institution Statistics

Independent Bank
FDIC Certificate #	3076
BankRate Report	View
Year Established	1913
Employees	267
Primary Regulator	FDIC
Assets and Liabilities
Assets	$1.19 billion
Loans	$941.54 million
Deposits	$1.02 billion
Equity Capital	$113.62 million
Loan Loss Allowance	$9.08 million
Unbacked Noncurrent Loans	$2.64 million
Real Estate Owned	$10.32 million
Historic Data - September 2010
Assets	$1.07 billion
Equity Capital	$107.58 million
Loan Loss Allowance	$8.05 million
Unbacked Noncurrent Loans	$9.33 million
Real Estate Owned	$10.95 million
Profit Margin - Quarterly
Net Interest Margin	4.64%
Return on Assets	1.37%
Return on Equity	14.33%
Interest Income	$44.20 million

Institution Health

Overall Score:

5 out of 5

Texas Ratio
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 September 30, 2011 Independent Bank TX had $12.96 million in non-current loans and owned real-estate with $122.7 million in equity and loan loss allowances on hand to cover it. This gives Independent Bank TX a Texas Ratio of 10.56% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Independent Bank TX decreased slightly from 17.54% as of September 30, 2010 to 10.56% as of September 30, 2011, resulting in a positive change of 39.77%.This indicates that the balance sheet and financial strength for Independent Bank TX has improved slightly in recent periods.
Deposit Growth
In the past year, Independent Bank TX has increased its total deposits by $117.75 million, resulting in 13.1% 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.
Capitalization
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 $1.19 billion in assets with $122.7 million in equity, resulting in a capitalization level of 10.30%, which is above average.

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.)