Bank Independent is headquartered in Sheffield and is the 6th largest bank in the state of Alabama. It is also the 502nd largest bank in the nation. It was established in 1947 and as of March of 2021, it had grown to 569 employees at 31 locations. Bank Independent has a B+ health rating.
A fantastic local bank
I have several types of accounts with Bank Independent. I have a checking account, a Safe Deposit box, and a CD at this bank, and I have honestly never had a problem with anything. Anytime there have been issues with my account, typically as a result of fraud from businesses and hackers, the representatives at the bank were friendly and helped resolve the issue as quickly as they could. Although there are some account fees, there are always ways around those, such as signing up for online banking and receiving e-statements. There are also several account options for pretty much anyone!
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16604 |
| Year Established | 1947 |
| Employees | 569 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.9% |
| Return on Equity - YTD | 10.64% |
| Annual Interest Income | $21.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $2.10B$1.74B |
| Loans | Q1 2021vs Q1 2020 | $1.30B$1.25B |
| Deposits | Q1 2021vs Q1 2020 | $1.80B$1.43B |
| Equity Capital | Q1 2021vs Q1 2020 | $175.0MM$167.5MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $18.0MM$14.4MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $21.3MM$15.6MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $990.00K$676.00K |
