Bank Independent is headquartered in Sheffield and is the 6th largest bank in the state of Alabama. It is also the 516th largest bank in the nation. It was established in 1947 and as of September of 2020, it had grown to 563 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 Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16604 |
| Year Established | 1947 |
| Employees | 563 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.93% |
| Return on Equity - YTD | 10% |
| Annual Interest Income | $66.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $1.92B$1.71B |
| Loans | Q3 2020vs Q3 2019 | $1.33B$1.28B |
| Deposits | Q3 2020vs Q3 2019 | $1.62B$1.41B |
| Equity Capital | Q3 2020vs Q3 2019 | $173.6MM$169.4MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $17.0MM$12.9MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $21.3MM$14.7MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $5.00K$801.00K |
