Bank Independent

Overview / Commentary
710 South Montgomery Avenue
Sheffield, AL 35660

Bank Independent is headquartered in Sheffield and is the 6th largest bank in the state of Alabama. It is also the 507th largest bank in the nation. It was established in 1947 and as of June of 2020, it had grown to 588 employees at 29 locations. Bank Independent has a B+ health rating.

Reviews (1)

A fantastic local bank

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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!


Health Grade Components

FDIC Certificate #16604
Year Established1947
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.67%
Return on Equity - YTD7.15%
Annual Interest Income$44.3MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$1.91B$1.67B
LoansQ2 2020vs Q2 2019$1.30B$1.29B
DepositsQ2 2020vs Q2 2019$1.60B$1.39B
Equity CapitalQ2 2020vs Q2 2019$170.1MM$164.0MM
Loan Loss AllowanceQ2 2020vs Q2 2019$16.5MM$16.5MM
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$19.0MM$14.6MM
Real Estate OwnedQ2 2020vs Q2 2019$440.00K$947.00K
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Always verify rates and promotions with the bank or credit union. We are not Bank Independent; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Bank Independent Savings Account Rates

0.25%$2-Christmas Club
0.05%--Regular Savings
0.05%$1-Essential Student Savings

Bank Independent Money Market Rates

0.11%$2.5k-Business Smart Money Market
0.11%$1-Premier Money Market

Bank Independent Checking Account Rates

0.11%*$50k*-Premier Checking
OTHER TIERS: 0.05% Up to $10k | 0.07% $10k - $25k | 0.10% $25k - $50k

Bank Independent CD Rates

0.81%$1k-5 Year CD
0.61%$1k-4 Year CD
0.51%$1k-3 Year CD
0.41%$1k-2 Year CD
0.41%$1k-18 Month CD
0.31%$1k-1 Year CD
0.31%$10k-6 Month Premier Growth CD
0.31%$10k-12 Month Premier Growth CD
0.31%$10k-60 Month Premier Growth CD
0.21%$1k-6 Month CD
0.11%$1k-3 Month CD


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