Independent Financial is headquartered in Mckinney and is the 6th largest bank in the state of Texas. It is also the 108th largest bank in the nation. It was established in 1913 and as of December of 2019, it had grown to 1,437 employees at 104 locations. Independent Financial's money market rates are 2X the national average, and it boasts an A+ health rating.
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Best Customer Service
We've had many bank accounts over the years, and Independent Bank (Lakeway branch) has given us the best customer service we have ever received. The staff are pleasant and go above and beyond to make sure their customers needs are met. The most recent example: after we moved and we wanted to close a CD, because we couldn't go in to the branch they sent the documents to us by express mail service and enclosed a return envelope to make things as easy as possible for us. Their rates overall are not the most competitive, but from time to time they offer a very competitive promotion. As far as tech goes, they may not have the most advanced web site and you may not find it convenient to deal with them from other parts of the country, but if you live near a branch, and if you appreciate the "human touch" and excellent customer service, definitely check them out!
Good Experience
I've been with the Independent Bank branch in Mckinney for about 3 years and have always had positive experiences with them. I've been inside the bank about half a dozen times and have used their ATM about the same number of times.
Poor Service/Customer Service
Have been a long time customer even before it was purchased by Independent Bank. What a shame. Service is lacking, but more important, when you walk in a branch, the people working there all look like they dislike their jobs. Therefore; service is equivalent. They really don't want to help you and they made that very clear. If you want service, this is not the place to go.
SNEAKY PEOPLE!
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.
Beware - This Bank Will Gouge You!
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.)
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3076 |
| Year Established | 1913 |
| Employees | 1437 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.74% |
| Return on Equity - YTD | 10.03% |
| Annual Interest Income | $651.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $14.95B$9.84B |
| Loans | Q4 2019vs Q4 2018 | $11.60B$7.87B |
| Deposits | Q4 2019vs Q4 2018 | $11.95B$7.75B |
| Equity Capital | Q4 2019vs Q4 2018 | $2.59B$1.76B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $51.5MM$44.8MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $31.9MM$12.2MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $4.8MM$2.2MM |
