Revolutionary Ways Land IB in the Top 10 in the Nation

Can doing the right, fair and honest thing for your customers, shareholders, employees and communities parlay into a nice return to investors?  At Independence Bank there are 232 revolutionaries that work at the bank and believe in an Old Banking Formula that has proven two years running that it is more than possible.  ABA Banking Journal announced in its June 2010 issue that Independence Bank has been named  one of the Nation’s Top 10 Performing Banks (page 36) in the  >$100 million <$3 billion category. IB placed #8 this year, bettering last year’s #11 finish.

When you examine the top 25 it might seem odd that a bank whose service charges are less than half of other top performers could be on the list.  It also seems strange that IB could make the top 10 with an “average” loan yield and deposit cost.  And then you examine the efficiency ratio of its employees and notice that it is also higher than normal top performing banks which indicates fairness to its employees which in turn leads to superior performance.  How is it possible IB could perform as one of the top 10 banks in the Nation when we did not follow the crowd?

It is possible because IB’s strategy has ALWAYS been to keep the customers’ best interest in mind when making all financial decisions.  We have recruited the top bankers in every facet of this industry.  This team has worked with our growing client base through the past several years to formulate stronger businesses, communities and personal wealth. When the recession hit, the vast majority of our clients had the strength to weather the milder Western Kentucky economic climate.  IB’s asset quality has remained extremely strong and this allowed the bank to leverage our capital while most banks had to constrict their capital use.

How did we do it?

Early in the Recession…

• We found a way to grow the bank dramatically
• IB solicited public deposits the big regional banks no longer wanted
• Invested in solid US Government securities that had strong yields due to less foreign interest in the US market
• Help our local governments agencies with deposits
• Earn a fair return by investing in our government in their time of need

All the while…

• We were voted as one of Kentucky’s Best Places to Work for 4 years in a row
• We increased our contributions  to our communities
• Funded and built 2 Habitat for Humanity Homes
• And maintained our status as a well capitalized bank (as defined by FDIC – not just internally)

NONE OF THIS WAS DONE at the expense of customers, employees or our communities.

Making the top 10 performers in the Nation was never a strategic goal or even dreamed about by management…. It’s simply a result of our Revolution!