Independence Bank of Kentucky
Independence Bank of Kentucky is a privately held, employee-owned community bank headquartered in Owensboro, serving consumers, small businesses, farmers, and trust/wealth clients across 15+ Kentucky markets with full-service consumer banking, commercial and agricultural lending, treasury management, and Ameriprise-partnered financial advisory services.
- Company typePrivate
- Founded1909
- HeadquartersOwensboro, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Independence Bank of Kentucky does
Independence Bank of Kentucky is a privately held, employee-owned community bank headquartered in Owensboro, Kentucky, chartered in 1909 and operating under its current name since 1997. The bank serves individual consumers, small and medium-sized businesses, agricultural operations, nonprofit organizations, and wealth/trust clients across 15+ Kentucky markets (including Owensboro, Henderson, Louisville, Lexington, Bowling Green, Frankfort, Paducah, Mayfield, Murray, Madisonville, Russellville, Hancock County, and the newly announced Shelbyville market) with a full suite of consumer and business checking, savings, lending, treasury management, trust, investment management, and retirement plan services. Total assets have grown from $40 million to over $3 billion since 1997, supported by 400–450+ employees, of whom the largest single shareholder is the bank's own 18% employee ownership through a 401(k) ESOP plan. The bank's core technology is a CSI-based digital banking platform with iOS and Android mobile apps, Interactive Teller Machines (ITMs) at every market, online account opening, Autobooks invoicing, and QuickBooks/Quicken data export, integrated with third-party partnerships including Visa, Mastercard, Ameriprise Financial, USDA Farm Service Agency, and Kentucky Agriculture Finance Corporation. Revenue is generated primarily through net interest income on lending (agricultural, commercial, real estate, equipment, consumer) and deposit-spread economics, supplemented by subscription/transaction fees from treasury management, trust and investment management, card services, business checking account maintenance, and a revenue-sharing arrangement with Ameriprise Financial Institutions Group for wealth advisory referrals.
Independence Bank of Kentucky firmographics
Firmographics- Name
- Independence Bank of Kentucky
- Legal name
- Independence Bank
- Website
- https://1776bank.com
- Company type
- Private
- Founded year
- 1909
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Independence Bank of Kentucky is a privately held, employee-owned community bank headquartered in Owensboro, serving consumers, small businesses, farmers, and trust/wealth clients across 15+ Kentucky markets with full-service consumer banking, commercial and agricultural lending, treasury management, and Ameriprise-partnered financial advisory services.
- Ownership category
- akta.pro rank
Independence Bank of Kentucky industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211), Commercial Banking (522110)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Student & Youth Banking (FSABAAAH)
Keywords
Where Independence Bank of Kentucky is headquartered
LocationHeadquarters
- HQ city
- Owensboro
- HQ country
- United States
- HQ region
- North America
Offices15 records
Markets served
Independence Bank of Kentucky business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Net Interest Income: Primary revenue stream from the spread between interest earned on loans (agricultural, commercial, real estate, equipment, personal) and interest paid on deposits. The bank has grown total assets from $40 million to over $3 billion, indicating substantial lending activity.
- Trust and Investment Management Fees: Revenue from managing trust accounts, investment portfolios, and retirement plans including 401(k), SIMPLE IRAs, Profit Sharing, Pension, and SEP plans. The bank offers custody, investment management, and designated fiduciary services.
- Card and Payment Fees: Income from credit card interchange, debit card transactions, merchant services processing, and credit card annual fees. The bank offers VISA credit cards for personal and business use.
- Treasury Management and Service Fees: Fees from treasury management services including remote deposit capture, lockbox services, positive pay, merchant services, wire transfers, and business analysis checking. Lockbox services provide real-time processing and deposit activity.
- Business Checking and Deposit Fees: Monthly maintenance fees on certain accounts (e.g., $15 for Revolutionary Business Checking below $5,000 minimum balance, $10 for Small Business Checking below $1,000). Various account types with tiered fee structures based on balance and transaction volume.
- Financial Advisory Revenue Share: Revenue sharing arrangement with Ameriprise Financial Institutions Group for investment program referrals. Financial advisors available at many branch locations offering investments, annuities, insurance, portfolio management, and financial planning services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Revolutionary Checking: Interest-bearing checking with $15 monthly service charge (waived for over 50, veterans, active military, first responders), $5 minimum balance fee (waived if balance >$500 or 25+ debit transactions), $50 minimum deposit to open (waived with direct deposit) |
| Freemium | Monthly | Freedom Checking: No monthly service charge, free check intro pack |
| Subscription | Monthly | Patriot Money Market Checking: $10 monthly service charge if balance falls below $2,500, six free withdrawals per month, $10 per withdrawal after six |
| Freemium | Quarterly | Little Patriot Savings Account: $10 minimum opening deposit, Independence Bank contributes $7.76 to make opening balance $17.76, no monthly service charge, no minimum balance required |
| Subscription | Monthly | Small Business Checking: $10 monthly fee waived with minimum daily balance of $1,000+, maximum of 75 debits and 150 deposited items per month |
| Subscription | Monthly | Revolutionary Business Checking: $15 monthly maintenance fee only if balance falls below $5,000, maximum of 150 debits and 500 deposited items per month |
| Subscription | Monthly | Revolutionary Business Checking with Remote Deposit Capture: $25 monthly maintenance fee only if balance falls below $10,000, RDC monthly fee waived, free single-document scanner |
| Freemium | Pay-as-you-go | Financial Calculators: Free online tools for home financing, personal financing, and retirement planning calculations |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels8 records
Independence Bank of Kentucky product offering
Product offeringCore offering
Independence Bank of Kentucky is a community bank providing personal and business banking services including consumer checking and savings accounts, agricultural and commercial lending, treasury management, and trust and investment services. The bank operates across 15+ Kentucky markets through physical branches, Interactive Teller Machines (ITMs), and a full digital banking platform with mobile apps. It also delivers wealth management, retirement plan administration, and financial advisory services through an Ameriprise Financial partnership.
Product overview
Independence Bank is a community bank offering a comprehensive suite of personal and business banking products and services across Kentucky. The core banking products include multiple checking account options (Revolutionary Checking, Freedom Checking, Patriot Money Market Checking, and specialized business checking accounts) and savings products (Regular Savings, Health Savings Account, Christmas Club, Vacation Club, and the Little Patriot Savings Club for children). The bank provides lending services across agricultural, small business, and commercial segments with operating lines of credit, equipment loans, and real estate financing. Trust and Investment Services encompass retirement plan administration (401k, Simple IRA, SEP, Pension), investment management, and estate planning. Financial Advisory Services are delivered through an Ameriprise Financial partnership. Account services include Digital Banking (mobile and online), Card Services (debit and credit cards with mobile wallet support), Interactive Teller Machines, and Financial Calculators. Treasury Management services round out the business offerings with remote deposit capture, positive pay fraud protection, merchant services, and lockbox services. The bank's digital banking platform also integrates with Autobooks for business invoicing and supports QuickBooks/Quicken data export.
Differentiator
Problem solved
Functional benefit
Brands
- Little Patriots Savings Club: A children's savings program for children up to 18 years old that teaches financial literacy and promotes saving, investing, spending, and giving back to the community.
Products and services
- Revolutionary Checking
Quantifiable outcome
- Over $1 million invested annually in local communities through scholarships, sponsorships, and charitable programs
- +6 more outcomes
Companies that use Independence Bank of Kentucky
Customer profileNamed customers7 records
Segments7 records
Ideal customer profiles6 records
Independence Bank of Kentucky technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature6 records
Independence Bank of Kentucky partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Ameriprise Financial Institutions GroupcoreIndependence Bank offers an investment program through Ameriprise Financial Institutions Group, with on-site financial planning and investment solutions at many branch locations. Financial advisors available include Randal King (Financial Services Manager), Reid Davenport, Lee Helmers (CFP), and Andrew Riney. The partnership provides clients access to investments, annuities, insurance, portfolio management, financial planning, income planning, retirement planning, estate planning, and tax planning. Ameriprise has over $1 trillion in assets under management and administration serving over 2 million clients. Independence Bank has a revenue sharing relationship with Ameriprise.
- USDA Farm Service AgencycoreIndependence Bank works cooperatively with USDA Farm Service Agency Loan Programs for agricultural lending. The bank co-lends with FSA to provide financing solutions for farmers that might not qualify for conventional loans alone, enabling borrowers to access government-backed farm lending programs alongside conventional bank financing.
- Kentucky Agriculture Finance CorporationcoreIndependence Bank partners with the Kentucky Agriculture Finance Corporation to provide additional financing options for agricultural operations. This partnership allows the bank to offer enhanced agricultural lending products by combining conventional bank lending with state agricultural finance programs.
- Western Kentucky Regional Blood CenterminorIndependence Bank partners with the Western Kentucky Regional Blood Center to host blood drives at bank locations. The bank provides its Independence Square location in Owensboro for the mobile blood center to collect donations from community members.
Scale indicators10 records
Recent moves7 records
Expansion highlights5 records
Independence Bank of Kentucky competitors and assessment
Company assessmentDirect peers
- Stock Yards Bank & Trust: Kentucky-based community bank headquartered in Louisville offering personal, business, and wealth management banking services across Kentucky and southern Indiana. Direct comparable in scale, geography, and product mix to Independence Bank.
- Republic Bank & Trust Company: Louisville-headquartered community bank serving Kentucky and surrounding states with consumer and business banking, plus specialized tax refund solutions. Comparable Kentucky community banking peer with similar market footprint.
- Community Trust Bancorp: Pikeville, Kentucky-based bank holding company with Community Trust Bank serving Eastern, Central, and Northern Kentucky. Similar community banking model with personal, business, and trust services across multiple Kentucky markets.
- Central Bank & Trust (Central Bancshares): Lexington, Kentucky-headquartered community bank serving Central and Northern Kentucky with consumer, business, and wealth management banking. Direct comparable with overlapping geographic markets in Lexington region.
- Forcht Bank: Kentucky-based community bank with locations across Central, Eastern, and Northern Kentucky offering full personal and business banking. Comparable size and multi-market Kentucky footprint.
Regional players
- Planters Bank: Kentucky-based community bank primarily serving Western Kentucky with personal and business banking. Overlapping geographic market with Independence Bank in Western Kentucky counties.
- Citizens National Bank (Kentucky): Kentucky community bank with personal and business banking services in Central Kentucky markets. Smaller-scaled comparable with similar relationship banking focus.
Broad incumbents
- German American Bank: Indiana-headquartered community bank with Kentucky presence through the former First Security Bank acquisition. Broader incumbent with similar community banking model across Indiana-Kentucky border region.
- First Financial Bank (Ohio): Cincinnati-based regional bank with significant Kentucky presence offering consumer, commercial, and wealth services. Larger-scaled comparable serving overlapping Kentucky-Ohio corridor markets.
Others
- Ameriprise Financial Services: Wealth management and financial advisory partner through Independence Bank's in-branch Financial Services program. Strategic partner rather than direct competitor, but provides adjacent service offering comparison.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Independence Bank of Kentucky social profiles
Digital presenceIndependence Bank of Kentucky compliance and trust
Trust signalCompliance3 records
Independence Bank of Kentucky financial estimates
Financial estimateRevenue estimate
Valuation estimate
Independence Bank of Kentucky leadership team
Management profileNumber of profiles
Profiles12 records
Independence Bank of Kentucky funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Independence Bank of Kentucky M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Independence Bank of Kentucky
What does Independence Bank of Kentucky do?
Independence Bank of Kentucky is a community bank providing personal and business banking services including consumer checking and savings accounts, agricultural and commercial lending, treasury management, and trust and investment services. The bank operates across 15+ Kentucky markets through physical branches, Interactive Teller Machines (ITMs), and a full digital banking platform with mobile apps. It also delivers wealth management, retirement plan administration, and financial advisory services through an Ameriprise Financial partnership.
Is Independence Bank of Kentucky a public or private company?
Independence Bank of Kentucky is a private company. It is classified as management employee owned and is currently operating.
When was Independence Bank of Kentucky founded?
Independence Bank of Kentucky was founded in 1909. It employs 251 to 500 people.
Where is Independence Bank of Kentucky based?
Independence Bank of Kentucky is headquartered in Owensboro, United States, in the North America region.
How does Independence Bank of Kentucky make money?
Six revenue lines are on record. Net Interest Income is the primary driver. The others are trust and Investment Management Fees, card and Payment Fees, treasury Management and Service Fees, business Checking and Deposit Fees and financial Advisory Revenue Share.
Who are Independence Bank of Kentucky's main competitors?
Direct peers on record are Stock Yards Bank & Trust, Republic Bank & Trust Company, Community Trust Bancorp, Central Bank & Trust (Central Bancshares) and Forcht Bank. Regional players are Planters Bank and Citizens National Bank (Kentucky). Broad incumbents are German American Bank and First Financial Bank (Ohio). Ameriprise Financial Services is listed as an others.
Does Independence Bank of Kentucky have an API?
No public API is recorded for Independence Bank of Kentucky.
What industry is Independence Bank of Kentucky in?
Independence Bank of Kentucky's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 52211 and its SIC code is 6022.