Independence Bank of Kentucky

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.

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

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

• Community banking services
• Agricultural lending
• Commercial banking
• Wealth management
• Consumer banking

Headquarters

HQ city

Owensboro

HQ country

United States

HQ region

North America

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core 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

Named customers7 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Ameriprise Financial Institutions GroupcoreGTM or Marketing PartnerIndependence 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 AgencycoreStrategic or Co-development PartnerIndependence 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 CorporationcoreStrategic or Co-development PartnerIndependence 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 CenterminorOthersIndependence 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

Direct 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

• Xtwitter.com/1776bank
• YouTubeyoutube.com/channel/UCVjC1jxamThZTx9nsIpj36Q
• Facebookfacebook.com/IndependenceBank
• LinkedInlinkedin.com/company/independence-bank-1776
• Instagraminstagram.com/1776bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Independence Bank of Kentucky