Independence Bank
Independence Bank is a privately held Montana community bank founded in 1973, operating 11 branches and 37 ATMs across northcentral and northeastern Montana to serve agricultural producers, commercial businesses, and consumer households with deposit, lending, and merchant services.
- Company typePrivate
- Founded1973
- HeadquartersHavre, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Independence Bank does
Independence Bank is a privately held Montana state-chartered community bank founded in 1973 and headquartered in Havre, Montana. The bank operates 11 branches and 37 ATMs across northcentral and northeastern Montana, serving agricultural producers, commercial businesses, and consumer households with a full suite of deposit, lending, and treasury products. Its core lending verticals are agricultural loans (operating lines of credit, ag real estate, livestock, equipment, and FSA-guaranteed beginning farmer loans), commercial and SBA-backed business loans, residential mortgages and HELOCs, and a highly specialized KOA campground lending program that has originated over $780 million in loans since 2002, making Independence Bank the largest US financier of KOA franchisees.
The bank's product platform is built on third-party infrastructure: Fiserv powers its mobile banking app and online banking, Clover from Fiserv handles merchant POS and card acquiring, and Zelle provides peer-to-peer payments. Digital channels include real-time balance viewing, mobile check deposit, online bill pay, IB Corp cash management with wire and ACH capabilities, and eStatements, while the physical branch network drives the relationship-based lending model. Revenue is generated primarily through net interest income on the loan portfolio, supplemented by deposit account fees, transaction-based merchant processing fees, and ancillary services such as wire transfers and safe deposit boxes. The bank is FDIC-insured, NMLS-registered (#462921), and emphasizes local decision-making authority at the branch level as a core differentiator against larger regional and national competitors.
Independence Bank firmographics
Firmographics- Name
- Independence Bank
- Legal name
- Independence Bank
- Website
- https://ibyourbank.com
- Company type
- Private
- Founded year
- 1973
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Independence Bank is a privately held Montana community bank founded in 1973, operating 11 branches and 37 ATMs across northcentral and northeastern Montana to serve agricultural producers, commercial businesses, and consumer households with deposit, lending, and merchant services.
- Ownership category
- akta.pro rank
Where Independence Bank is headquartered
LocationHeadquarters
- HQ city
- Havre
- HQ country
- United States
- HQ region
- North America
Offices11 records
Markets served
Independence Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Others
Revenue model
- Interest Income from Lending: Primary revenue from interest earned on agricultural loans, commercial loans, residential mortgages, HELOCs, consumer loans, and KOA campground loans. Specialized in Ag and Commercial lending across Montana.
- Deposit Services and Fees: Revenue from checking and savings account fees, including monthly maintenance fees, excessive withdrawal fees, and transaction fees on business accounts
- Merchant Credit Card Processing: Revenue from merchant credit card services using Clover POS systems for business customers
- Other Banking Services: Revenue from wire transfers, cashier's checks, safe deposit boxes, and other ancillary banking services
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Small Business Checking - Basic business checking with no minimum balance |
| Transaction based/ take rate | Monthly | Business Checking - Standard business checking with earnings credit |
| Subscription | Monthly | Business Checking with Interest - Interest-bearing business account |
| Subscription | Monthly | Regular Business Savings - Basic business savings |
| Subscription | Monthly | VIP Business Savings - Premium business savings with higher rates |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels5 records
Independence Bank product offering
Product offeringCore offering
Independence Bank is a community bank providing deposit products (checking, savings, CDs, IRAs, HSAs), consumer lending (mortgages, personal loans, auto loans, credit cards), agricultural lending (operating lines, real estate, livestock and equipment loans, FSA-guaranteed loans), commercial lending (working capital, commercial real estate, SBA loans), merchant payment processing via Clover POS, and a specialized KOA campground financing program. Services are delivered through 11 Montana branches, a 37-ATM network, online/mobile banking platforms, and a dedicated corporate cash management system for business clients.
Product overview
Independence Bank offers a comprehensive suite of banking products organized around core digital platforms. The primary digital channels are the Online Banking platform, the Mobile Banking App (powered by Fiserv), and IB Corp Cash Management for business users. Personal banking includes checking accounts (Freedom Checking, VIP Checking, Heritage Benefits) and savings accounts (Regular, VIP, Premier, Christmas Club) with CD and IRA options. The loan portfolio encompasses home loans and HELOCs, personal loans and auto loans, Agricultural Loans, Commercial Loans, and specialized KOA Campground Loans (the bank is the largest KOA financier in the US). Business services include Business Checking variants, Business Savings, Merchant Credit Card Services via Clover POS, and employee benefit accounts (HSAs, IRAs). Payment capabilities span IB Visa Debit/Credit Cards, Zelle peer-to-peer payments, and mobile check deposit.
Differentiator
Problem solved
Functional benefit
Brands
- IB Corp: Independence Bank's advanced corporate online cash management solution for business account holders, providing 24/7 account access, enhanced security, wire transfers, ACH services, and payroll management.
Products and services
- Mobile Banking App Mobile banking application powered by Fiserv that enables customers to view real-time account balances, manage money, view transactions and statements, make transfers, pay bills, deposit checks via mobile check deposit, receive alerts, manage cards, and locate branches and ATMs.
- Online Banking Web-based banking platform providing account access, online bill pay, eStatements, and account management for personal and business customers.
- IB Corp Cash Management Advanced corporate online cash management solution for business account holders featuring 24/7 account access, security token authentication, internal fund transfers, multiple user access levels, wire transfers, direct deposit payroll, ACH services, and transfers between institutions.
- Freedom Checking Personal checking account with no minimum daily balance requirement and free online banking services.
- VIP Checking Premium personal checking account with tiered interest rates and a $750 minimum daily balance requirement.
- Heritage Benefits Checking Personal checking account package that includes free checks and other benefits for account holders.
- Regular Savings Account Basic personal savings account with a $25 minimum opening balance and competitive interest rates.
- VIP Savings Account Premium savings account with competitive tiered interest rates requiring a $5,000 minimum average daily balance to obtain disclosed annual percentage yield.
- Premier Savings Account Premium rewards savings account with higher interest rates requiring a $25,000 average daily balance to obtain disclosed annual percentage yield.
- Christmas Club Account Savings account designed for holiday expenses with automated savings throughout the year.
- Health Savings Account (HSA) Tax-advantaged savings account for individuals with high-deductible health plans, allowing pre-tax contributions for medical expenses with check and debit card access.
- Individual Retirement Account (IRA) Retirement savings account available as Traditional IRA, Roth IRA, and Simplified Employee Pension (SEP) IRA for employers and employees.
- Small Business Checking Business checking account with no minimum balance requirement and per-item fees for transactions exceeding 500 items per statement cycle.
- Business Checking Business checking account with earnings credit that may offset maintenance fees, offering free online banking and no minimum balance.
- Business Checking with Interest Interest-bearing business checking requiring $1,000 minimum average daily balance with unlimited transaction capacity.
- Business Savings Business savings accounts available in Regular and VIP tiers with competitive tiered interest rates and limited monthly withdrawals.
- Home Loans & HELOC Residential real estate lending including secondary market loans (conventional, FHA, VA, RD, jumbo), in-house real estate loans, home equity lines of credit, and construction loans tailored for rural home buyers.
- Personal Loans Unsecured and secured personal financing options including vacation loans, wedding loans, Freedom Line unsecured personal line of credit, secured loans by title or CD, Security Reserve preauthorized overdraft protection, and Christmas Cash seasonal loans.
- Auto Loans Vehicle financing for new and used cars, boats, ATVs, motorcycles, travel trailers, utility trailers, and other recreational vehicles.
- Agricultural Loans Specialized agriculture lending including operating lines of credit for seasonal cash flow management, ag real estate loans, livestock purchase loans, equipment loans, and FSA guaranteed loans for beginning farmers and asset purchases.
- Commercial Loans Business financing including commercial lines of credit for working capital, capital asset purchases, commercial real estate loans, and SBA-backed loans for operating capital, equipment, real estate, and expansion.
- KOA Campground Loans Specialized campground financing program established in 2002, having loaned over $780 million to KOA owners. Includes purchase loans, 'Go With The Flow' revenue-based financing, SBA 504 and 7(a) options, and campground advantage checking/savings accounts.
- Merchant Credit Card Services Merchant processing services provided through Clover from Fiserv offering various POS hardware options and business management tools for restaurants, retailers, and service businesses.
- IB Visa Debit Card Debit card enabling cash withdrawals at ATMs and purchases anywhere Visa cards are accepted, with funds deducted directly from the checking account.
- IB Visa Credit Card Credit card product available in individual and business/corporate variants, with an associated mobile app for transaction viewing, alerts, and card management.
- IB Visa Business Debit Card Business debit card with two-line name embossment for business and employee names, customizable purchase and withdrawal limits, and real-time transaction tracking.
- Insured Cash Sweep (ICS) Cash management tool for customers seeking FDIC insurance coverage on large deposits beyond standard limits while maintaining access to funds, offering competitive interest and same-day liquidity.
Quantifiable outcome
- Over $780 million in KOA campground loans since 2002
- +3 more outcomes
Companies that use Independence Bank
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Independence Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature4 records
Independence Bank partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Kampgrounds of America (KOA)coreIndependence Bank has specialized in KOA campground lending since 2002, having loaned more than $780 million to KOA owners. The bank is currently the largest financier of KOA campgrounds in the US, offering specialized purchase loans, refinancing, and 'Go With The Flow' revenue-based financing. Toby O'Rourke, President & CEO of KOA stated: 'Independence Bank is more than just a trusted partner, they are truly a part of our KOA family.' The bank also participates in the KOA Care Camps card program donating up to 5 cents per transaction to children's camping programs.
- FiservcoreFiserv provides the technology platform powering Independence Bank's Mobile Banking App, enabling real-time balance viewing, mobile deposits, transfers, bill pay, and card management services.
- Clover (Fiserv)coreClover from Fiserv provides point-of-sale payment processing systems for Independence Bank's merchant credit card services customers. Clover offers various POS solutions including Clover Go, Clover Flex, Clover Mini, and Clover Station for restaurants, retailers, and service businesses.
- Google (Analytics, AdWords, Display Network)minorIndependence Bank uses Google Analytics, Google AdWords, and Google Display Network for online advertising and remarketing campaigns to reach potential customers across their website.
- Care CampsminorIndependence Bank partners with Care Camps through the KOA Care Camps card program. For every transaction made with the card, Independence Bank donates up to 5 cents to Care Camps, which helps provide camping opportunities for children.
Scale indicators7 records
Recent moves7 records
Expansion highlights5 records
Independence Bank competitors and assessment
Company assessmentRegional players
- Yellowstone Bank: Montana community bank with heavy agricultural and commercial lending in rural markets; very similar model and customer profile.
- Little Horn State Bank: Small Montana community bank focused on agricultural and local commercial lending; comparable in scale, market, and specialization.
- Bank of Bridger: Montana community bank serving agricultural and rural customers, comparable in relationship-based ag/commercial lending and regional footprint.
- Opportunity Bank of Montana: Montana community bank offering consumer, commercial, ag, and mortgage lending across the state; closely comparable in business model and geography.
- First Security Bank of Montana: Montana community bank offering ag, commercial, and consumer banking with a rural footprint; comparable model and target customers.
- Stockman Bank of Montana: Montana-based, family-owned community bank with strong agricultural and commercial lending focus; directly comparable in market, customer base, and Ag-banking model, but larger and statewide.
Broad incumbents
- First Interstate Bank: Montana-headquartered regional bank with broad consumer, commercial, and ag lending; overlaps heavily in market but is far larger and multi-state.
- Glacier Bancorp / Glacier Bank: Montana-based multi-bank holding company serving the same rural western markets with community-banking brands; a larger, established incumbent competitor.
Direct peers
- Live Oak Bank: Specialty SBA and vertical-focused lender that finances RV parks and campgrounds nationally, directly comparable to Independence Bank's specialized KOA/campground lending niche.
Others
- Northwest Farm Credit Services (AgWest): Agricultural lending cooperative serving farmers and ranchers across the Northwest; overlaps in ag credit but operates as a Farm Credit System lender rather than a deposit-taking bank.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Independence Bank social profiles
Digital presenceIndependence Bank compliance and trust
Trust signalCompliance3 records
Independence Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Independence Bank leadership team
Management profileNumber of profiles
Profiles20 records
Independence Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Independence Bank 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
What does Independence Bank do?
Independence Bank is a community bank providing deposit products (checking, savings, CDs, IRAs, HSAs), consumer lending (mortgages, personal loans, auto loans, credit cards), agricultural lending (operating lines, real estate, livestock and equipment loans, FSA-guaranteed loans), commercial lending (working capital, commercial real estate, SBA loans), merchant payment processing via Clover POS, and a specialized KOA campground financing program. Services are delivered through 11 Montana branches, a 37-ATM network, online/mobile banking platforms, and a dedicated corporate cash management system for business clients.
Is Independence Bank a public or private company?
Independence Bank is a private company. It is classified as family owned and is currently operating.
When was Independence Bank founded?
Independence Bank was founded in 1973. It employs 51 to 100 people.
Where is Independence Bank based?
Independence Bank is headquartered in Havre, United States, in the North America region.
How does Independence Bank make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Services and Fees, merchant Credit Card Processing and other Banking Services.
Who are Independence Bank's main competitors?
Regional players on record are Yellowstone Bank, Little Horn State Bank, Bank of Bridger, Opportunity Bank of Montana, First Security Bank of Montana and Stockman Bank of Montana. Broad incumbents are First Interstate Bank and Glacier Bancorp / Glacier Bank. Live Oak Bank is listed as a direct peer. Northwest Farm Credit Services (AgWest) is listed as an others.
Does Independence Bank have an API?
No public API is recorded for Independence Bank.