Independent Farmers Bank

Name

Independent Farmers Bank

Legal name

Independent Farmers Bank

Website

https://farmbank.net

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Independent Farmers Bank is a privately held US community bank offering personal checking, savings, and investment products, small business accounts, VISA credit cards, and digital banking services to local consumers and businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• Retail banking services
• Personal checking accounts
• Certificates of deposit
• Commercial banking

Headquarters

HQ city

Maysville

HQ country

United States

HQ region

North America

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. Interest Income from Loans and Deposits: Traditional community bank revenue from interest rate spreads on loans, mortgages, and savings products including CDs and money market accounts. The bank offers various loan products and pays interest on deposit accounts.
2. Service Charges and Fees: Monthly service charges on checking accounts ranging from $3 to $7 per month depending on account type, with waivers available for minimum balances or e-statements. Additional fees include wire transfer fees and other banking service charges.
3. Credit Card Fees: Revenue from VISA Platinum credit card, including interest charges on revolving balances and potentially annual fees or transaction fees.
4. Community Banking Services: Comprehensive banking services including personal accounts, business accounts, savings, money market accounts, IRAs, CDs, credit cards, and other financial products for community members.

Pricing tiers

Distribution channels4 records

Marketing channels3 records

Core offering

Independent Farmers Bank (IFB) is a community bank offering personal and business deposit products (checking, savings, money market, CDs, IRAs), a VISA Platinum credit card, and supporting digital services such as online banking, mobile banking, and mobile deposit. The bank serves its local trade area through branch-based personal relationships complemented by a mobile app and online banking platform.

Product overview

Independent Farmers Bank (IFB) operates as a traditional community bank offering a unified portfolio of banking products organized around personal and business checking/savings accounts, investment products, credit cards, and digital banking services. The core product line includes eight personal account types (Premier, Rewards, Freedom, Prestige Club, Health Savings, Money Market, Savings, and Christmas/Vacation Club), three business accounts (Commercial Checking, Commercial Money Market Savings, Commercial Savings), and investment products (Certificates of Deposit and Individual Retirement Accounts). The bank complements these with credit card services (VISA Platinum with unlimited rewards) and digital banking add-ons including Mobile Banking App, Internet Banking, Mobile Deposit, Online Bill Pay, Electronic Statements, and the Brella debit card control service. Additional services include Safety Deposit Boxes, Wire Transfers, Cashier's Checks, Coin Exchange, Public Notary, and Identity Protection (Kroll ID Theft Smart).

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account offerings available in multiple tiers (Premier, Rewards, Freedom, and Prestige Club for customers 60 and over) with free online banking, bill pay, an initial debit card, unlimited checking, and varying monthly service charges and balance-based or e-statements waivers. Premier earns interest; other tiers do not.
• Personal Savings Accounts Personal savings products including Money Market, Savings, and Christmas/Vacation Club accounts, all with free online banking, no monthly service charges, and interest earnings to support general, goal-based, or seasonal savings.
• Health Savings Account Tax-advantaged healthcare savings account with free online banking, interest earnings, and no monthly service charge for qualifying customers.
• Commercial Checking Business checking account with a $50 minimum to open, $3.00 monthly service charge waived with e-statements signup, unlimited withdrawals, and no interest earned, designed for local community businesses.
• Commercial Money Market Savings Business savings account with $50 minimum to open, no monthly service charge, unlimited withdrawals subject to account terms, and 0.25% APR/0.25% APY interest.
• Commercial Savings Business savings account with $50 minimum to open, no monthly service charge, and 0.40% APR/0.40% APY interest.
• Certificate of Deposit (CD) Time deposit accounts with terms from 6 to 60 months and competitive fixed rates, including a 24-month add-on CD and a 30-month bump-up CD option. $500 minimum to open. Rates range from 1.15% to 2.45% APR depending on term.
• Individual Retirement Account (IRA) Tax-advantaged retirement CD available in terms from 6 to 60 months with $500 minimum to open; includes an 18-month variable-rate IRA and a 24-month add-on IRA option.
• VISA Platinum Credit Card Unlimited-rewards VISA Platinum credit card earning rewards on every purchase, every day, with online account management via mycardstatement.com for account review, spending tracking, alert notifications, and file downloads.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Heartland Financial USA (HTLF): Multi-state community bank holding company operating independent community banks; matches IFB's community-bank branding model and broad retail/SME product suite.
• Stock Yards Bancorp: Community-bank holding company serving individuals and small businesses with deposits, lending, and treasury services; comparable to Independent Farmers Bank in target customer (local retail and SME) and product breadth (checking, savings, CDs, treasury management).
• Banner Corporation: Pacific Northwest community bank focused on relationship banking, deposits, and small-business lending; comparable deposit-driven model and branch-and-digital hybrid distribution.
• First Mid Bancshares: Community-banking franchise serving consumer and small-business customers across Illinois and surrounding states; comparable mix of deposits, mortgages, and digital banking services.
• German American Bancorp: Indiana-based community bank focused on retail, small-business, and ag-related lending; directly comparable to IFB in Midwestern community-bank positioning and small-business deposit focus.

Broad incumbents

• Old National Bancorp: Midwestern regional bank with a community-bank operating model and broad retail/SME deposit franchise; offers overlapping products and digital channels at greater scale than IFB.
• First Merchants Corporation: Midwestern commercial bank with a large community-banking footprint; competes for the same retail and small-business deposit customers IFB targets, but at substantially greater scale.
• JPMorgan Chase (Chase Bank): Largest U.S. retail bank with extensive branch, mobile, and digital banking capabilities; competes against IFB for the same local retail and small-business customers who increasingly compare community banks to national digital leaders.

Others

• Fiserv: Core banking, bill pay, and card-processing technology provider to community and regional banks; ecosystem participant whose product suite (e.g., card management platforms) IFB depends on for credit card and digital services.
• Jack Henry & Associates: Core banking and digital banking technology vendor serving thousands of U.S. community banks; comparable to IFB as the underlying platform that powers many community-bank digital experiences (relevant because IFB relies on third-party digital infrastructure).

Market position

Strengths1 record

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/independent-farmers-bank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

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 Independent Farmers Bank