Independence Bancshares, Inc. (SC)
Independence National Bank
500 E. Washington St.
Opened May 16, 2005
Link to All SEC Filings
Quarter Sale:Assets Deposits Assets Liabilities
5/7/10 19.63% 109.4M $137.7M 121.6M
8/9/10 19.64% 107.4M $132.5M $117.6M
11/5/10 17.31% 104.9M $123.9M $112.0M
3/7/11 17.52% 106.M $121.8M $111.4M
5/13/11 20.36% 104.5M $120.6M $111.7M
8/10/11 20.44% 100.1M $116.7M 107.6M
Annual Average Deposits from 10-K
Market Value $354,452 a/o 10/24/2011
Shares Outstanding 2,085,010 a/o 9/30/2011
Authorized Shares 100,000,000 a/o 9/30/2011
No par value
Shareholders of Record: 549 a/o 3/7/2011
Outstanding Shares have not changed since company opened on May 16, 2005,
at an opening price of $10 per share.
Independence Bancshares, Inc. (the "Company") is a South Carolina corporation organized to operate as a bank holding company pursuant to the Federal Bank Holding Company Act of 1956 and the South Carolina Banking and Branching Efficiency Act of 1996, and to own and control all of the capital stock of Independence National Bank (the "Bank"). Our Bank is a national association organized under the laws of the United States and provides banking services to consumers and small- to mid-size businesses, principally in Greenville County, South Carolina. The Bank opened for business on May 16, 2005.
Our primary focus and target market is to fulfill the financial needs of small business owners, the legal community, the medical community, insurance agencies, and clients owning and developing income producing properties primarily in the City of Greenville and the broader Greenville metropolitan area. In the past, we have also focused on real estate developers, including clients involved in residential construction and acquisition/development; however due to the current real estate market, we have limited our focus in these areas over the last several years. We intend to use our "closeness" to the market via local ownership, quick response time, pricing discretion, person to person relationships and an experienced, well known senior management team in leveraging our market share in the greater Greenville area while looking for ways to differentiate the Bank from our competition.
The Bank is primarily engaged in the business of accepting demand and time deposits and providing commercial, consumer and mortgage loans to the general public. Deposits in the Bank are insured by the Federal Deposit Insurance Corporation ("FDIC") up to a maximum amount, which is currently set at $250,000 per depositor. Other services which the Bank offers include online banking, commercial cash management, remote deposit capture, safe deposit boxes, bank official checks, traveler's checks, and wire transfer capabilities.
Location and Service Area
Our primary market is Greenville County, which is located in the upstate region of South Carolina. The cities of Fountain Inn, Greenville, Greer, Mauldin, Simpsonville, and Travelers Rest make up Greenville County. The Greenville metropolitan area, positioned on the I-85 corridor, is home to one of the nation's largest concentrations of international investment. As of 2010, Greenville County has a population of approximately 450,000, with a five-year projected growth rate of almost 2%. The area's demographics have changed considerably over the past 10 years and currently over 19,000 businesses are operating within the county limits.
Our main office is located in Greenville, one block off a major artery, and provides excellent visibility for the Bank. In October 2007 we opened a full service branch on Wade Hampton Boulevard in Taylors, South Carolina. In February 2009, we opened our third full service location in Simpsonville, South Carolina at the intersection of Highways 14 and 417. These branch offices have extended the market reach of our Bank and have increased our personal service delivery capabilities to all of our customers. We have and plan to continue to take advantage of existing contacts and relationships with individuals and companies in this area to more effectively market the services of the Bank.
As of June 30, 2010, the most recent date for which market data is available, total deposits in the Bank's primary service area were over $12.7 billion, a slight decrease of less than 1% from $12.8 billion as of June 30, 2009. At June 30, 2010, the Bank's deposits represented 0.85% of the market, increasing from 0.81% at June 30, 2009.
As of March 7, 2011, we had 23 full-time employees and two part-time employees.
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