Retirement plan

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 K PROVISIONS

Name: INDEPENDENCE BANCSHARES, INC. - INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 K PROVISIONS (2017) Form 5500
Creator: INDEPENDENCE BANCSHARES, INC.
License: https://www.dol.gov/general/disclaim
Keywords: Form 5500, ERISA, retirement plan, INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 K PROVISIONS, INDEPENDENCE BANCSHARES, INC.

INDEPENDENCE BANCSHARES, INC.EIN 61-0955447Plan #002PY 2017

2425 FREDERICA STREET - OWENSBORO, KY 42302270-686-17761776bank.comLinkedIn201-500 employeesbanking

Prospect flagsLow returns

Top hat statement on fileNQDC

Filed May 21, 2026

Plan administrator

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2425 Frederica St.

Owensboro, KY 42301

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Plans declared (1)

Independence Bancshares, Inc. Phantom Stock Plan12 emp

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Total assets (EOY)

$68.8M

+10.7% from 2016

Total participants

448

+2.3% from 2016

Average account balance

$170,709

+9.6% from 2016

Annual return

14.05%

-0.44 pp from 2016

Benchmarks

See 1,453 peers

Peer group

Industry52 - Finance and Insurance

Plan typeDefined contribution

Participants250-999

Cohort1,453 peers

Snapshot2017

Free accounts unlock saves, downloads, and 3-year history.

Analytics

Total assets (EOY)

Plan-year ending balance

$87.03M

Not enough data

1 years with asset history on file

Average account balance

Total assets / participants with a balance (line 6g)

$143K

Not enough data

1 years with per-participant data

Participants with account balance

Stacked by status: active / separated vested / retired or beneficiary. Total = line 6g.

609

Not enough data

1 years with headcount on file

Eligible Participants and Participation

Bars: eligible actives (line 6a). Line: derived rate = active employees with a balance / 6a.

90.4%

Not enough data

1 years with eligibility data

Contributions (total)

Employer and participant dollars contributed each year

$3.61M

Not enough data

1 years with contributions on file

Contributions per participant

Average employer and participant contribution per enrolled participant

$9K

Not enough data

1 years with per-participant contribution data

Asset flow

BOY + contributions + return - distributions = EOY

Year

Annual return

Diverging bars; negative years highlighted

+12.01%

Not enough data

1 years with return on file

Admin fee / account holder

Total admin expenses / participants with a balance (line 6g)

$201

Not enough data

1 years with admin cost on file

Asset composition

Cash / stocks / bonds / mutual funds / real estate / loans over time

Not enough data

1 years with F_SCH_H allocation on file

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Service providers

Top 4 by compensation

Provider	Service type	Compensation
MERCER3+ years Filed as: MERCER CAPITAL Service code 34 · EIN 62-1154641	Valuation (appraisals, etc.)	$24,608
UNION BANK & TRUST COMPANY3+ years Filed as: UNION BANK & TRUST Service code 15 · EIN 47-0321480	Recordkeeping	$24,560
RINEY HANCOCK CPAS PSC3+ years Filed as: RINEY HANCOCK & CO PSC Service code 10 · EIN 61-0920132	Accounting	$18,874
WITHUMSMITH+BROWN, PC3+ years Filed as: FROST BROWN TODD LLC Service code 29	Legal	$7,523

Plan features & details

Pension benefit codes2F2I2H2J2K2O2Q

Plan features

2F
ERISA section 404(c) plan
This plan or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1 (shifting investment responsibility to participants).
2H
Partial participant-directed account plan
Participants have the opportunity to direct the investment of a portion of the assets allocated to their individual accounts regardless of whether 29 CFR 2550.404c-1 is intended to be met.
2I
Stock bonus
Stock bonus plan.
2J
Code section 401(k) feature
Cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan under which employees may elect to defer part of their compensation or receive these amounts in cash.
2K
Code section 401(m) arrangement
Employee contributions are allocated to separate accounts under the plan or employer contributions are based in whole or in part on employee deferrals or contributions to the plan. Not applicable to 401(k) plans with only QNECs and/or QMACs or to 403(b)(1) 403(b)(7) or 408 arrangements.
2O
ESOP other than a leveraged ESOP
Employee stock ownership plan that is not leveraged.
2Q
ESOP maintained by an S corporation
The employer maintaining this ESOP is an S corporation.

Opportunity flags

1 tripped

OpportunityLow returns
Annual investment return is in the bottom quintile of the peer cohort.

Expense breakdown

Schedule H Part II

Admin total

$79K

$218 / participant

Contract admin$25K31.3%
Other / not subdivided$54K68.7%

% of EOY assets

0.114%

all-in expense ratio

Categories reported

1 / 9

subdivided buckets used

Audit opinion

Schedule H Part III

Unqualified opinion

Auditor signed off without reservation - the cleanest possible opinion.

Auditor firm: RINEY HANCOCK & CO PSC
Auditor EIN: 610920132
Audit fees: (not subdivided)
Opinion code: Unqualified

Metric

This plan

Peer set

Industry

Size

Avg account balance

$170,709

$81,537+109.4%

$149,721+14.0%

$69,631+145.2%

Participation rate

87.5%

86.1%+1.4pp

87.1%+0.5pp

70.7%+16.8pp

Annual return

14.05%

22.79%-8.7pp

1501.67%-1487.6pp

27571.02%-27557.0pp

Employer contribution / active EE

$1,401

$3,239-56.7%

$5,444-74.3%

$2,032-31.1%

Participant deferral / active EE

$5,086

$4,994+1.8%

$6,568-22.6%

$3,224+57.8%

Admin fee / account holder

$195

$107+82.4%

$11,282-98.3%

$110+76.5%

Provider

Service type

Compensation

MERCER3+ years

Filed as: MERCER CAPITAL

Service code 34 · EIN 62-1154641

Valuation (appraisals, etc.)

$24,608

UNION BANK & TRUST COMPANY3+ years

Filed as: UNION BANK & TRUST

Service code 15 · EIN 47-0321480

Recordkeeping

$24,560

RINEY HANCOCK CPAS PSC3+ years

Filed as: RINEY HANCOCK & CO PSC

Service code 10 · EIN 61-0920132

Accounting

$18,874

WITHUMSMITH+BROWN, PC3+ years

Filed as: FROST BROWN TODD LLC

Service code 29

Legal

$7,523

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 K PROVISIONS

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

INDEPENDENCE BANCSHARES, INC. EMPLOYEE STOCK OWNERSHIP PLAN WITH 401 K PROVISIONS

Top hat statement on fileNQDC

Plan administrator

Plans declared (1)

Summary metrics

Benchmarksi

Analytics

Service providersi

Plan features & details

Opportunity flagsi

Expense breakdowni

Audit opinioni

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion

Benchmarks

Service providers

Opportunity flags

Expense breakdown

Audit opinion