Peoples Independent Bank
Headquarters
121 Billy B. Dyar Boulevard
Boaz, AL 35957
See all branch locations →
Reviewed by $Theta88008 | February 9, 2024 |
Last week we called the People's Independent main branch to gain an understanding of the institution, a normal procedure for any family. We do not live in Boaz, AL, so we thought we could have our questions answered by calling. We called the branch twice, both times requesting a manager because we had specific banking questions. We certainly didn't want to drive an hour and then find upon arriving that no one was available to answer our questions. We are not affiliated with PIB but we have relatives who do business with PIB. They were taken aback by our treatment.
On both occasions, a gentleman named Chris who introduced himself as a manager of the Boaz main branch answered our call. We were hoping to have access to another manager for the second call that followed, as Chris did not impress us the first time. Chris informed us that he was one of the managers of the main branch. When we called a second time, we were just as disappointed as during the first call. For example, Chris didn't seem interested in answering our questions about a five-year Certificate of Deposit or in us becoming customers. We were also seeking to open a checking account. As we attempted to explain ourselves regarding one particular question—a question that a branch manager should have known—he put us on hold for several minutes. Afterward, I mentioned to Chris that we are residents of Alabama and that I am a retired engineer, as well as a numbers guy. He replied with a sarcastic remark: "So am I, 1+1=2." I took this as a mocking swipe. He clearly was not the person we desired; this was the extent of his ability to be helpful. When Chris learned that we moved from New York, his attitude shifted. He knew by our (212) area code that we were not originally from the area. We sensed that he considered us outsiders, especially when he replied, "We are a local bank who serve locals. Perhaps this bank is not for you." This discrimination was enough to terminate the call. Shame on People's Independent Bank.
Mr. Vogel
2024 Overview
General Bank Information
Peoples Independent Bank is an FDIC insured institution located in Boaz, AL. It was founded in 1988 and has approximately $0.45 billion in assets. Customers can open an account at one of its 9 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 27233 |
| Date Established | 1988 |
| Assets | $ 446.82 million |
| Loans | $ 185.82 million |
| Deposits | $ 396.56 million |
| Capital | $ 35.10 million |
For a more detailed analysis of Peoples Independent Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - November 15, 2024
Your Current Location: Ohio, OH 43085
Loan Rates - November 15, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Peoples Independent Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 1835285 |
6.494% |
6.375% 0.75 points $4,000 fees |
$1,997 | Learn More |
NMLS ID: 2578474 |
6.596% |
6.500% 0.63 points $3,210 fees |
$2,023 | Learn More |
NMLS ID: 1025894 |
6.868% |
6.750% 1.00 points $3,884 fees |
$2,076 | Learn More |
NMLS ID: 2890 License#: MBMB.850089.000 |
6.999% |
6.875% 1.00 points $4,051 fees |
$2,103 | Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.490 %
After Intro: 7.490 % |
$0 |
Learn More
More Info |
Note to Peoples Independent Bank
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Branches
Peoples Independent Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Peoples Independent Bank Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 400.04 | A | View Lobby Hours | |
| 401.71 | B | View Lobby Hours | |
| 405.49 | C | View Lobby Hours | |
| 405.56 | D | View Lobby Hours | |
| 411.14 | E | View Lobby Hours | |
| 432.76 | F | View Lobby Hours | |
| 436.99 | G | View Lobby Hours | |
| 439.98 | H | View Lobby Hours | |
| 448.66 | I | View Lobby Hours |
Climate Policy and Initiatives
Peoples Independent Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Peoples Independent Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Peoples Independent Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Peoples Independent Bank | U.S. Bank Average |
|---|---|
| 3.74% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, Peoples Independent Bank had $608,000 in non-current loans and $777,000 in owned real estate. To cover these potential losses it had $35,104,000 in equity and $1,930,000 in loans loss reserves. That gives it a Texas Ratio of 3.74%.
Return on Equity
| Peoples Independent Bank | U.S. Bank Average |
|---|---|
| 24.86% | 10.46% |
Peoples Independent Bank has a Return on Equity of 24.86% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Peoples Independent Bank | U.S. Bank Average |
|---|---|
| 7.86% | 10.84% |
Peoples Independent Bank has a Capitalization of 7.86% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Peoples Independent Bank Balance Sheet Analysis
As of June 30, 2024, Peoples Independent Bank had assets of $446,820,000, loans of $185,822,000, and deposits of $396,557,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 44.91 million |
| Interest-bearing balances | $ 40.31 million |
| Total securities | $ 185.09 million |
| Federal funds sold and reverse repurchase | $ 4.92 million |
| Net loans and leases | $ 185.82 million |
| Loan loss allowance | $ 1.93 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 0.78 million |
| Goodwill and other intangibles | $ 1.18 million |
| All other assets | $ 19.16 million |
| Total Assets | $ 411.72 million |
| LIABILITIES | |
|---|---|
| Total deposits | $ 396.56 million |
| Interest-bearing deposits | $ 306.79 million |
| Deposits held in domestic offices | $ 396.56 million |
| % insured (estimated) | 76.89% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | N.A. |
| Subordinated debt | N.A. |
| All other liabilities | $ 3.45 million |
| Total Liabilities | $ 411.72 million |
| Shareholders’ Equity | $ 35.10 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 12.23 million |
| Total Interest Expense | $ 4.07 million |
| Net interest income | $ 8.15 million |
| Provision for loan and lease losses | $ 0.03 million |
| Total non interest income | $ 1.19 million |
| Total non interest expense | $ 4.89 million |
| Pre-tax Net Operating Income | $ 3.04 million |
Bank Loan Profile?
The top three loan types in Peoples Independent Bank’s loan portfolio are Commercial Real Estate, Small Business Loans, and 1-4 Family Residential Loans.
Compared to other banks in Alabama, Peoples Independent Bank has a significantly higher percent of Commercial Real Estate on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 14.79 | ✓ | ||
| Multifamily Mortgages |
1.08 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.26 | ✓ | ||
| Small Business Loans | 17.80 | ✓ | ||
| Construction and Development Loans | 7.65 | ✓ | ||
| Commercial Real Estate | 39.95 | ✓ | ||
| Commercial and Industrial Loans | 14.65 | ✓ | ||
| Farm Loans | 0.99 | ✓ | ||
Customer Reviews for Peoples Independent Bank
$Theta88008
February 9, 2024 |
Last week we called the People's Independent main branch to gain an understanding of the institution, a normal procedure for any family. We do not live in Boaz, AL, so we thought we could have our questions answered by calling. We called the branch twice, both times requesting a manager because we had specific banking questions. We certainly didn't want to drive an hour and then find upon arriving that no one was available to answer our questions. We are not affiliated with PIB but we have relatives who do business with PIB. They were taken aback by our treatment.
On both occasions, a gentleman named Chris who introduced himself as a manager of the Boaz main branch answered our call. We were hoping to have access to another manager for the second call that followed, as Chris did not impress us the first time. Chris informed us that he was one of the managers of the main branch. When we called a second time, we were just as disappointed as during the first call. For example, Chris didn't seem interested in answering our questions about a five-year Certificate of Deposit or in us becoming customers. We were also seeking to open a checking account. As we attempted to explain ourselves regarding one particular question—a question that a branch manager should have known—he put us on hold for several minutes. Afterward, I mentioned to Chris that we are residents of Alabama and that I am a retired engineer, as well as a numbers guy. He replied with a sarcastic remark: "So am I, 1+1=2." I took this as a mocking swipe. He clearly was not the person we desired; this was the extent of his ability to be helpful. When Chris learned that we moved from New York, his attitude shifted. He knew by our (212) area code that we were not originally from the area. We sensed that he considered us outsiders, especially when he replied, "We are a local bank who serve locals. Perhaps this bank is not for you." This discrimination was enough to terminate the call. Shame on People's Independent Bank.
Mr. Vogel
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