1st Independence Financial Group, Inc.
Company Name: 1st Independence Financial Group, Inc.
Stock Market: NASDAQ (FIFG)
Industry Sector: Commercial and Retail Banking Service
Net Income: $9.6 million (as of December 31, 2007)
Total Assets: $347.7 million (as of December 31, 2007)
Key People: Kathy L. Beach (Executive Vice President and Chief Operations Officer), Michael Wilbourn (Executive Vice President and Chief Financial Officer)
Headquarters Address: 8620 Biggin Hill Lane Louisville, Kentucky
Number of Employees: 90 (as of December 31, 2007)
Website Address: www.1stindependence.com
In June 1995, 1st Independence Financial Group, Inc. (the “Company”) was organized and was identified as a corporation in the name of “ Delaware.” It was established in Louisville, Kentucky, and it holds and owns the1 st Independence Bank, Inc. (known as the “Bank”). In 2004, the Company joined with another group, Independence Bancorp, located in New Albany, Indiana. Through a network from its full service banking offices situated in New Albany, and Kentucky, Harrodsburg, Clarksville, Marengo, Jeffersonville, Louisville and Lawrenceburg (St. Matthews’s office outlet and Stony Brook’s core office branch), the Bank presently provides its services to its clients. One of these banks is 1 st Independence Mortgage, a finance division that initiates family housing loans. 1 st Independence Bank, Inc. also provides other limited lines of business services. A few of these are as follows: retail and commercial banking services in the fields of one to four residential loans; its consumer and commercial estate loans; and various accounts, such as money-market accounts, deposit certificates, saving accounts, and checking accounts within the area.
The Company provides retail and commercial banking services, such as checking accounts, deposits, money-market accounts, savings account, and a number of available loan services. However, competition of deposit products has been rampant in the Company’s market area of Jefferson, Mercer, and Anderson Counties in Kentucky, and Crawford and Clark Counties in Indiana. Insurance products that are sold by local agents, as well as securities and mutual funds, are also included in the deposit competition. On the other hand, loan competition depends on market conditions and other financial institutions, such as thrift institutions, commercial banks, mortgage bankers, multi-state regional banks and credit unions.
Current Financial Overview
Deposits are the chief source of funds of 1 st Independence Financial Group, Inc. These deposits are used in lending activities and other investments, as well. Aside from deposits, the Company also gets its funds from prepayment and amortization of loans and maturities of borrowings, investment securities, operations and mortgage-backed securities.
1st Independence Financial Group, Inc., by the end of December 2007, had total assets of $347.7 million. Its total deposit is computed at $254.6 million, and $35.3 million is its computed total equity.
By the 1st of November 2004, the Bank developed a company situated in Jeffersonville, Indiana. The title of this insurance company is known as Foundation Title Company, LC. However, at the end of the month, the Company sold the insurance company based on its value and determined to get out of the business venture.
As of the 27 th of February 2008, 1st Independence Financial Group, Inc. announced its involvement in the Merger Agreement, which provides $5.475 to the Company’s stockholders and 0.881036 shares from MainSource common stock. The merger is anticipated to close by the 3 rd quarter of 2008.