Kentucky › Finance and insurance › 500 to 999 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Independence Bancshares, Inc. Employee Stock Ownership Plan (With 401(k) Provisions)
Sponsored by Independence Bancshares, Inc., Owensboro, KY
Form 5500 information is as filed by the plan administrator with the Department of Labor and may be amended. Figures reflect the plan year shown, not current balances. Form 5500 contains no individual account balances. Look up the original filing at EFAST2.
Independence Bancshares, Inc. of Owensboro, Kentucky sponsors Independence Bancshares, Inc. Employee Stock Ownership Plan (With 401(k) Provisions), an ESOP with a 401(k) feature. Its Form 5500 for the plan year ending 31 Dec 2024 shows 649 participants (417 active) and $81.8M in net assets.
Net assets came to $126,088 per participant, well above the $46,267 median for defined contribution plans with 500 to 999 participants and well above the $92,294 median for defined contribution plans in finance and insurance. The figure is an average across everyone in the plan, including former employees with small balances; Form 5500 holds no individual account data.
The employer contributed $860K during the year, or $2,063 per active participant against a same-size median of $1,934; participants contributed $2.7M and $2.3M arrived as rollovers and other contributions. Benefits paid out totalled $9.3M.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $40K: $61.61 per participant, well below the same-size median of $113. Administrative expenses charged to the plan were $122K. Schedule C does not capture every cost: fees netted from fund returns and fees the employer pays directly are outside it.
Across the filings on record, net assets went from $12.6M in 2009 to $81.8M in 2024 (up 549%), and participants from 252 to 649 (up 158%).
The independent accountant's opinion on the financial statements was unmodified (unqualified).
Compared with similar plans
| Measure | This plan | Same size | Same industry | All US DC plans |
|---|---|---|---|---|
| Net assets per participant | $126,088 | $46,267 | $92,294 | $53,102 |
| Employer contributions per active participant | $2,063 | $1,934 | $3,564 | $2,175 |
| Schedule C compensation per participant | $61.61 | $113 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.05% | 0.25% | 0.17% | 0.26% |
| Administrative expenses per participant | $189 | $109 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 500 to 999 participants (10,588 plans), finance and insurance (4,391) and all US plans (63,460). Fee medians cover plans that report an amount.
Trend by plan year
| Plan year | Participants | Net assets | Per participant | Employer contributions | Participant contributions | Schedule C compensation |
|---|---|---|---|---|---|---|
| 2024 | 649 | $81.8M | $126,088 | $860K | $2.7M | $40K |
| 2023 | 615 | $80.3M | $130,642 | $863K | $2.8M | $126K |
| 2022 | 612 | $87.5M | $142,989 | $796K | $2.6M | $2,000 |
| 2021 | 468 | $93.2M | $199,169 | $711K | $2.2M | $106K |
| 2020 | 511 | $83.8M | $163,973 | $605K | $2.2M | $95K |
| 2019 | 512 | $71.2M | $139,150 | $675K | $2.0M | $81K |
| 2018 | 510 | $67.5M | $132,265 | $611K | $2.0M | $67K |
| 2017 | 448 | $68.6M | $153,056 | $506K | $1.8M | $76K |
| 2016 | 438 | $62.0M | $141,527 | $506K | $1.6M | $118K |
| 2015 | 372 | $53.3M | $143,196 | $424K | $1.4M | $64K |
| 2014 | 343 | $43.7M | $127,347 | $383K | $1.2M | $49K |
| 2013 | 321 | $34.5M | $107,611 | $346K | $1.1M | $59K |
| 2012 | 297 | $27.7M | $93,306 | $307K | $993K | $56K |
| 2011 | 277 | $21.9M | $78,917 | $290K | $901K | $45K |
| 2010 | 264 | $15.9M | $60,383 | $256K | $805K | $82K |
| 2009 | 252 | $12.6M | $50,040 | $239K | $769K | $39K |
Years in which the plan filed the full Form 5500 with 100 or more participants, from 2009. Plan year is the year in which the plan year began.
Statement for the year
- Net assets, beginning of year$80,344,549
- Employer contributions$860,449
- Participant contributions$2,747,639
- Rollovers and other contributions$2,278,324
- Total contributions$5,886,412
- Total income, including investment results$10,911,395
- Benefits paid$9,300,800
- Administrative expenses$122,487
- Total expenses$9,425,026
- Net income$1,486,369
- Net transfers$0
- Net assets, end of year$81,830,918
Participants
- Active participants417
- Retired or separated, receiving benefits56
- Retired or separated, entitled to future benefits166
- Participants with account balances609
- Total participants, end of year649
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| Principal Life Insurance Company | Contract Administrator | $39,986 | $0 |
| Morningstar Investment Management L | Investment advisory (participants) | $0 | $0 |
| Wilshire Advisors LLC | Investment advisory (plan) | $0 | $0 |
| Independence Bank | Other services | $0 | $0 |
Schedule C, Part I line 2: providers that received $5,000 or more, with the form's own service codes. Individuals named on Schedule C (plan employees, individual trustees) are never shown and their compensation is excluded. Eligible indirect compensation disclosed by formula carries no dollar amount. See how to read Schedule C fees.
Administrative expenses on Schedule H
- Contract administrator fees$122,487
- Total administrative expenses$122,487
Investment structure
Assets at year end by Schedule H category. The form shows the kind of vehicle holding the money, not the funds on the menu.
- Employer securities$62.2M · 71.5%
- Pooled separate accounts$13.7M · 15.7%
- Registered investment companies (mutual funds)$6.4M · 7.3%
- Insurance company general account$4.4M · 5.0%
- Receivables$372K · 0.4%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmRiney Hancock CPAS PSC
- Participant contributions reported as transmitted lateNo
- Covered by a fidelity bondYes, $10,000,000
- Blackout period during the yearNo
These are the plan administrator's own answers on Schedule H, Part IV. A reported late transmittal is the filer's disclosure of a timing lapse, usually corrected through the Department of Labor's voluntary program; the amount is the total involved, not a loss.
Plan characteristics
2EProfit-sharing plan2FERISA section 404(c) plan2HPartial participant-directed account plan2IStock bonus2JCode section 401(k) feature2KCode section 401(m) arrangement2PLeveraged ESOP2QThe employer maintaining this ESOP is an S corporation2TTotal or partial participant-directed account plan with a default investment account3HPlan sponsor(s) is (are) a member(s) of a controlled group3IPlan requiring that all or part of employer contributions be invested and held in employer securities
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522110: Commercial Banking.
Similar plans in Kentucky
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Central Retirement Savings Plans and Trust Agreement | Central Bankshares, Inc. | 660 | $121M | $183,454 |
| Central Employees Stock Ownership Plan and Trust | Central Bancshares, Inc. | 533 | $51.3M | $96,337 |
| Kentucky Farm Bureau Mutual Insurance Company 401(k) Plan | Kentucky Farm Bureau Mutual Insurance Company | 855 | $112M | $131,198 |
| Eagle Financial 401(k) Plan | Eagle Financial Services Inc. | 497 | $24.1M | $48,420 |
| Citizens Financial Corp. 401(k) Savings Plan and Trust Agreement | Citizens Financial Corporation, Inc. | 1,001 | $20.5M | $20,499 |
| First Breckinridge Bancshares, Inc. Retirement Plan | First Breckinridge Bancshares, Inc. | 437 | $29.5M | $67,532 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Independence Bancshares, Inc. Employee Stock Ownership Plan (With 401(k) Provisions)?
649 participants at the end of the plan year ending 31 Dec 2024, of whom 417 were active employees, with net assets of $81,830,918. Among defined contribution plans that places it in the 500 to 999 participants band, which held 10,588 plans in plan year 2024.
What does Independence Bancshares, Inc. contribute per participant?
The filing reports $860,449 in employer contributions for the year, which is $2,063 per active participant; the median for plans of the same type and size was $1,934 in plan year 2024. Form 5500 reports the total only. It does not state the match formula, and the per-participant figure is an average, not any one person's contribution.
What fees does the plan pay and how do they compare?
Schedule C reports $39,986 in compensation to service provider organisations, $61.61 per participant or 0.05% of net assets. The same-size median among plans reporting any Schedule C compensation was $113 per participant. Administrative expenses on Schedule H were $122,487. Investment costs deducted inside mutual funds and other pooled vehicles are not itemised on Form 5500, so these figures are a floor rather than a full cost.
Who runs the plan?
The sponsor is Independence Bancshares, Inc.. Recordkeeping or administration: Principal Life Insurance Company. Investment advisory or management: Morningstar Investment Management L and Wilshire Advisors LLC. The financial statements were audited by Riney Hancock CPAS PSC. Form 5500 also names the plan administrator's signer and other individuals; this site publishes organisations only.
Was the audit opinion unqualified?
The filing reports an unmodified (unqualified) opinion. Unmodified (formerly "unqualified") is the standard clean opinion.
How current is this, and does it show my balance?
This is the Form 5500 for the plan year 1 Jan 2024 to 31 Dec 2024, received by the Department of Labor on 4 Aug 2025. Filings are due seven months after the plan year ends, or nine and a half with an extension, so the public record always runs a year or more behind. It contains plan-level totals only: no individual balances, contributions or names of participants exist in the data.
Provenance
Source: U.S. Department of Labor, Employee Benefits Security Administration, Form 5500 research files (Form 5500, Schedule H, Schedule C) for plan years 2009 to 2025, public domain, with filings received through 24 Aug 2026. This page shows the latest filing on record for EIN 61-0955447, plan 002, received 4 Aug 2025; an amended filing replaces it at the next build. Medians and percentiles are computed by this site; see the methodology. Report an error through corrections.