Texas › Finance and insurance › 250 to 499 participants
Form 5500 statement · plan year 1 Jan 2024 to 31 Dec 2024
Texas Independent Bancshares, Inc. 401(k) Employee Stock Ownership Plan
Sponsored by Texas Independent Bancshares, Texas City, TX
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.
Texas Independent Bancshares of Texas City, Texas sponsors Texas Independent Bancshares, Inc. 401(k) Employee Stock Ownership Plan, a 401(k) plan. Its Form 5500 for the plan year ending 31 Dec 2024 shows 461 participants (293 active) and $79.0M in net assets.
Net assets came to $171,349 per participant, well above the $48,746 median for defined contribution plans with 250 to 499 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 $1.8M during the year, or $6,011 per active participant against a same-size median of $2,017; participants contributed $1.6M and $385K arrived as rollovers and other contributions. Benefits paid out totalled $5.2M.
Schedule C lists 4 service provider organisations paid $5,000 or more, with reported compensation of $11K: $24.16 per participant, well below the same-size median of $141. Administrative expenses charged to the plan were $58K. 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 $15.6M in 2009 to $79.0M in 2024 (up 407%), and participants from 253 to 461 (up 82%).
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 | $171,349 | $48,746 | $92,294 | $53,102 |
| Employer contributions per active participant | $6,011 | $2,017 | $3,564 | $2,175 |
| Schedule C compensation per participant | $24.16 | $141 | $137 | $123 |
| Schedule C compensation, share of net assets | 0.01% | 0.30% | 0.17% | 0.26% |
| Administrative expenses per participant | $126 | $133 | $130 | $116 |
Peer columns are medians for plan year 2024 across defined contribution plans with 100 or more participants: 250 to 499 participants (17,456 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 | 461 | $79.0M | $171,349 | $1.8M | $1.6M | $11K |
| 2023 | 489 | $73.2M | $149,753 | $1.6M | $1.5M | $10K |
| 2022 | 461 | $68.5M | $148,599 | $2.7M | $1.4M | $0 |
| 2021 | 441 | $68.1M | $154,349 | $2.5M | $1.3M | $10K |
| 2020 | 408 | $59.6M | $145,975 | $2.2M | $1.2M | $0 |
| 2019 | 313 | $53.1M | $169,518 | $1.7M | $1.1M | $0 |
| 2018 | 236 | $44.4M | $188,284 | $1.4M | $877K | $0 |
| 2016 | 354 | $35.6M | $100,593 | $1.0M | $788K | $0 |
| 2015 | 403 | $30.5M | $75,767 | $988K | $737K | $3,000 |
| 2014 | 336 | $27.5M | $81,744 | $933K | $686K | $7,000 |
| 2013 | 367 | $24.7M | $67,207 | $525K | $582K | $0 |
| 2012 | 376 | $17.3M | $46,074 | $518K | $565K | $45K |
| 2011 | 290 | $16.2M | $55,914 | $240K | $529K | $40K |
| 2010 | 286 | $15.0M | $52,318 | — | $536K | $1,000 |
| 2009 | 253 | $15.6M | $61,632 | $590K | $522K | $15K |
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$73,228,743
- Employer contributions$1,761,324
- Participant contributions$1,573,479
- Rollovers and other contributions$385,039
- Total contributions$3,719,842
- Total income, including investment results$10,985,921
- Benefits paid$5,164,635
- Administrative expenses$57,988
- Total expenses$5,222,623
- Net income$5,763,298
- Net transfers$0
- Net assets, end of year$78,992,041
Participants
- Active participants293
- Retired or separated, receiving benefits71
- Retired or separated, entitled to future benefits97
- Participants with account balances452
- Total participants, end of year461
Fees and service providers
| Organisation | Services reported | Direct | Indirect |
|---|---|---|---|
| The Allocation Company, Inc. | Recordkeeping and information management; Participant loan processing; Other services | $0 | $11,137 |
| Mass Mutual Life Insurance Company | Recordkeeping and information management; Insurance services; Participant loan processing; Participant communication | $0 | $0 |
| Mesirow Financial Investment MGMT | Investment advisory (plan); Other services | $0 | $0 |
| SWBC Investment Services, LLC | Insurance agents and brokers; Insurance 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
- Recordkeeping fees$30,988
- IQPA audit fees$21,000
- Other administrative expenses$6,000
- Total administrative expenses$57,988
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$49.7M · 62.9%
- Registered investment companies (mutual funds)$23.5M · 29.8%
- Insurance company general account$2.2M · 2.8%
- Receivables$1.8M · 2.2%
- Cash (interest and non-interest bearing)$1.7M · 2.2%
- Corporate stocks$98K · 0.1%
Audit and compliance answers, as filed
- Accountant's opinionUnmodified (unqualified)
- Audit scope limited under ERISA section 103(a)(3)(C)No
- Accounting firmBentley Bratcher & Associates, P.C.
- Participant contributions reported as transmitted lateYes, $7,348
- Covered by a fidelity bondYes, $1,000,000
- 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 plan2KCode section 401(m) arrangement2JCode section 401(k) feature3DPre-approved pension plan
Codes entered on Form 5500 line 8a, with the labels from the official instructions. Business code 522110: Commercial Banking.
Similar plans in Texas
| Plan | Sponsor | Participants | Net assets | Per participant |
|---|---|---|---|---|
| Liberty Tax & Community Tax 401(k) Plan | LTCT Holdings LLC | 462 | $13.4M | $29,013 |
| HFS 401(k) Savings Plan | Hallmark Financial Services, Inc. | 461 | $29.7M | $64,459 |
| Risk Theory Management, LLC 401(k) Plan | Risk Theory Management, LLC | 467 | $12.6M | $26,953 |
| The Zebra 401(k) Plan | Insurance Zebra, Inc. | 459 | $14.2M | $30,880 |
| Vantage Bank Texas Employee Stock Ownership Plan | VBT Financial Corporation | 469 | $6.0M | $12,753 |
| National Western Life Insurance Company 401(k) Plan | National Western Life Insurance Company | 457 | $43.7M | $95,598 |
Defined contribution plans in finance and insurance closest in size.
Questions and answers
How big is Texas Independent Bancshares, Inc. 401(k) Employee Stock Ownership Plan?
461 participants at the end of the plan year ending 31 Dec 2024, of whom 293 were active employees, with net assets of $78,992,041. Among defined contribution plans that places it in the 250 to 499 participants band, which held 17,456 plans in plan year 2024.
What does Texas Independent Bancshares contribute per participant?
The filing reports $1,761,324 in employer contributions for the year, which is $6,011 per active participant; the median for plans of the same type and size was $2,017 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 $11,137 in compensation to service provider organisations, $24.16 per participant or 0.01% of net assets. The same-size median among plans reporting any Schedule C compensation was $141 per participant. Administrative expenses on Schedule H were $57,988. 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 Texas Independent Bancshares. Recordkeeping or administration: The Allocation Company, Inc. and Mass Mutual Life Insurance Company. Investment advisory or management: Mesirow Financial Investment MGMT. The financial statements were audited by Bentley Bratcher & Associates, P.C.. 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 14 Oct 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 74-2022764, plan 001, received 14 Oct 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.