Independence Bank Recognized as a Best Statewide Employer 2022
June 16, 2022
Newly released results from the Kentucky Chamber of Commerce, the Kentucky Society for Human Resource Management (KYSHRM) and ClearPath Mutual Insurance Company recognized the Revolution as a top employer across the state. Independence Bank, for 14 years, has been recognized in the ‘Best Places to Work in Kentucky’ program. The Bank placed fourth, the highest-ranking financial institution, in the medium division which includes organizations in similar size from 150-499 employees. The ceremonial dinner was held in Lexington in June.
“Our employees are truly the heartbeat of this organization,” Independence Bank President Jacob Reid shared. “Our family-like atmosphere provides a support system that continues to beat stronger. We’ve created a culture that is friendly and fulfilling. The success of this company largely depends on the people who show up daily. I couldn’t be more proud of them—especially how they have navigated the last few years. I’m so honored to be surrounded by such a dedicated team.” The competition is a multi-year initiative designed to motivate companies in the Commonwealth to focus, measure and move their workplace environments toward excellence.
Numerous studies show a strong correlation between profitability and creating a good place to work. In addition to the Bank being a 2021 Best Place to Work in Kentucky, other accolades last year include being named a Best Bank to Work For in the nation, plus Favorite Bank in Frankfort, Louisville, Owensboro and Henderson. “As a company, one primary focus remains on our people,” Independence Bank Human Resources Director Simone Montaven shared. “We care for them as individuals and continue to research and offer more and better benefits to enhance employees’ quality of life.”
In the last 12-months, Independence Bank has increased vacation time, modified 401k plan for better employee participation and options (immediate eligibility, Roth), introduced pet insurance, provided employees ability to buy up additional long-term disability, increased guaranteed issue for life insurance, lowered rates for voluntary life insurance, offered benefits to part-time employees and introduced an employee discount program. “This financial institution strives to create a workplace environment where employees are engaged and encouraged to share ideas to make us better,” Montaven added. “The ‘employee voice’ at the Bank is both heard and valued.” As the banking landscape is constantly changing, Independence Bank continues to look for the next opportunity. Studies show the number of physical bank branches in the U.S. has dropped 20% over the last decade. Instead of closing offices— the Bank is opening more!
This year, ribbons have been cut at both a second Louisville location and in Shelbyville. Lexington’s team is growing at a temporary downtown space and is expected to open later this summer. Expansion and growth would not be possible without the pivotal people putting plans in place. Since the early days, the Bank volunteered its people and their time. Employees are now offered two days of paid time annually to volunteer for issues that are important to them. Employees are encouraged to identify and get involved in passion projects. By bringing others along, often being backed by the Bank, the impact of those initiatives can be increased while creating a sense of belonging and inclusion.
In the last year, $1.2 million was reinvested through scholarships, school sponsorships, build-a-bed projects, park restoration, customer events and by feeding and meeting the basic needs of those less fortunate. “At the end of the day, it comes down to enjoying what you do and how we help enable and empower those around us,” said Chris Reid, Chairman and CEO. “Making work fun for our employees and our customers allows us to turn work into the opportunity to serve and have pride in what we do. And this recognition is a testament to that.”
ABOUT INDEPENDENCE BANK: Independence Bank is a regional community bank with 28 locations in Calloway, Daviess, Fayette, Franklin, Graves, Hancock, Henderson, Hopkins, Jefferson, McCracken, McLean, Shelby, Warren and Webster counties. One of the fastest growing banks in Kentucky and fifth largest, Independence Bank possesses the size and experience to serve the largest and most complex clients and offers trust and investment services and agricultural services. As a banking revolution for the people, by the people, central to Independence Bank’s mission is doing what is right and fair for customers, communities and employees. Independence Bank has been recognized in multiple categories by the American Bankers Association, including being named a Top Performing Bank and Best Bank to Work For, for 12 consecutive years, a Best Place to Work in Kentucky for 14 years and has assets totaling $3.2 billion.