GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Independent Bank


Synonyms:community bank, stand-alone
Filed Under: financial-banking
Tags: banking
 

Definition of independent bank

independent bank
1. A bank that is locally owned and operated, and not associated with a bank holding company. Also referred to as a community bank.

Related Terms and Acronyms:

  • bank   An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • commercial bank (CB)   A financial institution that provides a broad range of services, from chequing and savings accounts to business loans and credit cards.
  • community bank   A bank that is locally owned and operated, but is not part of a bank holding company. Also referred to as an independent bank.
  • niche banks   Smaller banks that cater to particular communities or certain industries. These banks have been thriving in the fallout from mega-bank mergers.
  • regional bank   A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the province in which it is located. Usually called a Credit Union in Canada.

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