Business: Independent BancShares, Inc. was incorporated on November 12, 1987 as a Florida corporation and is headquartered in Ocala, Florida. The Company is qualified as a bank holding company under the Bank Holding Company Act of 1956 and is supervised and regulated by the Board of Governors of the Federal Reserve System. Independent National Bank and HKH Financial Center, Inc. are its only subsidiaries. The Bank commenced operations in Ocala, Florida on October 1, 1988. The Bank is nationally-chartered and operates from five full-service offices in Marion and Sumpter Counties. Ocala and Marion County are in one of the fastest growing areas in the country. The current county population is about 315,000, with the median age estimated at 44 years. Agriculture, citrus groves, timber and cattle were the foundation for the area's economy. Although these sectors are still important factors in the economy, the breeding of horses, tourism, business development and health care contribute most significantly to economic growth.