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Midwest Independent Bank (MIB) was the ninth bankers' bank established in the United States. Originally named Missouri Independent Bank, it was state chartered and FDIC insured in 1984, and began business in January, 1985 with 72 shareholder banks. The bank changed its name to Midwest Independent Bank in March, 1994 to reflect the geographic area it serves. MIB was formed to give independent community banks a correspondent banking alternative. MIB never competes against its respondents for market share. MIB's sole purpose is to make its respondent banks more competitive and profitable in their market areas. MIB is a "bankers' bank" that provides a wide array of correspondent banking services to approximately 450 financial institutions throughout the Midwest. Based in Jefferson City, MIB's banking services are provided exclusively to independent financial institutions.