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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-K/A

Amendment No. 1







|x | ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the Fiscal Year Ended December 31, 2007

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from  to

Commission File Number 000-59120





INDEPENDENT BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its
Charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Florida                                                        |  | 59-2869407                          
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)
|                                                               | 
|60 Southwest 17thStreet Post Office Box 2900 Ocala, Florida    |  | 34478-2900                          
|(Address of Principal Executive Offices)                       |  | (Zip Code)                          

Registrants Telephone Number, Including Area Code: (352) 622-2377





Securities registered pursuant to Section 12(b) of the Exchange Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act: Common Stock, $2.00 Par Value





Indicate by checkmark if the Registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act:    Yes   ̈    No  x

Indicate by checkmark whether the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange
Act    Yes   ̈    No  x

Indicate by checkmark whether the Registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ̈

Indicate by checkmark if disclosure of delinquent filers in response to Item 405 of Regulation SK is not contained
herein, and will not be contained, to the best of Registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one);

Large
accelerated filer   ̈    Accelerated filer   ̈    Non-accelerated filer   ̈    Smaller reporting company  x

(Do not check if a smaller
reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the
Act).    Yes   ̈    No  x

The aggregate market value of the issuers Common Stock held by non-affiliates is approximately $12,966,848, based on the June 29, 2007, closing price of the Common Stock of $23.00 per share as reported on
the Over-the-Counter Bulletin Board (OTCBB). For the purpose of this determination, directors, executive officers and holders of 10% or more of the outstanding shares of Common Stock were considered affiliates.

As of March 28, 2008, there were issued and outstanding 1,235,644 shares of the issuers Common Stock.

Transitional Small Business Disclosure Format:    Yes   ̈    No  x









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DOCUMENTS INCORPORATED BY REFERENCE

Certain information required by Part III of this report (Items 10, 11, 12, 13 and 14) is incorporated by reference from Registrants definitive
proxy statement to be filed for the Companys 2008 Annual Meeting of shareholders.

Explanatory Note

Independent BancShares, Inc. (the Company) is filing this Amendment No. 1 to its Annual Report on Form 10-K for the year ended
December 31, 2007, originally filed on March 31, 2008 (Original Filing), to correct the aggregate fair market value of the Companys common stock held by non-affiliates. Except for this correction, no other information in
the Original Filing is being amended by this Amendment. This Amendment continues to speak as of the date of the Original Filing and the Company has not updated the disclosures in this Amendment to reflect any events which occurred at a date
subsequent to the Original Filing.



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TABLE OF CONTENTS



|                                                    |  |  
|--------------------------------------------------- |  | -
|Part II.                                            |  |  
|                                                    | 
|Item 15. Exhibits and Financial Statement Schedules |  | 1
|                                                    | 
|Signatures                                          |  | 2



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|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|-------- | ------------------------------------------



|              |  |                                                                                                                                                      
|------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  | Sequential Description                                                                                                                               
|3(i)          |  | Articles of Incorporation of Registrant (incorporated by reference to Exhibit 3.1 to Registration Statement on Form 10-SB, filed on April 21, 2006). 
|              | 
|3(ii)         |  | Bylaws of Registrant (incorporated by reference to Exhibit 3.2 of Registration Statement on Form 10-SB, filed on April 21, 2006).                    
|              | 
|14            |  | Code of Ethics (incorporated by reference to the 2007 10-K).                                                                                         
|              | 
|21            |  | Subsidiaries of Registrant (incorporated by reference to the 2007 10-K).                                                                             
|              | 
|31.1          |  | Certification of Chief Executive Officer (filed herewith).                                                                                           
|              | 
|31.2          |  | Certification of Chief Financial Officer (filed herewith).                                                                                           
|              | 
|32.1          |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 (incorporated by reference to the 2007 10-K).
|              | 
|99.1          |  | Financial Statements (incorporated by reference to the 2007 10-K).                                                                                   



1



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SIGNATURES

Pursuant to Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this
amended report to be signed on its behalf by the undersigned, thereunto duly authorized.



|                                          |  |                                                               
|----------------------------------------- |  | --------------------------------------------------------------
|INDEPENDENT BANCSHARES, INC. (Registrant)
|                                          | 
|BY:                                       |  | /s/ Mark A. Imes                                              
|                                          |  | Mark A. Imes, President and Chief Executive Officer           
|                                          |  | (Principal Executive Officer)                                 
|                                          | 
|                                          |  | /s/ Dennis M. Clarke                                          
|                                          |  | Dennis M. Clarke, Chief Financial Officer                     
|                                          |  | (Principal Financial Officer and Principal Accounting Officer)

Date: May 23, 2008



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