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Overview / Commentary
800-433-0888
6920 220th Street Sw, Suite 300
Mountlake Terrace, WA 98043

1st Security Bank of Washington is headquartered in Mountlake Terrac and is the 25th largest bank in the state of Washington. It is also the 1,552nd largest bank in the nation. It was established in 2004 and as of March of 2014, it had grown to 169 employees at 8 locations. 1st Security Bank of Washington's savings rates are 4X the national average, and it boasts a A+ health rating.

Reviews (1)

Terrible Loan Experience

I obtained a 6 month deferred loan from System Pavers who did some work. This is the bank they have a relationship with. Asked clearly to the sales person what the total amount would be and it was just for the work they would perform. The loan agreement does not specify any fees associated with the loan. Expectation after paying off the loan would be the end of it, but found out there is undisclosed fee for closing out the loan from !st Security Bank. They sent 1 letter that was signed off by the person sending it but can't make out the signature. This 1st letter indicated the amount and then received 2nd letter 2 days later basically having 5 days to pay this amount off. Pretty demanding of a bank giving such short notice. I have emailed the bank what and why there would be a fee for paying of the loan, their response is "it's in the loan agreement". There is no specified amount on the loan agreement and no mention of this hidden fee ever.

Do not do business with this unethical bank who does disclose their hidden fee.

The only good thing to say about this bank is they responded the next day and their online website when logged in is easy to understand.



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 1st Security Bank of Washington had $968,000 in non-current loans and owned real-estate with $56.78 million in equity and loan loss allowances on hand to cover it. This gives 1st Security Bank of Washington a Texas Ratio of 1.70% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for 1st Security Bank of Washington decreased dramatically from 6.93% as of March 31, 2013 to 1.70% as of March 31, 2014, resulting in a positive change of 75.39%.This indicates that the balance sheet and financial strength for 1st Security Bank of Washington has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, 1st Security Bank of Washington has increased its total deposits by $56.04 million, resulting in 18.24% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth 1st Security Bank of Washington has shown is excellent.

Capitalization

GRADE:
A+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. 1st Security Bank of Washington has $433.2 million in assets with $56.78 million in equity, resulting in a capitalization level of 13.11%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #57633
Year Established2004
Employees169
Primary RegulatorFDIC
Assets and Liabilities
Assets$433.20 million
Loans$300.12 million
Deposits$363.37 million
Equity Capital$51.54 million
Loan Loss Allowance$5.24 million
Unbacked Noncurrent Loans$433,000
Real Estate Owned$535,000
Historic Data - March 2013
Assets$371.56 million
Equity Capital$48.78 million
Loan Loss Allowance$5.04 million
Unbacked Noncurrent Loans$433,000
Real Estate Owned$1.96 million
Profit Margin - Quarterly
Net Interest Margin4.85%
Return on Assets0.83%
Return on Equity6.95%
Interest Income$5.42 million
Rates

Always verify rates and promotions with the bank or credit union. We are not 1st Security Bank of Washington, we are a rate comparison website and can not provide official rates or promotions.

1st Security Bank of Washington Savings Account Rates

DetailsAPYMINMAXPRODUCT
2.00%-$5kOptimum Savings (w/ eBanking Express Checking)
0.10%$100-Preferred Savings
0.10%--Youth Savings
0.10%$50-Uniform Transfer to Minors
0.10%$500-Business Savings

1st Security Bank of Washington Money Market Rates

DetailsAPYMINMAXPRODUCT
0.40%$100k$2,500kBusiness Money Market
0.40%$100k-eBanking High Yield Money Market
0.30%$100k-Tiered Rate Money Market

1st Security Bank of Washington Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$100k-eBanking Express Checking
0.20%$100k-1st Premier Checking
0.15%$100-Business Checking PLUS
0.05%$100-1st Classic Checking

1st Security Bank of Washington CD Rates

DetailsAPYMINMAXPRODUCT
1.55%$500-5-Year CD w/ eBanking Express
1.35%$500-4-Year CD w/ eBanking Express
1.20%$500-5-Year CD
1.20%$500-3-Year CD w/ eBanking Express
1.10%$500-30-Month CD w/ eBanking Express
1.10%$500-40-Month CD w/ eBanking Express
1.00%$500-4-Year CD
0.85%$500-3-Year CD
0.85%$500-2-Year CD w/ eBanking Express
0.80%$500-21-Month CD w/ eBanking Express
0.75%$500-18-Month CD w/ eBanking Express
0.75%$500-30-Month CD
0.75%$500-40-Month CD
0.65%$500-1-Year CD w/ eBanking Express
0.65%$500-13-Month CD w/ eBanking Express
0.65%$500-15-Month CD w/ eBanking Express
0.50%$500-2-Year CD
0.50%$500-180-Day CD w/ eBanking Express
0.50%$500-210-Day CD w/ eBanking Express
0.50%$500-270-Day CD w/ eBanking Express
0.45%$500-21-Month CD
0.40%$500-18-Month CD
0.40%$500-90-Day CD w/ eBanking Express
0.30%$500-1-Year CD
0.30%$500-13-Month CD
0.30%$500-15-Month CD
0.15%$500-180-Day CD
0.15%$500-210-Day CD
0.15%$500-270-Day CD
0.05%$500-90-Day CD

1st Security Bank of Washington IRA Rates

DetailsAPYMINMAXPRODUCT
1.55%$500-5-Year CESA w/ eBanking Express
1.55%$500-5-Year IRA w/ eBanking Express
1.55%$500-5-Year Roth IRA w/ eBanking Express
1.55%$500-5-Year SEP IRA w/ eBanking Express
1.35%$500-4-Year CESA w/ eBanking Express
1.35%$500-4-Year IRA w/ eBanking Express
1.35%$500-4-Year Roth IRA w/ eBanking Express
1.35%$500-4-Year SEP IRA w/ eBanking Express
1.20%$500-5-Year CESA
1.20%$500-5-Year IRA
1.20%$500-5-Year SEP IRA
1.20%$500-5-Year Roth IRA
1.20%$500-3-Year CESA w/ eBanking Express
1.20%$500-3-Year IRA w/ eBanking Express
1.20%$500-3-Year Roth IRA w/ eBanking Express
1.20%$500-3-Year SEP IRA w/ eBanking Express
1.10%$500-30-Month CESA w/ eBanking Express
1.10%$500-30-Month IRA w/ eBanking Express
1.10%$500-30-Month Roth IRA w/ eBanking Express
1.10%$500-30-Month SEP IRA w/ eBanking Express
1.10%$500-40-Month CESA w/ eBanking Express
1.10%$500-40-Month IRA w/ eBanking Express
1.10%$500-40-Month Roth IRA w/ eBanking Express
1.10%$500-40-Month SEP IRA w/ eBanking Express
1.00%$500-4-Year CESA
1.00%$500-4-Year IRA
1.00%$500-4-Year SEP IRA
1.00%$500-4-Year Roth IRA
0.85%$500-3-Year CESA
0.85%$500-3-Year IRA
0.85%$500-3-Year SEP IRA
0.85%$500-3-Year Roth IRA
0.85%$500-2-Year CESA w/ eBanking Express
0.85%$500-2-Year IRA w/ eBanking Express
0.85%$500-2-Year Roth IRA w/ eBanking Express
0.85%$500-2-Year SEP IRA w/ eBanking Express
0.80%$500-21-Month CESA w/ eBanking Express
0.80%$500-21-Month IRA w/ eBanking Express
0.80%$500-21-Month Roth IRA w/ eBanking Express
0.80%$500-21-Month SEP IRA w/ eBanking Express
0.75%$500-18-Month CESA w/ eBanking Express
0.75%$500-18-Month IRA w/ eBanking Express
0.75%$500-18-Month Roth IRA w/ eBanking Express
0.75%$500-18-Month SEP IRA w/ eBanking Express
0.75%$500-30-Month CESA
0.75%$500-30-Month IRA
0.75%$500-30-Month Roth IRA
0.75%$500-30-Month SEP IRA
0.75%$500-40-Month CESA
0.75%$500-40-Month IRA
0.75%$500-40-Month Roth IRA
0.75%$500-40-Month SEP IRA
0.65%$500-1-Year CESA w/ eBanking Express
0.65%$500-1-Year IRA w/ eBanking Express
0.65%$500-1-Year Roth IRA w/ eBanking Express
0.65%$500-1-Year SEP IRA w/ eBanking Express
0.65%$500-13-Month CESA w/ eBanking Express
0.65%$500-13-Month IRA w/ eBanking Express
0.65%$500-13-Month Roth IRA w/ eBanking Express
0.65%$500-13-Month SEP IRA w/ eBanking Express
0.65%$500-15-Month CESA w/ eBanking Express
0.65%$500-15-Month IRA w/ eBanking Express
0.65%$500-15-Month Roth IRA w/ eBanking Express
0.65%$500-15-Month SEP IRA w/ eBanking Express
0.50%$500-2-Year CESA
0.50%$500-2-Year IRA
0.50%$500-2-Year SEP IRA
0.50%$500-2-Year Roth IRA
0.50%$500-180-Day CESA w/ eBanking Express
0.50%$500-180-Day IRA w/ eBanking Express
0.50%$500-180-Day Roth IRA w/ eBanking Express
0.50%$500-180-Day SEP IRA w/ eBanking Express
0.50%$500-210-Day CESA w/ eBanking Express
0.50%$500-210-Day IRA w/ eBanking Express
0.50%$500-210-Day Roth IRA w/ eBanking Express
0.50%$500-210-Day SEP IRA w/ eBanking Express
0.50%$500-270-Day CESA w/ eBanking Express
0.50%$500-270-Day IRA w/ eBanking Express
0.50%$500-270-Day Roth IRA w/ eBanking Express
0.50%$500-270-Day SEP IRA w/ eBanking Express
0.45%$500-21-Month CESA
0.45%$500-21-Month IRA
0.45%$500-21-Month SEP IRA
0.45%$500-21-Month Roth IRA
0.40%$500-18-Month CESA
0.40%$500-18-Month IRA
0.40%$500-18-Month SEP IRA
0.40%$500-18-Month Roth IRA
0.40%$500-90-Day CESA w/ eBanking Express
0.40%$500-90-Day IRA w/ eBanking Express
0.40%$500-90-Day Roth IRA w/ eBanking Express
0.40%$500-90-Day SEP IRA w/ eBanking Express
0.30%$500-1-Year CESA
0.30%$500-13-Month CESA
0.30%$500-15-Month CESA
0.30%$500-1-Year IRA
0.30%$500-13-Month IRA
0.30%$500-15-Month IRA
0.30%$500-1-Year SEP IRA
0.30%$500-13-Month SEP IRA
0.30%$500-15-Month SEP IRA
0.30%$500-1-Year Roth IRA
0.30%$500-13-Month Roth IRA
0.30%$500-15-Month Roth IRA
0.15%$500-180-Day CESA
0.15%$500-210-Day CESA
0.15%$500-270-Day CESA
0.15%$500-180-Day IRA
0.15%$500-210-Day IRA
0.15%$500-270-Day IRA
0.15%$500-180-Day SEP IRA
0.15%$500-210-Day SEP IRA
0.15%$500-270-Day SEP IRA
0.15%$500-180-Day Roth IRA
0.15%$500-210-Day Roth IRA
0.15%$500-270-Day Roth IRA
0.05%$500-90-Day CESA
0.05%$500-90-Day IRA
0.05%$500-90-Day SEP IRA
0.05%$500-90-Day Roth IRA
Locations


1st Security Bank of Washington Locations
Overlake Branch14808 Ne 24th Street Suite DRedmond, WA 98052
Lynnwood19002 33rd Ave WestLynnwood, WA 98036
Poulsbo21650 NW Market PlacePoulsbo, WA 98370
Canyon Park22020 17th Ave Se #100Bothell, WA 98021
Puyallup-Downtown307 W Stewart StreetPuyallup, WA 98371
Capitol Hill Branch614 Broadway EastSeattle, WA 98102
Edmonds620 Edmonds WayEdmonds, WA 98020
1st Security Bank Of Washington6920 220th Street Sw, Suite 300Mountlake Terrace, WA 98043