Atlantic Coast Bank is headquartered in Jacksonville and is the 35th largest bank in the state of Florida. It is also the 940th largest bank in the nation. It was established in 1939 and as of September of 2013, it had grown to 134 employees at 12 locations. Atlantic Coast Bank's money market rates are 14% higher than the national average, but it has a C- health rating.
I've had a Rewards Checking account with Atlantic Coast for over two years now. I may be switching today to another Rewards Checking-offering bank.
I really do not care for their online checking, nor their website overall. You are able to have your password emailed to you as clear text which seems a completely bad idea security-wise. Also, once you do log in, it shows your secret security phrase as a banner that goes across your screen (automatically) - so if anyone is watching at all, they have your secret phrase. Or on the off chance that someone has cracked into your account, they have that supposedly secret security info immediately. I've also been forced to change my online password very frequently - perhaps every 90 days. I really wish it did not offer to email you your password and parade around my security phrase.
On the other hand, I have been very pleased with the interest I have earned and the ease of meeting their requirements. I am sad that the cap on the top interest rate balance has dropped from $25,000 to $15,000.
I have had two very bad customer service experiences at Atlantic Coast Bank. First, my debit card information was stolen somehow (I still had my card) with many quick uses of the card on black friday. I immediately stopped the card once I saw the transactions, called the bank, and filed a police report. It wasn't until the police report was mailed to me and then mailed to them that they would after a review process reimburse me the thousands of dollars. It was more than 3 weeks before they reimbursed my money and I had to figure out other ways to pay my bills. The second happened a year later when 3 unauthorized direct withdrawls occurred from a company that I had stopped allowing direct withdrawls from causing insufficient fund charges. The company apologized for there error. However, atlantic coast not only refused to reimburse me for the fees toping over 100 dollars for these fraud charges but they also wanted to charge me another 37 dollars just to freeze my account! It is not worth your time or safety of your money to use there services.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Atlantic Coast Bank had $25.08 million in non-current loans and owned real-estate with $39.54 million in equity and loan loss allowances on hand to cover it. This gives Atlantic Coast Bank a Texas Ratio of 63.41% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Atlantic Coast Bank held steady from 61.06% as of September 30, 2012 to 63.41% as of September 30, 2013, resulting in a negative change of 3.86%. This indicates that the balance sheet and financial strength for Atlantic Coast Bank has held steady in recent periods.
In the past year, Atlantic Coast Bank has decreased its total deposits by -$31.27 million, resulting in -6.14% 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 Atlantic Coast Bank has shown is below average.
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. Atlantic Coast Bank has $715.82 million in assets with $39.54 million in equity, resulting in a capitalization level of 5.52%, which is below average.
|FDIC Certificate #||45826|
|Assets and Liabilities|
|Equity Capital||$30.02 million|
|Loan Loss Allowance||$9.52 million|
|Unbacked Noncurrent Loans||$13.60 million|
|Real Estate Owned||$11.47 million|
|Historic Data - September 2012|
|Equity Capital||$43.25 million|
|Loan Loss Allowance||$12.73 million|
|Unbacked Noncurrent Loans||$13.60 million|
|Real Estate Owned||$7.90 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.39%|
|Return on Assets||-0.8%|
|Return on Equity||-17.21%|
|Interest Income||$21.94 million|
Always verify rates and promotions with the bank or credit union. We are not Atlantic Coast Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.50%||$75k||-||iMoney Market Account|
|0.60%||-||$15k||High Tide Rewards Checking|
|0.35%||$25k||-||Tradewinds Business Checking|
|0.05%||-||-||High Tide Rewards Checking|
|0.90%||$1k||-||i36 Month iCertificates of Deposit|
|0.65%||$1k||-||i24 Month iCertificates of Deposit|
|0.45%||$1k||-||i6 Month iCertificates of Deposit|
|0.45%||$1k||-||i12 Month iCertificates of Deposit|