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877-247-8018
4350 La Jolla Village Drive, Suite 140
San Diego, CA 92122

Bank X is headquartered in San Diego and is the 17st largest bank in the state of California. It is also the 199th largest bank in the nation. It was established in 2000 and as of June of 2014, it had grown to 366 employees at 1 location. Bank X's savings rates are 15% higher than the national average, and it has a A health rating.

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Reviews (1)

Remarkably Competitive

At first glance I began to look at the list of banks and see the banks I currently am a member although their titles seemed quite less appealing then some of the other banks. Bank X immediately stuck out to me in the list because it started with the letter B and the aggressive characteristics of being bank X. Upon arriving at Bank X website, I was not shocked however I was impressed because they have managed to simplify banking which most other institutions have had difficulties with that's apparent from the statistics on the front page. As far as an all around starting financial institution goes they seem to offer the all the perks.



Health

Data for Q2 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 June 30, 2014 Bank X had $20.16 million in non-current loans and owned real-estate with $390.45 million in equity and loan loss allowances on hand to cover it. This gives Bank X a Texas Ratio of 5.16% 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 Bank X decreased dramatically from 7.43% as of June 30, 2013 to 5.16% as of June 30, 2014, resulting in a positive change of 30.49%.This indicates that the balance sheet and financial strength for Bank X has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Bank X has increased its total deposits by $934.24 million, resulting in 44.27% 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 Bank X has shown is excellent.

Capitalization

GRADE:
C

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. Bank X has $4.4 billion in assets with $390.45 million in equity, resulting in a capitalization level of 8.88%, which is average.

Institution Statistics

Overall
FDIC Certificate #35546
Year Established2000
Employees366
Primary RegulatorOCC
Assets and Liabilities
Assets$4.40 billion
Loans$3.67 billion
Deposits$3.04 billion
Equity Capital$372.07 million
Loan Loss Allowance$18.37 million
Unbacked Noncurrent Loans$20.16 million
Real Estate Owned$0
Historic Data - June 2013
Assets$3.09 billion
Equity Capital$257.27 million
Loan Loss Allowance$14.18 million
Unbacked Noncurrent Loans$20.16 million
Real Estate Owned$1.87 million
Profit Margin - Quarterly
Return on Assets1.64%
Return on Equity18.96%
Interest Income$96.71 million
Rates
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Bank X Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.60%--X Savings
Locations

Bank X is an Internet only bank and does not have branch locations. Its headquarters is located at 4350 La Jolla Village Drive, Suite 140 - San Diego, CA 92122