East River Bank is headquartered in Philadelphia and is the 126th largest bank in the state of Pennsylvania. It is also the 2,509th largest bank in the nation. It was established in 2006 and as of September of 2013, it had grown to 45 employees at 4 locations. East River Bank has a A+ health rating.
Philadelphia's East River's still current 1.40% Go Green checking account (min. balance, $100, no stated maximum) remains the top interest-bearing checking account in the tri-state Delaware Valley area. We fled Wachovia two years ago, fearing higher fees and poorer service once Wells Fargo took full command, for East River and have not looked back.
Their Go Green account is NOT a reward checking account, that is, it does not have all the qualifying conditions of an RCA. It might serve East River to add some conditions, as the bank's statement indicates it has very low income other than from interest on loans. (They do not issue credit cards. They do, of course, issue ATM/debit cards on the Visa system.)
To open an account, you need to stop by one of their two offices, both on Ridge Ave. -- in the East Falls or Roxborough neighborhoods -- Philadelphia, and have the usual proper ID.
As with many mostly smaller institutions, East River debit card holders can access the Allpoint system nationally, and in Canada, Australia, and Mexico without any ATM charge. (I assume there is at the very least the 1% Visa fee against the value of foreign transactions.)
It is not quite clear to me why their Go Green account beats their savings instruments. I have asked... only to get basically a smile.
At one point, I needed to cash out on an expiring IRA CD, for a home purchase. Well, wherever the CD document was, ERB did not buy me in paperwork. They e-mailed refs to the forms, which I scanned, completed, and e-mailed back. They promptly transferred the funds to my Go Green account.
Almost exclusively I bank electronically.
Have been completely pleased with the way their bill pay system works. (I do not know which third party processor actually effects the payments.) We have linked up our three credit cards to our checking account. When the card-issuer sends out a bill, we can see it via our ERB account without having to log into the card issuer (that is, we've provided ERB with our userid & password; that was our choice), and pay the card-issuer.
They are a member of the PopMoney system, which allows for direct money transfers bank to bank, as well as to those with e-mail accounts, etc. Whenever I have had a question about an online service, their IT manager, Mr. Leslie, fairly rapidly responds with real assitance. What a gem he is -- and he seems typical of ERB service. A good bank with which to deal.
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 East River Bank had $960,000 in non-current loans and owned real-estate with $27.72 million in equity and loan loss allowances on hand to cover it. This gives East River Bank a Texas Ratio of 3.46% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for East River Bank decreased dramatically from 11.93% as of September 30, 2012 to 3.46% as of September 30, 2013, resulting in a positive change of 70.97%.This indicates that the balance sheet and financial strength for East River Bank has improved dramatically in recent periods.
In the past year, East River Bank has increased its total deposits by $21.3 million, resulting in 11.02% 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 East River Bank has shown is excellent.
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. East River Bank has $253.34 million in assets with $27.72 million in equity, resulting in a capitalization level of 10.94%, which is above average.
|FDIC Certificate #||58171|
|Assets and Liabilities|
|Equity Capital||$24.82 million|
|Loan Loss Allowance||$2.90 million|
|Unbacked Noncurrent Loans||$741,000|
|Real Estate Owned||$219,000|
|Historic Data - September 2012|
|Equity Capital||$22.92 million|
|Loan Loss Allowance||$2.48 million|
|Unbacked Noncurrent Loans||$741,000|
|Real Estate Owned||$1.21 million|
|Profit Margin - Quarterly|
|Net Interest Margin||3.84%|
|Return on Assets||0.7%|
|Return on Equity||7.26%|
|Interest Income||$8.78 million|
Always verify rates and promotions with the bank or credit union. We are not East River Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.40%||$10k||-||Celebrate Kids Passbook Savings|
|0.40%||$100k||-||Go Anywhere Savings|
|0.35%||$10k||-||Celebration Club Savings|
|0.35%||$50k||-||Personal Money Market|
|0.30%||$50k||-||Business Money Market|
|0.62%||$100||-||Go Anywhere Checking|
|0.25%||$5k||-||Celebration Club Checking|
|0.20%||$25k||-||Flex Platinum Checking|
|0.20%||$25k||-||Non-Profit Flex Checking|
|0.15%||$25k||-||Flex Gold Checking|
|0.15%||$25k||-||Business Flex Checking|
|1.20%||$500||-||60 Month Fixed Rate CD|
|1.10%||$500||-||48 Month Fixed Rate CD|
|1.00%||$500||-||36 Month Fixed Rate CD|
|0.85%||$2k||-||20 Month Fixed Rate Certificate Special|
|0.80%||$2k||-||14 Month Fixed Rate Certificate Special|
|0.80%||$500||-||30 Month Fixed Rate CD|
|0.70%||$500||-||24 Month Fixed Rate CD|
|0.60%||$500||-||18 Month Fixed Rate CD|
|0.50%||$500||-||12 Month Fixed Rate CD|
|0.40%||$2k||-||10 Month Fixed Rate Certificate Special|
|0.25%||$500||-||6 Month Fixed Rate CD|
|0.15%||$10k||-||91 Day CD|
|1.20%||$500||-||60 Month Fixed Rate IRA|
|1.20%||$500||-||60 Month Fixed Rate Roth IRA|
|1.10%||$500||-||48 Month Fixed Rate IRA|
|1.10%||$500||-||48 Month Fixed Rate Roth IRA|
|1.00%||$500||-||36 Month Fixed Rate IRA|
|1.00%||$500||-||36 Month Fixed Rate Roth IRA|
|0.80%||$500||-||30 Month Fixed Rate IRA|
|0.80%||$500||-||30 Month Fixed Rate Roth IRA|
|0.70%||$500||-||24 Month Fixed Rate IRA|
|0.70%||$500||-||24 Month Fixed Rate Roth IRA|
|0.60%||$500||-||18 Month Fixed Rate IRA|
|0.60%||$500||-||18 Month Fixed Rate Roth IRA|
|0.50%||$500||-||12 Month Fixed Rate IRA|
|0.50%||$500||-||12 Month Fixed Rate Roth IRA|
|0.25%||$500||-||6 Month Fixed Rate IRA|
|0.25%||$500||-||6 Month Fixed Rate Roth IRA|
|0.15%||$10k||-||91 Day IRA|
|0.15%||$10k||-||91 Day Roth IRA|
|East River Bank Locations|
|Old City Branch||36 N 3rd Street||Philadelphia, PA 19106|
|East River Bank||4341 Ridge Avenue||Philadelphia, PA 19129|
|Roxborough Branch||6137 Ridge Avenue||Philadelphia, PA 19128|