3.5 star ratingAverage User Rating:
3.5 star rating based on 2 reviews.

EmigrantDirect.com

5 East 42nd Street
New York, NY 10017
1-800-836-1997
www.emigrantdirect.com

FDIC


EmigrantDirect.com is headquartered in New York and is the 11st largest bank in the state of New York. It is also the 108th largest bank in the nation. It was established in 1850 and as of December of 2012, it had grown to 902 employees at 33 locations. EmigrantDirect.com has a 4-star health rating.

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Rate Drops Continue (Forum) - 9/8/2011

Along with Dollar Savings Direct, Emigrant rate is Down to .70% down from .75% Newtown Savings esavings dropped to .90% down from 1% Newtown Saving Bank | Site Error Vanguard Prime MM is a very sad .01%. I don't know how long Discovers' 1.10% will h

Emigrantdirect Cuts Savings Account Yield To 0.90% (Forum) - 1/30/2011

The savings account yield fell from 1.00% to 0.90% APY at Emigrant Direct. I guess this should have been expected after DollarSavingsDirect recently cut its yield to 1.00%.




EmigrantDirect.com Savings Account Rates

ApyMinMaxProduct
0.50%--AmericanDream SavingsAccount

Rates updated: 4/15/2013

Data for Q4 2012


Institution Statistics


Emigrant Bank
FDIC Certificate #12054
BankRate ReportView
Year Established1850
Employees902
Primary RegulatorFDIC

Assets and Liabilities

Assets$9.94 billion
Loans$4.26 billion
Deposits$8.43 billion
Equity Capital$1.35 billion
Loan Loss Allowance$89.05 million
Unbacked Noncurrent Loans$463.82 million
Real Estate Owned$57.65 million

Historic Data - December 2011

Assets$7.97 billion
Equity Capital$1.02 billion
Loan Loss Allowance$84.48 million
Unbacked Noncurrent Loans$340.83 million
Real Estate Owned$61.70 million

Profit Margin - Quarterly

Net Interest Margin2.47%
Return on Assets0.77%
Return on Equity6.7%
Interest Income$330.03 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio2
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 December 31, 2012 EmigrantDirect.com had $521.47 million in non-current loans and owned real-estate with $1.44 billion in equity and loan loss allowances on hand to cover it. This gives EmigrantDirect.com a Texas Ratio of 36.32% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for EmigrantDirect.com held steady from 36.50% as of December 31, 2011 to 36.32% as of December 31, 2012, resulting in a positive change of 0.50%.This indicates that the balance sheet and financial strength for EmigrantDirect.com has held steady in recent periods.
Deposit Growth5
In the past year, EmigrantDirect.com has increased its total deposits by $2.42 billion, resulting in 40.31% 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 EmigrantDirect.com has shown is excellent.
Capitalization5
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. EmigrantDirect.com has $9.94 billion in assets with $1.44 billion in equity, resulting in a capitalization level of 14.44%, which is excellent.
Write Review

Emigrant Direct-- A Good "Bridge" Bank
3 stars - tomlawler - Sunday, July 11, 2010 - 7:47 PM

Emigrant Direct used to be one of my favorite internet banks, but their once high rates are merely competitive now.  I still maintain a small balance in an "American Dream Savings" account (1.00% rate).  ACH transfers are easy to/from which is a plus.

A bigger plus is their flexible term "My Way CDs" with rates as follows:

16-40 months:  1.50%     41-59 months: 2.00%    5yr-10yr: 2.50%

Their CDs make for convenient "bridges" to future maturing CDs.  For example, say you have a CD maturing in 17 months (an odd term) and you want to add to it and make a larger CD at that time.  Further, you want to get a decent return for the "add-on" money in the interim. The Emigrant Direct CD structure allows you to create a CD to meet this need--and 1.50% isn't bad for a 17 month CD. 

A word of caution, however.  Emigrant's rating is down to just 1-star according to bankrate.com -- it's lowest score.  So be extremely cautious in staying within the insurance limits under FDIC.   

 



 

4

Pleased With Americandream Savings Account
4 stars - moneyfanatic2 - Monday, September 13, 2010 - 2:03 PM

I recently signed up for an AmericanDream Savings Account online. I'm really pleased with the process of setting up the account, as well as all of the options offered with online banking.  The 24/7 access is really a plus to me and has already saved me countless hours from going to and from a physical bank.  I was looking for a savings account with 1.00% annual percentage yield and great customer service.  I would recommend this online bank to others due to its swift processing, reliability, and excellent customer support.

2