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Overview / Commentary
1245 E. Brickyard Road, Suite 640
Salt Lake City, UT 84106

EnerBank USA is headquartered in Salt Lake City and is the 20th largest bank in the state of Utah. It is also the 810st largest bank in the nation. It was established in 2002 and as of June of 2014, it had grown to 177 employees at 1 location. EnerBank USA has a A+ health rating.

Do Not Use Them!1 Contractors Beware

This is a ripoff !! the zero interest plans are not true. The contractor is forced to include the rate in the price of the project. The contractor is charged the fee and they pass it on to you. The current rate is about 18%. Do not use them or any contractor with them. If a contractor does not push customers to them for the "no interest " (really 18%) deals they terminate the relationship with the contractor. Do not use this company unless you want to pay more than it is worth. I want everyone to know.

Bad For Your Wallet

Legal scan, they never send you a statement with the hope that you forget to pay. using them will cost you money. when you call for a statement update you get K--e on the phone who has the personnality of a toad, not helpful.  mailed a check to them on September 22, 2012 and by September 26th they claim they haven't received it, thus incurring additional interest. must have been part of the government bailout rip us off once if they received a bailout and then twice with the double talk in the loans 

Solar Same As Cash Loan Was Helpful

I purchased a Solar Electric System recently and chose to use the Enerbank Same As Cash Loan as recommended by the solar contractor. I paid close attention to the terms and this offer was much better than leasing the system. I have found Enerbank to be very helpful and they explained the payment schedule very well. It seems other posters on here are not familiar with Same As Cash financing or were mislead by their contractors. Enerbank is a bank, they make money on money. In my case I got cheap money for a year and was able to float my 30% federal tax credit. Pretty good deal really. I'm okay with Enerbank making some money off of me (I assume that my contractor paid them a fee and worked it into my bid), because I get to hold onto $10,000 for a year instead of paying it now. I can make money off that $10k by investing it for the next year and I will be sure to pay off the SAC loan so I don't become subject to "unexpected" fees and charges. Coming from a financing background, this is a no-brainer. People who "forgot" they would need to make payments on a loan should not blame the lender. there is no free lunch!

These Other Reviews And My Loan With Them

I too have a "same as cash" account with them.  This is supposed to be true if I pay in full prior to 545 days from Jan 3, 2012.  I'll calculate it later but it looks like that is July or August of 2013.  I too have not gotten a statement ever from them.  I have paid roughly half of the balance due as of now.  I too am trying to make contact with them with no success so far.  After reading all the other reviews I am afraid to call them or write to them for fear they will demand payment in full for some obscure reason hidden in the fine print that I haven't found yet.  I am keeping track of every penny I have paid to them complete with copies of all cancelled checks.  (That cost a little extra to get the copies of the checks but under the circumstances, I think it will be worth it.)  I signed up with them via "Systems Pavers" who installed a very nice driveway and walkway here.  I am going to send "Systems Pavers" a copy of my note here along with copies of all the other posts.  I made one other complaint with "RIPOFF Report" and I noticed when I returned home from being out of town for the last two days that there had been 3 phone calls from EnerBank USA.  Maybe they read the comments.  I don't think System Pavers will want to continue using these guys after my experience to date and all the other postings on here.  I will update my story as it progresses.  I will be sure to pay off the loan in full prior to 545 days for sure.  Best of luck to all.

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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 EnerBank USA had $1.07 million in non-current loans and owned real-estate with $100.72 million in equity and loan loss allowances on hand to cover it. This gives EnerBank USA a Texas Ratio of 1.06% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for EnerBank USA experienced no significant changes from 0.77% as of June 30, 2013 to 1.06% as of June 30, 2014, resulting in a negative change of 38.83%. This indicates that the balance sheet and financial strength for EnerBank USA has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, EnerBank USA has increased its total deposits by $232.21 million, resulting in 46.49% 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 EnerBank USA 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. EnerBank USA has $837.31 million in assets with $100.72 million in equity, resulting in a capitalization level of 12.03%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #57293
Year Established2002
Employees177
Primary RegulatorFDIC
Assets and Liabilities
Assets$837.31 million
Loans$769.30 million
Deposits$731.64 million
Equity Capital$95.23 million
Loan Loss Allowance$5.50 million
Unbacked Noncurrent Loans$1.07 million
Real Estate Owned$0
Historic Data - June 2013
Assets$586.04 million
Equity Capital$75.71 million
Loan Loss Allowance$4.51 million
Unbacked Noncurrent Loans$1.07 million
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets2.67%
Return on Equity23.33%
Interest Income$36.77 million
Rates

Sorry, we do not have rate data for EnerBank USA

Locations


EnerBank USA Locations
Enerbank Usa1245 E. Brickyard Road, Suite 600Salt Lake City, UT 84106