Extraco Banks, N. A. is headquartered in Temple and is the 40th largest bank in the state of Texas. It is also the 539th largest bank in the nation. It was established in 1933 and as of September of 2013, it had grown to 407 employees at 20 locations. Extraco Banks, N. A. has a A health rating.
I was surprised to see Extraco in the list. I grew up in Belton and used Extraco as my bank for several years. I can't say that I ever had a terrible experience with them, but it seemed they weren't too concerned about my business.
I no longer bank with Extraco due to their policy on credit card advance checks. I had never personally given the bank a bad check, but one day they refused to deposit a credit card advance check. Too many of those checks going bad they said. I like being treated as an individual, not lumped into a group of deadbeats.
So to the current offer. There are a couple of gotchas:
A monthly service charge of $0.00 to $7.95 will be charged on your account depending on how you bank. The monthly service charge is reduced by $1.99 for each banking option you participate in per statement cycle:
Use E-statements Use Extraco Bill Pay Use account debit card(s) at least 30 times per month Maintain direct deposit Be 65 years old or older Now I am under 65, so the only way I am getting this account without fee is to do 30 debit transactions per month, plus the other 3. That is a lot to ask for up to $250 per year. I say $250 because you only get the basic interest rate with 30 transactions.
You can double the interest rate to 2% though:
Earn Premium Interest when you participate in these banking options each statement cycle:
E-statements Use account debit card at least 60 times Maintain direct deposit Pay at least five bills with Extraco Bill Pay Seriously? Who uses a debit card 60 times a month? I had to dig a little to find this also, since I was a little confused on the basic vs. premium interest.
This account is setup for people who don't read the fine print. They say 2% interest, but I wonder how many of their customers actually get the account fee free and earn the 2%. This account seem way to gimicky.
Needless to say, I will not be going back to Extraco.
Extraco bank has great employees, great services, and no ridiculous and unscrupulous banking practices. We have encountered several issues with "the big banks" where we have tried their services with an "open an account and get free money" deal. In every case, we found that the gimmick of free money was just that. Incessant service fees, processing debits to your account before deposits, and not allowing me to transfer money from one account held with them to another account for my father (even with my allowing them to mail the receipt straight to him) meant we hit fees we never intended and would never have seen at Extraco. I found my hometown bank is still the best. With all the antics of banks that promise the world to earn your business, then treat you like you should be grateful to be a customer, it's nice to know there are banks that deliver on those promises. I would recommend Extraco wholeheartedly. (I don't work for them, no one in my family works for them, but they have been my primary bank for 13 years.) Traci F.
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 Extraco Banks, N. A. had $3.31 million in non-current loans and owned real-estate with $143.7 million in equity and loan loss allowances on hand to cover it. This gives Extraco Banks, N. A. a Texas Ratio of 2.30% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Extraco Banks, N. A. decreased dramatically from 4.68% as of September 30, 2012 to 2.30% as of September 30, 2013, resulting in a positive change of 50.81%.This indicates that the balance sheet and financial strength for Extraco Banks, N. A. has improved dramatically in recent periods.
In the past year, Extraco Banks, N. A. has decreased its total deposits by -$29.04 million, resulting in -3.05% 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 Extraco Banks, N. A. 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. Extraco Banks, N. A. has $1.21 billion in assets with $143.7 million in equity, resulting in a capitalization level of 11.85%, which is excellent.
|FDIC Certificate #||5551|
|Assets and Liabilities|
|Equity Capital||$123.27 million|
|Loan Loss Allowance||$20.43 million|
|Unbacked Noncurrent Loans||$3.09 million|
|Real Estate Owned||$216,000|
|Historic Data - September 2012|
|Equity Capital||$120.89 million|
|Loan Loss Allowance||$19.90 million|
|Unbacked Noncurrent Loans||$3.09 million|
|Real Estate Owned||$366,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.11%|
|Return on Assets||0.61%|
|Return on Equity||6.14%|
|Interest Income||$31.37 million|
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|0.09%||$5m||-||Business Repurchase Agreement Sweep Account (REPOs)|
|0.20%||$500k||-||Money Market Investment|
|0.20%||$500k||-||Business Money Market Investment|
|2.01%||-||$25k||Bonus Banking Premium Interest|
|0.50%||-||$25k||Bonus Banking Basic Interest|
|0.05%||-||-||Bonus Banking Basic Interest|
|0.05%||-||-||Bonus Banking Premium Interest|
|0.30%||-||-||Business 24 Month CD|
|0.25%||-||-||Business 18 Month CD|
|0.20%||-||-||Business 1 Year CD|
|0.15%||-||-||Business 180 Day CD|
|0.10%||-||-||Business 90 Day|
|0.05%||-||-||Business 30 Day CD|