4.5 star ratingAverage User Rating:
4.5 star rating based on 10 reviews.

First Choice Bank

First Choice Bank Locations
17414 Carmenita Road
Cerritos, CA 90703
562-345-9092
www.firstchoicebankca.com

FDIC


First Choice Bank is headquartered in Cerritos and is the 115st largest bank in the state of California. It is also the 1,963rd largest bank in the nation. It was established in 2005 and as of December of 2012, it had grown to 43 employees at 2 locations. First Choice Bank has a 5-star health rating.

First Choice Bank Routing Number: 122243994

Related Posts

Top Short-Term CD Rates at First Choice Bank in Southern California - Local Only - 6/30/2011

First Choice Bank continues to offer several very competitive CD rates. My last post on this bank was in December, and it's nice to see that the CD rates have remained the same. The best rates require ...

CD Rate Decrease (Forum) - 12/3/2010

18 month (541 days+) 50k CD rate has dropped from 1.80 to 1.60 effective December 1, 2010

Top CD Rates Continue at First Choice Bank in Southern California - Local Only - 11/5/2010

When I last reported on First Choice Bank , I focused on its short-term and mid-term CD rates. As long-term rates have fallen at other banks, First Choice Bank now has competitive long-term rates also ...

Top 1-Year CD Rate at First Choice Bank in Southern California - Local Only - 10/13/2010

First Choice Bank continues to have competitive short-term and mid-term CD rates. The rates have fallen some since my previous posts, but the rates continue to be 10 to 25 basis points higher than wha ...

2010

2009




See Rates for: Checking | Savings | Money Market | CD

First Choice Bank Checking Account Rates

ApyMinMaxProduct
0.20%$500-Personal NOW Account
0.20%$2,500-Business NOW Account

First Choice Bank Savings Account Rates

ApyMinMaxProduct
0.60%$100k-Personal Savings
0.60%$100k-Business Savings

First Choice Bank Money Market Rates

ApyMinMaxProduct
0.65%$500k-Personal Money Market
0.65%$500k-Business Money Market

First Choice Bank CD Rates

ApyMinMaxProduct
1.30%$50k$500k60 Month CD
1.30%$50k$500kBusiness 60 Month CD
1.10%$50k$500k48 Month CD
1.10%$50k$500kBusiness 48 Month CD
1.00%$50k$500k36 Month CD
1.00%$50k$500kBusiness 36 Month CD
0.95%$50k$500k541-730 Day CD
0.95%$50k$500kBusiness 541-730 Day CD
0.90%$50k$500k366-540 Day CD
0.90%$50k$500kBusiness 366-540 Day CD
0.85%$50k$500k288-365 Day CD
0.85%$50k$500kBusiness 288-365 Day CD
0.60%$50k$500k183-287 Day CD
0.60%$50k$500kBusiness 183-287 Day CD
0.35%$50k$500k92-182 Day CD
0.35%$50k$500kBusiness 92-182 Day CD
0.15%$2,500-30-91 Day CD
0.15%$2,500-Business 30-91 Day CD
0.10%$100k-7-29 Day CD
0.10%$100k-Business 7-29 Day CD

Rates updated: 5/22/2013

Data for Q4 2012


Institution Statistics


First Choice Bank
FDIC Certificate #57966
BankRate ReportView
Year Established2005
Employees43
Primary RegulatorFDIC

Assets and Liabilities

Assets$334.33 million
Loans$198.10 million
Deposits$289.85 million
Equity Capital$33.09 million
Loan Loss Allowance$3.26 million
Unbacked Noncurrent Loans$2.35 million

Historic Data - December 2011

Assets$248.38 million
Equity Capital$25.57 million
Loan Loss Allowance$2.36 million
Unbacked Noncurrent Loans$1.63 million

Profit Margin - Quarterly

Net Interest Margin3.19%
Return on Assets0.92%
Return on Equity9.32%
Interest Income$11.43 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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 First Choice Bank had $2.35 million in non-current loans and owned real-estate with $36.35 million in equity and loan loss allowances on hand to cover it. This gives First Choice Bank a Texas Ratio of 6.46% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for First Choice Bank held steady from 5.85% as of December 31, 2011 to 6.46% as of December 31, 2012, resulting in a negative change of 10.41%. This indicates that the balance sheet and financial strength for First Choice Bank has held steady in recent periods.
Deposit Growth5
In the past year, First Choice Bank has increased its total deposits by $77.48 million, resulting in 36.48% 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 First Choice Bank has shown is excellent.
Capitalization4
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. First Choice Bank has $334.33 million in assets with $36.35 million in equity, resulting in a capitalization level of 10.87%, which is above average.
Write Review

My Best Choice
5 stars - Jenniferlee - Thursday, November 8, 2012 - 4:03 PM

I am in business 15 Years, I deal With many bank in my past years, After all of my experience with different Bank, I am stay with First Choice bank, They have a very trustable business manner, excellent service, Everyone working in this bank, They care bout all the customer, I always go to Alhambra branch, Branch manager is Frances Lo (Tel: 626/300-8987 ) 407 W. Valley Blvd., Suite 1 Alhambra, CA 91803

First choice bank offer competitive interest rate and excellent customer service. First Choice Bank offer 1.49% interest rate for 60 months CD, early withdrawal penalty of the 60 months CD is 90 days interest. First Choice bank offer Deposit Remote Capture scanner for business customer making deposit any time and convenience, It is a good choice to working with First Chioce Bank.

Jennifer Lee

3

First Choice Bank (So Calif) -- Very Nice Local Bank (At Least For CD Accounts)
5 stars - randomguy92 - Sunday, January 13, 2013 - 10:18 PM

Just a quick post here. People rarely post when a bank does something good, and I thought First Choice Bank deserved a quick mention here. Note that this has to do only with a CD account, I have no idea what the bank is like with their checking or savings accounts.

My dad wanted to open a CD with them a few years ago, as at the time they were offering a CD with a good interest rate (among the highest). I drove my dad down to a branch (about 45 mins from where we live) but it was a few days later that we actually went down to the branch (if I remember right, it was the following Monday) by which time the rates had lowered. But.. the teller was very nice to my dad, and offered him something half way between the old rate and the newer (lower) rate -- something they surely didn't have to do, as it was the following week and the rates had dropped. But they met us halfway.

Then when it came time to close the CD recently, their rates had dropped somewhat, and there was a rate special going on at another institution, so my dad wanted to transfer the money to another institution. Because he didn't have a savings or checking account with them (only a CD account), ACH wasn't really a choice (also because of the amount), so a wire would have to be used. Normally they have a wire fee (I forget if it's $20 or $25 normally) -- but when my dad went to close the account, they actually waived the transfer fee for him, smiled, and were very friendly.

Now don't take this to mean this will happen for everyone (YMMV). But I just thought that was really nice of the bank to do -- on both occasions. We didn't have savings or checking with them (because their branches are kind of far for us) but whenever I called or went into the branch with my dad for the CD, they were always helpful, and really friendly.

Over the last few years they've had some good rates, and if they offer some good deals again, I won't hesitate to go back to them. If you live close to them, I think they're at least worth considering.

2

BAD,BAD,BAD,BAD,BAD,BAD,BAD,BAD,SERVICE.....
1 stars - eduvierick - Thursday, October 4, 2012 - 1:40 PM

SERVICE this bank don't even know what service mean late,late,late,answers,and no explication at all...

2

Good Local Community Bank (At Least In Dealing With Cds)
5 stars - uh193 - Thursday, December 6, 2012 - 2:19 AM

Just wanted to chime in. NOTE that this review is just a general one for the bank, as we've only had CD products with them (no checking, savings, or credit card accounts because they're a little far from where we live). So keep that in mind. But what we've seen so far, we've liked.

We have some funds at First Choice Bank, and we've been very happy with them. They're not our general banking bank because we don't live close by (we're about 30 minutes from any branch -- close enough to go for a CD there, but for practicality's sake, too far to do everyday banking there). So our experience has been just general experience with the bank staff, and with CDs. That said though, everything about the place seemed good. Once when I drove my dad up to open a CD for himself there, the rate had changed from what he was told over the phone the day before. Of course rates are subject to change without notice so the bank had every right to change the rate the next day, but the person at the bank offered to split the difference between the old (better) rate and the newer (lower) rate and give that to my dad, which I thought was very nice. The staff at the bank has always been friendly and knowledgeable. Very professional and friendly, a lot like, well, a community bank. Though their rates can vary, they've occasionally had some good CD rates available (why we've gone there) and truthfully, if they were closer to use, we'd at least consider them for regular banking. If you live near their branches (I think they only have a few; we've always gone to the Cerritos one), they're definitely worth checking out. They're certainly so much better than Wells Fargo or Chase or BofA.

1

Great Service, Great Bank!
5 stars - yellowT - Tuesday, November 13, 2012 - 1:55 PM

I love this bank!  I love the people who work at the Alhambra, Ca. office.  They are considerate, generous, and very respectful of their clients.

Customers are considered partners in their success!  No wonder they have successfully opened their Rowland Heights branch recently and will be opening their Anaheim branch soon!!!  And these happening at a time when small community banks are supposedly having a hard time.

First Choice Bank is doing something that's surely right!

1

Offer Competitive Cd Rate And Low Banking Fees
5 stars - yanwendy - Friday, November 9, 2012 - 12:26 PM

just wanted to share that First Choice bank offers a wide variety of competitive CD rates,

low banking fees, very personalize and customer oriented services, and offers home loan mortgages as well,

just one stop and you can find all your banking need, no hassles......it's great!!!

1

Great Personalized Service
5 stars - schander52 - Friday, November 9, 2012 - 12:54 AM

I have been banking with First Choice Bank for nearly four years. The great customer service thatI receive there every time makes me go back there again and again. I am greeted with a smile and my work is attended to promptly and courteously in a professional manner. The Bank offers very attractive rates on deposits and has recently started to offer Mortgage loans also. I recommend everyone to try this Bank. Great Bank, Great People to Work With! S Chander

1

Review-First Choice Bank
5 stars - RITAWU - Thursday, November 8, 2012 - 6:31 PM

First choice bank offers competitive interest rate and excellent customer service.  You can trust them.  I never had any problems with this bank.  I have recommended this bank to my friends.  Everyone likes this bank’s service and rate.    

Rita W

1

Review - First Choice Bank
5 stars - WinnieC - Thursday, November 8, 2012 - 6:03 PM

First Choice Bank offers very competitive interest rates. I'm banking with their Alhambra Branch, their Manager as well as all other staffs are very friendly and their service is excellent.

WinnieC

1

Great And Friendly Bank
5 stars - HenryL - Thursday, November 8, 2012 - 5:20 PM

First Choice Bank employees always provide good service whether in person or on the phone. They are always friendly and helpful. I have never had any problems or bad experiences with this bank. I love their fantastic interest rates for both CDs and money market accounts. I would recommend this bank to everyone.

1