First Clover Leaf Bank is headquartered in Edwardsville and is the 68th largest bank in the state of Illinois. It is also the 1,077th largest bank in the nation. It was established in 1921 and as of March of 2014, it had grown to 98 employees at 5 locations. First Clover Leaf Bank has a A health rating.
So far so good. I got approved without problems. Part of the online application process is ACH funding from another account where First Clover Leaf deposits two small amounts to be verified by you before approval. I applied on the 14th and today (the 16th) I got an email today stating:
Welcome to First Clover Leaf Bank! We have placed in today's mail a welcome packet containing:
· A starter set of checks
· Instructions to access your online banking services
· A signature card which will need to be signed and returned
· An overdraft service opt-in/opt-out notice which will need to be signed and returned
Please read over the overdraft service notice. This notice contains important information regarding how First Clover Leaf Bank will handle any overdrafts related to one time debit card purchases and ATM transactions from your account. If you have any questions about this notice, please feel free to contact me or any other member of our online account team. It would be our pleasure to further explain your options. Please make your decision regarding opting in or out of overdraft protection. Then sign and date the form where indicated, and return it to the bank along with your signed signature card.
For your convenience we have included a postage paid envelope for you to return your signed signature card as well as your signed opt-in/opt-out notice. Once we receive your signed signature card we will be able to order your debit card(s) and checks. Please note that when your checks are ordered there will be a nominal charge of $13.84 automatically withdrawn from your account to cover the cost of checks. This order will be for one box of 200 checks.
As a courtesy to new account holders, First Clover Leaf Bank will grant the bonus rate during the first statement cycle (the Statement Cycle will be processed on the 20th of every month or the last business day prior to the 20th if the 20th falls on a weekend or a holiday). This will enable you to set up your bill pay, auto debit/credit, and receive your debit card(s).
Please remember to meet these requirements each statement cycle in order to earn the bonus rate for your account.
· 10 Debit/Check Card Transactions
· 1 Direct Deposit or ACH Auto Debit
· 3 Online Bill Payments
Thank you for banking with First Clover Leaf Bank, and please let me know if I can be of further assistance to you
3.85% only on first 15K, not first 25K
Initially customer service was great--they seemed to have a great deal on a introductory (college) student banking account. However, I feel that the way they itemize their transactions (processing debits before credits regardless of timestamps) is an intentional attempt to make customers overdraw their accounts so that they can make a lot of money on fees. They have the highest fees I have ever experienced (I've banked with 5 different banks).
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 March 31, 2014 First Clover Leaf Bank had $12.33 million in non-current loans and owned real-estate with $83.26 million in equity and loan loss allowances on hand to cover it. This gives First Clover Leaf Bank a Texas Ratio of 14.81% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for First Clover Leaf Bank decreased dramatically from 21.20% as of March 31, 2013 to 14.81% as of March 31, 2014, resulting in a positive change of 30.16%.This indicates that the balance sheet and financial strength for First Clover Leaf Bank has improved dramatically in recent periods.
In the past year, First Clover Leaf Bank has increased its total deposits by $56.79 million, resulting in 12.13% 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 Clover Leaf 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. First Clover Leaf Bank has $633.4 million in assets with $83.26 million in equity, resulting in a capitalization level of 13.15%, which is excellent.
|FDIC Certificate #||30330|
|Assets and Liabilities|
|Equity Capital||$77.55 million|
|Loan Loss Allowance||$5.71 million|
|Unbacked Noncurrent Loans||$6.96 million|
|Real Estate Owned||$5.37 million|
|Historic Data - March 2013|
|Equity Capital||$77.60 million|
|Loan Loss Allowance||$5.83 million|
|Unbacked Noncurrent Loans||$6.96 million|
|Real Estate Owned||$6.06 million|
|Profit Margin - Quarterly|
|Net Interest Margin||2.84%|
|Return on Assets||0.55%|
|Return on Equity||4.47%|
|Interest Income||$4.68 million|
Always verify rates and promotions with the bank or credit union. We are not First Clover Leaf Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.35%||$100k||-||Variable Rate IRA|
|0.15%||-||-||Kids Club Savings|
|0.15%||$250||-||Christmas Club Savings|
|0.15%||$20k||-||Health Savings Account|
|0.15%||-||-||Vacation Club Savings|
|0.35%||$100k||-||Gold Leaf Money Market|
|0.25%||$100k||-||Business Money Market|
|0.05%||-||-||Silver Leaf Checking|
|2.02%||$1k||-||72 Month CD Special|
|1.26%||$1k||-||48 Month CD|
|1.21%||$1k||-||60 Month CD|
|1.00%||$1k||-||33 Month CD Special|
|0.70%||$1k||-||36 Month CD|
|0.60%||$1k||-||24 Month CD|
|0.50%||$1k||-||18 Month CD|
|0.35%||$1k||-||12 Month CD|
|0.15%||$1k||-||6 Month CD|
|1.26%||$1k||-||48 Month IRA|
|1.21%||$1k||-||60 Month IRA|
|0.70%||$1k||-||36 Month IRA|
|0.60%||$1k||-||24 Month IRA|
|0.50%||$1k||-||18 Month IRA|
|0.35%||$1k||-||12 Month IRA|
|0.15%||$1k||-||6 Month IRA|
|First Clover Leaf Bank Locations|
|Wood River Branch||1046 Madison Avenue||Wood River, IL 62095|
|First Clover Leaf Bank Lpo Branch||12551 State Route 143, Ste A2||Highland, IL 62249|
|State Rte 157 Branch||2143 S Hwy 157||Edwardsville, IL 62025|
|St Louis Street Branch||300 St Louis Street||Edwardsville, IL 62025|
|First Clover Leaf Bank, FSB||6814 Goshen Road||Edwardsville, IL 62025|