Flanagan State Bank
Flanagan State Bank is headquartered in Flanagan and is the 245th largest bank in the state of Illinois. It is also the 3,522nd largest bank in the nation. It was established in 1913 and as of December of 2013, it had grown to 54 employees at 6 locations. Flanagan State Bank's savings rates are 44% higher than the national average, and it has a A health rating.
Horrible Experience!
We chose Flanagan State Bank to refinance our mortgage. Everything seemed to be going great, except for after the closing. We had switched insurance companies and the person we were working with, Victor Arreola, was very aware that we had switched. He had even spoke to our new insurance company. Victor promised the new insurance company that they would be cut a check at closing. This never happenned. Victor never returned my emails or my calls. Flanagan State Bank sells their mortgages to Bank of America, which in itself isn't a problem, but when they take no ownership for the mistake they made that is when there is a huge problem. The least we could have got was a sorry we screwed up letter or phone call. Now we are stuck paying our premium for our homeowners ourselves, when we are also paying for it in escrow each month. Horrible customer service and I will never be doing business with them again!
UNPROFESSIONAL BANK
I got a vehicle loan throught Flanagan Bank and everything went great until the final payoff. My payments were under two hundred dollars, when I went to pay the final payment I was told that my balance was just over $450. I was then told that I missed payments and there was some interest added on. When I called to try and figure it out with them they were very unprofessional about it. I was threatened that they were going to get an attorney because I ask a simple question of when the payment was missed. If you are thinking about banking with Flanagan State Bank, do yourself the favor and find a different bank.
Data for Q4 2013
Institution Health
Texas Ratio
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, 2013 Flanagan State Bank had $1.01 million in non-current loans and owned real-estate with $15.45 million in equity and loan loss allowances on hand to cover it. This gives Flanagan State Bank a Texas Ratio of 6.53% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Flanagan State Bank decreased slightly from 7.45% as of December 31, 2012 to 6.53% as of December 31, 2013, resulting in a positive change of 12.33%.This indicates that the balance sheet and financial strength for Flanagan State Bank has improved slightly in recent periods.
Deposit Growth
In the past year, Flanagan State Bank has increased its total deposits by $8.44 million, resulting in 6.36% 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 Flanagan State Bank has shown is excellent.
Capitalization
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. Flanagan State Bank has $162.94 million in assets with $15.45 million in equity, resulting in a capitalization level of 9.48%, which is average.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 11734 |
| Year Established | 1913 |
| Employees | 54 |
| Primary Regulator | FDIC |
| Assets and Liabilities | |
|---|---|
| Assets | $162.94 million |
| Loans | $96.08 million |
| Deposits | $141.17 million |
| Equity Capital | $14.43 million |
| Loan Loss Allowance | $1.02 million |
| Unbacked Noncurrent Loans | $770,000 |
| Real Estate Owned | $239,000 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $158.08 million |
| Equity Capital | $15.58 million |
| Loan Loss Allowance | $932,000 |
| Unbacked Noncurrent Loans | $770,000 |
| Real Estate Owned | $700,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 3.43% |
| Return on Assets | 1.29% |
| Return on Equity | 13.82% |
| Interest Income | $5.75 million |
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Flanagan State Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.75% | $100 | - | Variable IRA | |
| 0.75% | $25 | - | HSA Checking | |
| 0.75% | $100 | - | Variable Roth IRA | |
| 0.75% | $100 | - | Variable CESA | |
| 0.75% | $100 | - | Variable SEP IRA | |
| 0.13% | $1k | - | Gold Passbook Savings | |
| 0.10% | $50 | - | Savings Account |
Flanagan State Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | $50k | - | Super Money Market | |
| 0.10% | $2,500 | - | Money Market Account |
Flanagan State Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $2,500 | - | Super NOW Checking | |
| 0.10% | $1k | - | NOW Checking |
Flanagan State Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | $1k | - | 5 Year CD | |
| 1.00% | $1k | - | 3 Year CD | |
| 0.58% | $5k | - | 30 Month CD | |
| 0.55% | $25k | - | 1 Year CD | |
| 0.55% | $1k | - | 2 Year CD | |
| 0.50% | $5k | - | 18 Month CD | |
| 0.50% | $5k | - | 2 Year Variable CD | |
| 0.25% | $5k | - | 9 Month CD | |
| 0.20% | $1k | - | 182 Day CD | |
| 0.10% | $10k | - | 30 Day CD | |
| 0.10% | $5k | - | 91 Day CD |
Flanagan State Bank IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.56% | $500 | - | 5 Year IRA (Traditional,Roth,CESA,SEP) | |
| 1.05% | $500 | - | 3 Year IRA (Traditional,Roth,CESA,SEP) | |
| 0.60% | $500 | - | 2 Year IRA (Traditional,Roth,CESA,SEP) | |
| 0.50% | $500 | - | 1 Year IRA (Traditional,Roth,CESA,SEP) |
| Flanagan State Bank Locations | ||
|---|---|---|
| Elpaso Branch | 111 North Fayette Street | El Paso, IL 61738 |
| Flanagan State Bank | 124 South Main Street | Flanagan, IL 61740 |
| Bloomington Branch | 2401 East Washinton Street | Bloomington, IL 61704 |
| Benson Branch | 403 State Street | Benson, IL 61516 |
| Gridley Il Branch | 411 North Center Street | Gridley, IL 61744 |
| Leroy Branch | 500 S Persimmon St | Le Roy, IL 61752 |