1 star ratingAverage User Rating:
1 star rating based on 2 reviews.

Flanagan State Bank

Flanagan State Bank Locations
124 South Main Street
Flanagan, IL 61740
815-796-2264
www.flanaganstatebank.com



Flanagan State Bank is headquartered in Flanagan and is the 270th largest bank in the state of Illinois. It is also the 3,890th largest bank in the nation. It was established in 1913 and as of March of 2012, it had grown to 49 employees at 5 locations. Flanagan State Bank's savings rates are 92% higher than the national average, and it boasts a 5-star health rating.



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

Flanagan State Bank Checking Account Rates

ApyMinMaxProduct
0.15%$2,500-Super NOW Checking
0.10%$1k-NOW Checking

Flanagan State Bank Savings Account Rates

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1.00%$100-Variable IRA
1.00%$25-HSA Checking
1.00%$100-Variable Roth IRA
1.00%$100-Variable CESA
1.00%$100-Variable SEP IRA
0.32%$1k-Gold Passbook Savings
0.22%$50-Savings Account

Flanagan State Bank Money Market Rates

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0.55%$50k-Super Money Market
0.15%$2,500-Money Market Account

Flanagan State Bank CD Rates

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1.35%$25k-5 Year CD
0.95%$25k-3 Year CD
0.80%$25k-2 Year CD
0.80%$5k-30 Month CD
0.65%$5k-2 Year Variable CD
0.55%$25k-1 Year CD
0.55%$5k-18 Month CD
0.40%$5k-9 Month CD
0.35%$25k-182 Day CD
0.15%$10k-30 Day CD
0.15%$5k-91 Day CD

Flanagan State Bank IRA Rates

ApyMinMaxProduct
1.30%$500-5 Year IRA
1.30%$500-5 Year Roth IRA
1.30%$500-5 Year CESA
1.30%$500-5 Year SEP IRA
0.90%$500-3 Year IRA
0.90%$500-3 Year Roth IRA
0.90%$500-3 Year CESA
0.90%$500-3 Year SEP IRA
0.75%$500-2 Year IRA
0.75%$500-2 Year Roth IRA
0.75%$500-2 Year CESA
0.75%$500-2 Year SEP IRA
0.50%$500-1 Year IRA
0.50%$500-1 Year Roth IRA
0.50%$500-1 Year CESA
0.50%$500-1 Year SEP IRA

Rates updated: 5/25/2012

Data for Q1 2012


Institution Statistics


Flanagan State Bank
FDIC Certificate #11734
BankRate ReportView
Year Established1913
Employees49
Primary RegulatorFDIC

Assets and Liabilities

Assets$148.98 million
Loans$77.37 million
Deposits$133.94 million
Equity Capital$14.54 million
Loan Loss Allowance$920,000
Unbacked Noncurrent Loans$828,000
Real Estate Owned$1.27 million

Historic Data - March 2011

Assets$139.77 million
Equity Capital$13.09 million
Loan Loss Allowance$906,000
Unbacked Noncurrent Loans$3.78 million
Real Estate Owned$63,000

Profit Margin - Quarterly

Net Interest Margin3.77%
Return on Assets1.2%
Return on Equity12.07%
Interest Income$1.50 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio4
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 March 31, 2012 Flanagan State Bank had $2.1 million in non-current loans and owned real-estate with $15.46 million in equity and loan loss allowances on hand to cover it. This gives Flanagan State Bank a Texas Ratio of 13.56% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for Flanagan State Bank decreased significantly from 34.23% as of March 31, 2011 to 13.56% as of March 31, 2012, resulting in a positive change of 60.39%.This indicates that the balance sheet and financial strength for Flanagan State Bank has improved significantly in recent periods.
Deposit Growth5
In the past year, Flanagan State Bank has increased its total deposits by $7.98 million, resulting in 6.33% 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.
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. Flanagan State Bank has $148.98 million in assets with $15.46 million in equity, resulting in a capitalization level of 10.38%, which is above average.
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Horrible Experience!
1 stars - smokeychase - Wednesday, January 5, 2011 - 7:15 AM

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!

5

UNPROFESSIONAL BANK
1 stars - horrible123 - Thursday, March 10, 2011 - 1:52 PM

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. 

2