Freedom Bank

Freedom Bank Locations
3319 East Lincoln Way
Sterling, IL 61081
www.bankatfreedom.com

Freedom Bank is headquartered in Sterling and is the 389th largest bank in the state of Illinois. It is also the 5,501st largest bank in the nation. It was established in 1891 and as of March of 2012, it had grown to 11 employees at 3 locations. Freedom Bank has a 4-star health rating.

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Bank Failure - Freedom Bank of Florida - 10/31/2008

Freedom Bank of Florida was closed today by Florida regulators, and the FDIC was named receiver. Here's the FDIC's press release link, and here's a summary of the closure:Closed Bank: Freedom BankLocation: Bradenton, FLSize: 4 branches, $287 million...

4.70% 12-Month / 4.25% 6-Month CD at a Florida Bank (Freedom) - 9/7/2008

Update 10/31/08: The bank has been closed. Please refer to this post for more details.Freedom Bank is advertising a 4.70% APY 12-month CD and a 4.25% APY 6-month CD. The minimum deposit is $500. These special CDs don't seem to be listed at the bank's...

4.60% 12-Month / 4.20% 8-Month CD at a Florida Bank (Freedom) - 8/3/2008

Update 10/31/08: The bank has been closed. Please refer to this post for more details.Freedom Bank is advertising a 4.60% APY 12-month CD and a 4.20% APY 8-month CD. The minimum deposit is $500. These special CDs don't seem to be listed at the bank's...

4.50% 12-Month CD at a Florida Bank (Freedom). - 7/20/2008

Update 10/31/08: The bank has been closed. Please refer to this post for more details.Freedom Bank is advertising a 4.50% APY 12-month CD. The minimum deposit is $500. This doesn't seem to be listed at the bank's website. It was advertised in today's...

2008



Data for Q1 2012


Institution Statistics


Freedom Bank
FDIC Certificate #11705
BankRate ReportView
Year Established1891
Employees11
Primary RegulatorFDIC

Assets and Liabilities

Assets$79.33 million
Loans$49.65 million
Deposits$66.69 million
Equity Capital$7.01 million
Loan Loss Allowance$963,000
Unbacked Noncurrent Loans$1.42 million
Real Estate Owned$569,000

Historic Data - March 2011

Assets$75.55 million
Equity Capital$6.74 million
Loan Loss Allowance$735,000
Unbacked Noncurrent Loans$751,000
Real Estate Owned$937,000

Profit Margin - Quarterly

Net Interest Margin3.83%
Return on Assets0.29%
Return on Equity3.37%
Interest Income$878,000

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio3
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 Freedom Bank had $1.99 million in non-current loans and owned real-estate with $7.98 million in equity and loan loss allowances on hand to cover it. This gives Freedom Bank a Texas Ratio of 24.93% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Freedom Bank held steady from 22.58% as of March 31, 2011 to 24.93% as of March 31, 2012, resulting in a negative change of 10.45%. This indicates that the balance sheet and financial strength for Freedom Bank has held steady in recent periods.
Deposit Growth5
In the past year, Freedom Bank has increased its total deposits by $5.36 million, resulting in 8.74% 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 Freedom 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. Freedom Bank has $79.33 million in assets with $7.98 million in equity, resulting in a capitalization level of 10.06%, which is above average.
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