Gulf Coast Bank & Trust Co. is headquartered in New Orleans and is the 8th largest bank in the state of Louisiana. It is also the 677th largest bank in the nation. It was established in 1990 and as of September of 2013, it had grown to 350 employees at 24 locations. Gulf Coast Bank & Trust Co. has a B health rating.
1) Had an escrow account but the bank did not pay my home owners and flood insurance. 2) Instead put expensive force placed insurance. 3) Back dated force placed insurance policy. 4)2 collateral properties I used to buy this property(my primary residence) had very good coverage but the bank put force placed insurance on those 2 as well.5) Did not apply any money towards the principal for 1 year.6)excessive late charges applied when they should not have charged more than $15.00. 7) The initial escrow deposit of $3,549.13 missing from the escrow account. 8) $3000.00 paid towards the loan is missing from the account 9) Permanent financing was done in September of 2010, @ my house that was still under construction without any witness or a notary present. 10) Did not give copies of my loan document for me to keep. In fact I didn't get them till October 2012. 11) A credit report was not given at the time of refinancing (after repeated requests) 12) The interest was calculated using 360/365 method & we were never informed or it (we were given the impression it was fixed) 13) The amortization schedule, initial escrow account disclosure and all other loan documents suggests I borrowed $410,000.00 but I only borrowed $404,073.15 in total. This makes a huge difference in calculating interest, principal and total payment amount.14) If they followed their amortization schedule: interest + principal = $2,826.19.It was never that amount. Amortization schedule suggests interest and principal is what changes not the total amount due.15) some months there was an accrued interest adjustment. I have no clue what it was or what happened to that money.16) The bank stopped sending statements for 2012 claiming they were sent to my old address. The address change was notified to the post office and has proof my mail was directed to my new address by the post office. The first statement I received from the bank for 2012 was dated, 10/15/2012.17) last nail on my coffin; Gulf Coast sold my loan to another fraudulent bank in Texas that is specialized in repo of mortgages. PLEASE BEAWARE OF THIS BANK!
APY on this checking account are now at 1.29% up to $20,000 and 0.76% over $20m.
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 September 30, 2013 Gulf Coast Bank & Trust Co. had $32.13 million in non-current loans and owned real-estate with $106.66 million in equity and loan loss allowances on hand to cover it. This gives Gulf Coast Bank & Trust Co. a Texas Ratio of 30.13% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Gulf Coast Bank & Trust Co. held steady from 32.99% as of September 30, 2012 to 30.13% as of September 30, 2013, resulting in a positive change of 8.69%.This indicates that the balance sheet and financial strength for Gulf Coast Bank & Trust Co. has held steady in recent periods.
In the past year, Gulf Coast Bank & Trust Co. has increased its total deposits by $67.64 million, resulting in 8.57% 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 Gulf Coast Bank & Trust Co. 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. Gulf Coast Bank & Trust Co. has $981.54 million in assets with $106.66 million in equity, resulting in a capitalization level of 10.87%, which is above average.
|FDIC Certificate #||32974|
|Assets and Liabilities|
|Equity Capital||$96.40 million|
|Loan Loss Allowance||$10.25 million|
|Unbacked Noncurrent Loans||$28.76 million|
|Real Estate Owned||$3.37 million|
|Historic Data - September 2012|
|Equity Capital||$85.51 million|
|Loan Loss Allowance||$11.19 million|
|Unbacked Noncurrent Loans||$28.76 million|
|Real Estate Owned||$5.13 million|
|Profit Margin - Quarterly|
|Net Interest Margin||6.17%|
|Return on Assets||1.6%|
|Return on Equity||16.61%|
|Interest Income||$48.08 million|
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