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Overview / Commentary
280 North Congress Avenue
Boynton Beach, FL 33426

Mackinac Savings Bank, F.S.B. is headquartered in Boynton Beach and is the 157th largest bank in the state of Florida. It is also the 4,439th largest bank in the nation. It was established in 1994 and as of December of 2013, it had grown to 44 employees at 3 locations. Mackinac Savings Bank, F.S.B. has a C+ health rating.

Reviews (2)

Poor Customer Service, Extremely Convoluted Processing.

When you come to them for a mortgage they give you a very reasonable list of requirements and once you apply they keep asking for more and more, its so bad that they keep switching the person that works with you so the representative doesn't get embarassed of coming back over and over again for more requests, you have to start explaining from the beginning everytime they switch.

They have the most unusual requests, they need supporting documentation for every single deposit it comes into your account, not only the big ones that may be an unreported loan, but even the small ones. Sometimes you can't tell what they want.

Instead of explaining what they need from the begining, or providing a detailed list with the requests and the 'why" they are requesting, they give it to you in small doses so they don't scare you away immediately, they have no regard for your time, they ask the same information in many different ways, you feel that you are giving information they already have. Once you think you are done, a new big list comes back again to surprise you.

To make a long story short, stay away. I have excellent credit and I after weeks of running around I got turned away because I made a mistake on my application, they just made me feel like I was being dishonest with them, they treat you like they are doing you a favor and they don't take the time to talk to you to understand and explain.

Getting A Mortgage Is Much Tougher These Days

I read CesareB's review and I sympathize wtih that person.  Getting a loan today is much different than it was 3 years ago.

One of the biggest complaints is that the lender "keeps coming back for more information", instead of asking for everything upfront.  The biggest offender in this is new guidelines from Fannie Mae and Freddie Mac, as well as HUD.  Now, if we get a bank statement in and there is a deposit amount that exceeds 25% of the borrower's gross monthly income, the lender must investigate the source.  Since applicants don't have all thier documents at application, we request the statements and they send them in later.  They are reviewed and if there are large deposits not related to payroll or recurring pension, etc, then we request documents to prove the funds are not the result of a "loan" or "undocumented gift".  Everyone hates this new rule, including lenders.  That is what happens when the government takes over lending, which has happened in the aftermath of the Dodd-Frank Act.

Lenders cannot anticipate what they will need upfront, like in the "old days" pre-2010.  Until the real estate market gets back to good health, we all have to contend with ever increasing regulations that are just plain frustrating!

 



Health

Data for Q4 2013

Institution Health

C+

Texas Ratio

GRADE:
B+

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 Mackinac Savings Bank, F.S.B. had $1.28 million in non-current loans and owned real-estate with $9.39 million in equity and loan loss allowances on hand to cover it. This gives Mackinac Savings Bank, F.S.B. a Texas Ratio of 13.65% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C-

The Texas Ratio for Mackinac Savings Bank, F.S.B. increased slightly from 8.24% as of December 31, 2012 to 13.65% as of December 31, 2013, resulting in a negative change of 65.58%. This indicates that the balance sheet and financial strength for Mackinac Savings Bank, F.S.B. has declined slightly in recent periods.

Deposit Growth

GRADE:
C-

In the past year, Mackinac Savings Bank, F.S.B. has decreased its total deposits by -$4.2 million, resulting in -3.95% 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 Mackinac Savings Bank, F.S.B. has shown is below average.

Capitalization

GRADE:
C

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. Mackinac Savings Bank, F.S.B. has $112.82 million in assets with $9.39 million in equity, resulting in a capitalization level of 8.33%, which is average.

Institution Statistics

Overall
FDIC Certificate #33925
Year Established1994
Employees44
Primary RegulatorOCC
Assets and Liabilities
Assets$112.82 million
Loans$46.38 million
Deposits$102.21 million
Equity Capital$8.92 million
Loan Loss Allowance$471,000
Unbacked Noncurrent Loans$1.12 million
Real Estate Owned$165,000
Historic Data - December 2012
Assets$117.98 million
Equity Capital$8.70 million
Loan Loss Allowance$532,000
Unbacked Noncurrent Loans$1.12 million
Real Estate Owned$74,000
Profit Margin - Quarterly
Net Interest Margin2.27%
Return on Assets0.19%
Return on Equity2.52%
Interest Income$2.97 million
Rates

Sorry, we do not have rate data for Mackinac Savings Bank, F.S.B.

Locations


Mackinac Savings Bank, F.S.B. Locations
Mackinac Savings Bank, F.S.B.280 North Congress AvenueBoynton Beach, FL 33426
West Palm Beach Branch2901a N. Military TrailWest Palm Beach, FL 33409
Delray Beach Branch5859 West Atlantic AvenueDelray Beach, FL 33445