Mackinac Savings Bank, F.S.B. is headquartered in Boynton Beach and is the 158th largest bank in the state of Florida. It is also the 4,463rd largest bank in the nation. It was established in 1994 and as of September of 2013, it had grown to 45 employees at 3 locations. Mackinac Savings Bank, F.S.B. has a C+ health rating.
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.
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!
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 Mackinac Savings Bank, F.S.B. had $1.09 million in non-current loans and owned real-estate with $9.22 million in equity and loan loss allowances on hand to cover it. This gives Mackinac Savings Bank, F.S.B. a Texas Ratio of 11.83% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Mackinac Savings Bank, F.S.B. increased slightly from 6.39% as of September 30, 2012 to 11.83% as of September 30, 2013, resulting in a negative change of 85.04%. This indicates that the balance sheet and financial strength for Mackinac Savings Bank, F.S.B. has declined slightly in recent periods.
In the past year, Mackinac Savings Bank, F.S.B. has decreased its total deposits by -$4.32 million, resulting in -4.04% 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.
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 $113.07 million in assets with $9.22 million in equity, resulting in a capitalization level of 8.16%, which is average.
|FDIC Certificate #||33925|
|Assets and Liabilities|
|Equity Capital||$8.76 million|
|Loan Loss Allowance||$464,000|
|Unbacked Noncurrent Loans||$888,000|
|Real Estate Owned||$203,000|
|Historic Data - September 2012|
|Equity Capital||$8.63 million|
|Loan Loss Allowance||$574,000|
|Unbacked Noncurrent Loans||$888,000|
|Real Estate Owned||$129,000|
|Profit Margin - Quarterly|
|Net Interest Margin||2.3%|
|Return on Assets||0.07%|
|Return on Equity||0.89%|
|Interest Income||$2.26 million|
Sorry, we do not have rate data for Mackinac Savings Bank, F.S.B.
|Mackinac Savings Bank, F.S.B. Locations|
|Mackinac Savings Bank, F.S.B.||280 North Congress Avenue||Boynton Beach, FL 33426|
|West Palm Beach Branch||2901a N. Military Trail||West Palm Beach, FL 33409|
|Delray Beach Branch||5859 West Atlantic Avenue||Delray Beach, FL 33445|