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Overview / Commentary
901-259-5600
6525 Quail Hollow Road
Memphis, TN 38120

Magna Bank is headquartered in Memphis and is the 31st largest bank in the state of Tennessee. It is also the 1,238th largest bank in the nation. It was established in 1999 and as of March of 2014, it had grown to 151 employees at 5 locations. Magna Bank has a A+ health rating.

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Reviews (3)

Terrible Customer Service For Mortgage Loan Customers

I have a residential mortgage loan with this bank through a mortgage-swap at the banking level.  I have had nothing but trouble in dealing with their customer service people, all the way up to the vice president.  It is very difficult to communicate with them, and if they do not understand what you are trying to tell them they are prone to making threats.  These people should not be in the position of dealing with customers!

Horrible EXPERIENCE Furious Customer

horrible experience loan officer was rude and did not walk us who are I quote FIRST TIME HOMEBUYERS thoroughly and I will never EVER want to have them as my lenders!!! our loan officer seemed as though she didn't want to help and I seen this as a red flag, but decided to ignore it. 

Magna Loan Officers

I have been with Magna Bank since they opened! Great customer service! Only people with an isolated bad experience likes to post bad things.
I have sold real estate and used Magna Mortgage since they opened and my clients love working with them!!
It is always a pleasure! I would highly recommend them for your next loan! They just closed my new home in 2013 and everything went so smooth!! Thanks! Ray



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Magna Bank had $7.12 million in non-current loans and owned real-estate with $71.38 million in equity and loan loss allowances on hand to cover it. This gives Magna Bank a Texas Ratio of 9.97% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A

The Texas Ratio for Magna Bank decreased dramatically from 15.67% as of March 31, 2013 to 9.97% as of March 31, 2014, resulting in a positive change of 36.40%.This indicates that the balance sheet and financial strength for Magna Bank has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Magna Bank has increased its total deposits by $35.4 million, resulting in 9.75% 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 Magna Bank has shown is excellent.

Capitalization

GRADE:
A+

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. Magna Bank has $546.94 million in assets with $71.38 million in equity, resulting in a capitalization level of 13.05%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #34937
Year Established1999
Employees151
Primary RegulatorFED
Assets and Liabilities
Assets$546.94 million
Loans$445.29 million
Deposits$398.49 million
Equity Capital$66.20 million
Loan Loss Allowance$5.18 million
Unbacked Noncurrent Loans$2.75 million
Real Estate Owned$4.37 million
Historic Data - March 2013
Assets$478.29 million
Equity Capital$63.92 million
Loan Loss Allowance$5.41 million
Unbacked Noncurrent Loans$2.75 million
Real Estate Owned$3.52 million
Profit Margin - Quarterly
Net Interest Margin3.52%
Return on Assets0.79%
Return on Equity6.45%
Interest Income$5.22 million
Rates
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Always verify rates and promotions with the bank or credit union. We are not Magna Bank, we are a rate comparison website and can not provide official rates or promotions.

Magna Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.40%$100k-Magna Savings

Magna Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.00%-$25kMagna Premier Checking - Qualifying
0.25%--Magna Premier Checking - Non Qualifying

Magna Bank CD Rates

DetailsAPYMINMAXPRODUCT
0.75%$1k-24 Month CD
0.75%$1k-30 Month CD
0.60%$1k-15 Month CD
0.50%$1k-12 Month CD
Locations


Magna Bank Locations
Germantown Branch1264 Germantown RoadGermantown, TN 38138
Memphis Branch4445 Poplar AveMemphis, TN 38117
Magna Bank6525 Quail Hollow RoadMemphis, TN 38120
Germantown Pkwy Branch894 Germantown Pkwy, Suite 4Cordova, TN 38018
Germantown-Forrest Hill Branch9057 Poplar AvenueGermantown, TN 38138