Progress Bank

5537 Sheldon Road, Suite D
Tampa, FL 33615
813-886-LOAN (5626
www.progressbankfl.com
 

Related Blog Posts

4.04% Reward Checking Account At Progress Bank in Tampa FL - 10/5/2008

Update 8/16/09: The top rate has fallen to 4.04% APY.Progress Bank is offering a reward checking account that pays 4.04% APY on balances up to $25,000 (1.10% for above) if the following monthly requirements are met:12 debit card purchasesone direct...


Institution Statistics


FDIC Certificate #32251
BankRate ReportView
Year Established1984
Employees22
Primary RegulatorFED

Assets and Liabilities

Assets$119.74 million
Loans$100.05 million
Deposits$108.68 million
Equity Capital$3.46 million
Loan Loss Allowance$5.17 million
Unbacked Noncurrent Loans$19.87 million
Real Estate Owned$111,000

Historic Data - March 2009

Assets$109.28 million
Equity Capital$11.47 million
Loan Loss Allowance$5.17 million
Unbacked Noncurrent Loans$5.13 million
Real Estate Owned$308,000

Profit Margin - Quarterly

Net Interest Margin2.76%
Return on Assets0.08%
Return on Equity2.57%
Interest Income$1.53 million

Institution Health


Overall Score:
1 out of 5
1
Texas Ratio0
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, 2010 Progress Bank had $19.98 million in non-current loans and owned real-estate with $8.63 million in equity and loan loss allowances on hand to cover it. This gives Progress Bank a Texas Ratio of 231.54% which is poor. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend0
The Texas Ratio for Progress Bank increased dramatically from 32.71% as of March 31, 2009 to 231.54% as of March 31, 2010, resulting in a negative change of 607.91%. This indicates that the balance sheet and financial strength for Progress Bank has declined dramatically in recent periods.
Deposit Growth5
In the past year, Progress Bank has increased it's total deposits by $22.37 million, resulting in 25.92% 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 Progress Bank has shown is excellent.
Capitalization1
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. Progress Bank has $119.74 million in assets with $8.63 million in equity, resulting in a capitalization level of 7.21%, which is poor.
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