2.5 star ratingAverage User Rating:
2.5 star rating based on 2 reviews.

Redneck Bank

623 E Street
Snyder, OK 73566
888-210-1256
www.redneckbank.com



Redneck Bank is the Internet Banking Division of Bank of the Wichitas which is based in Oklahoma

Related Posts

Redneck Bank Lowers Rate Effective 11/17/11 (2.50% From 3.00%) (Forum) - 10/20/2011

Effective November 17, 2011, the interest rate offered on Rewards Checking Accounts will be 2.50% APY* for average daily balances up to $10,000. Amounts over $10,000 will earn .75% APY*.

Redneck Bank Cuts Rate On Rewards Checking From 3.75% To 3.25% APY (Forum) - 2/23/2011

Effective April 21, 2011, the interest rate offered on Rewards Checking Accounts will be 3.25% APY* for average daily balances up to $10,000.  Amounts over $10,000 will earn 1.00% APY*.  If requirements are not met your interest rate will be .25

AmericaNet's Mega Money Market & Rewards Checking are Sold Out - 2/6/2011

AmericaNet Bank has stopped accepting new applications for its Mega Money Market account and its Rewards Checking account. The bank has "sold out" notices on its website. Its sister bank, Evantage Ban ...

Rate Cuts Announced at Evantage, AmericaNet and Redneck Bank - 10/7/2010

The banks offering the only non-promo nationwide 2.00% savings account have announced a rate cut. The three internet banks owned by the Huckabay family ( Evantage , AmericaNet and Redneck Bank ) have ...

2010

2009



Data for Q3 2011


Institution Statistics


Bank of the Wichitas
FDIC Certificate #4198
BankRate ReportView
Year Established1913
Employees54
Primary RegulatorFDIC

Assets and Liabilities

Assets$120.14 million
Loans$64.69 million
Deposits$107.86 million
Equity Capital$10.99 million
Loan Loss Allowance$1.09 million
Unbacked Noncurrent Loans$2.14 million
Real Estate Owned$582,000

Historic Data - September 2010

Assets$123.92 million
Equity Capital$11.64 million
Loan Loss Allowance$975,000
Unbacked Noncurrent Loans$2.31 million
Real Estate Owned$601,000

Profit Margin - Quarterly

Net Interest Margin4.96%
Return on Assets1.54%
Return on Equity17.2%
Interest Income$5.13 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio3
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, 2011 Redneck Bank had $2.72 million in non-current loans and owned real-estate with $12.07 million in equity and loan loss allowances on hand to cover it. This gives Redneck Bank a Texas Ratio of 22.50% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Redneck Bank held steady from 23.05% as of September 30, 2010 to 22.50% as of September 30, 2011, resulting in a positive change of 2.38%.This indicates that the balance sheet and financial strength for Redneck Bank has held steady in recent periods.
Deposit Growth4
In the past year, Redneck Bank has increased its total deposits by $3.12 million, resulting in 2.98% 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 Redneck Bank has shown is above average.
Capitalization4
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. Redneck Bank has $120.14 million in assets with $12.07 million in equity, resulting in a capitalization level of 10.05%, which is above average.
Write Review

Worst Website Ever
2 stars - benjaminkell - Monday, June 6, 2011 - 9:11 AM

I signed up for Redneck Bank a couple years ago when they were touting the best interest rate. There was a limited window for signing up with them and I was very happy with getting an extra 1/2% higher than anywhere else. Another benefit was having a check card that pulled from my savings account. 

I will be cancelling my account with them within the next couple days for a couple of reasons. One major beef I've had with them is the antiquated and non-user friendly website. Honestly, their website is almost unusable. I figured out how to set up a couple recurring transfers and they have faithfully been coming out of my main account. My problem now is that there is no way to cancel these recurring transactions, either on the website or on their customer service. They are not even showing up under future transactions. I asked about just cancelling my account and they said I couldn't as long as there were pending transfers. But I will always have a pending transfer since something comes out every week. Since they can't cancel my transfers and I can't cancel my transfers I don't know how I can even cancel the account. 

While initially I was happy with this bank, this has proven frustrating enough to take my business elsewhere.

5

RNB, You Used To Be My Fav
3 stars - wahs - Friday, June 18, 2010 - 3:33 PM

Who can resist the smiling horse on RNB website and checking card?    ;-)

It was the reason I opened a RNB reward checking account almost 2 years ago, beside the 4% interest rate. The application process was easy. There was a real person answering your phone call (after 5 rings max). It was a great customer service after getting used to answering machine at other banks hotline.

Unfortunately, RNB limits the balance to $10K, which leave it less interesting to savers.

3