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

FDIC


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

Related Posts

AmericaNet, Redneck and Evantage Banks Reopen Their Reward Checking Accounts - 12/14/2012

The three internet banks that are under the Huckabay family of banks have reopened their Rewards Checking accounts to new customers. A few months ago these banks reopened their Mega Money Market accou ...

Mega Money Market Rate Increasing Later This Month - 11/2/2012

Evantage Bank and its two sister banks, AmericaNet Bank and Redneck Bank have announced that they will be raising their Mega Money Market Account rate from 1.00% to 1.10% APY effective November 22, 20 ...

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

2011

2010

2009




See Rates for: Checking | Money Market

Redneck Bank Checking Account Rates

ApyMinMaxProduct
2.00%-$10kRedneck Rewards Checking

Redneck Bank Money Market Rates

ApyMinMaxProduct
1.10%-$35kMega Money Market Account

Rates updated: 6/17/2013

Data for Q1 2013


Institution Statistics


Bank of the Wichitas
FDIC Certificate #4198
BankRate ReportView
Year Established1913
Employees50
Primary RegulatorFDIC

Assets and Liabilities

Assets$120.49 million
Loans$62.61 million
Deposits$109.49 million
Equity Capital$10.56 million
Loan Loss Allowance$1.16 million
Unbacked Noncurrent Loans$439,000
Real Estate Owned$1.26 million

Historic Data - March 2012

Assets$131.79 million
Equity Capital$10.80 million
Loan Loss Allowance$1.18 million
Unbacked Noncurrent Loans$2.78 million
Real Estate Owned$896,000

Profit Margin - Quarterly

Net Interest Margin4.56%
Return on Assets1.59%
Return on Equity17.64%
Interest Income$1.42 million

Institution Health


Overall Score:
3 out of 5
3
Texas Ratio4
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, 2013 Redneck Bank had $1.7 million in non-current loans and owned real-estate with $11.72 million in equity and loan loss allowances on hand to cover it. This gives Redneck Bank a Texas Ratio of 14.53% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for Redneck Bank decreased significantly from 30.64% as of March 31, 2012 to 14.53% as of March 31, 2013, resulting in a positive change of 52.58%.This indicates that the balance sheet and financial strength for Redneck Bank has improved significantly in recent periods.
Deposit Growth1
In the past year, Redneck Bank has decreased its total deposits by -$10.96 million, resulting in -9.1% 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 poor.
Capitalization3
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 $120.49 million in assets with $11.72 million in equity, resulting in a capitalization level of 9.73%, which is 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.

8

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.

4