1st Security Bank is headquartered in Mountlake Terrac and is the 9th largest bank in the state of Washington. It is also the 506th largest bank in the nation. It was established in 2004 and as of December of 2019, it had grown to 452 employees at 23 locations. 1st Security Bank has an A+ health rating.
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Terrible Loan Experience
I obtained a 6 month deferred loan from System Pavers who did some work. This is the bank they have a relationship with. Asked clearly to the sales person what the total amount would be and it was just for the work they would perform. The loan agreement does not specify any fees associated with the loan. Expectation after paying off the loan would be the end of it, but found out there is undisclosed fee for closing out the loan from !st Security Bank. They sent 1 letter that was signed off by the person sending it but can't make out the signature. This 1st letter indicated the amount and then received 2nd letter 2 days later basically having 5 days to pay this amount off. Pretty demanding of a bank giving such short notice. I have emailed the bank what and why there would be a fee for paying of the loan, their response is "it's in the loan agreement". There is no specified amount on the loan agreement and no mention of this hidden fee ever.
Do not do business with this unethical bank who does disclose their hidden fee.
The only good thing to say about this bank is they responded the next day and their online website when logged in is easy to understand.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57633 |
| Year Established | 2004 |
| Employees | 452 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.41% |
| Return on Equity - YTD | 12.05% |
| Annual Interest Income | $89.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $1.71B$1.62B |
| Loans | Q4 2019vs Q4 2018 | $1.41B$1.36B |
| Deposits | Q4 2019vs Q4 2018 | $1.41B$1.29B |
| Equity Capital | Q4 2019vs Q4 2018 | $204.6MM$182.9MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $13.2MM$12.3MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $3.0MM$4.2MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $168.00K$689.00K |
