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Overview / Commentary
844-969-2265
99 Bridge St
Phoenixville, PA 19460

Launched in January 2015, BankMobile is an online bank that focuses on serving Millennials, college students, and otherwise tech-savvy banking customers who want to avoid banking fees and having to visit bank branches. As its name suggests, BankMobile offers convenient and secure electronic access to its digital banking services. Its app (iOS and Android) features the ability to open an account, as well as mobile check deposit, personal payments, bill pay, and personal finance and budgeting resources. However, even without the BankMobile app, customers can always access their accounts through the BankMobile website.

As of this writing, funds deposited with BankMobile are insured by the FDIC (up to applicable limits), and it offers access to a large fee-free network of over 50,000 ATMs across the United States. In addition to personal lines of credit, the bank offers deposit accounts, including checking accounts and interest-bearing savings accounts. Both products have no fees and no minimum balance requirements. The accounts can be linked together to provide fee-free overdraft protection for the checking account. Furthermore, BankMobile provides relationship banking perks – including expanded free ATM access and personalized financial advice – to customers who directly deposit their paychecks into a BankMobile checking account.

Originally, BankMobile was an online division of Customers Bank, headquartered in Phoenixville, PA. However, in March 2017, the parent company of Customers Bank, Customers Bancorp, Inc., announced that it would sell BankMobile to Flagship Community Bank, based in Clearwater, FL.

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Health

Health Grade Components

Overall
FDIC Certificate #34444
Year Established1997
Employees739
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.01%
Return on Equity - YTD13%
Annual Interest Income$322.5MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$9.36B$8.38B
LoansQ4 2016vs Q4 2015$8.23B$7.21B
DepositsQ4 2016vs Q4 2015$7.36B$5.97B
Equity CapitalQ4 2016vs Q4 2015$868.5MM$562.9MM
Loan Loss AllowanceQ4 2016vs Q4 2015$37.3MM$35.6MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$23.5MM$20.4MM
Real Estate OwnedQ4 2016vs Q4 2015$3.1MM$4.5MM
Rates
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BankMobile Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%--High Yield Savings Account
Locations

BankMobile is an Internet only bank and does not have branch locations. Its headquarters is located at 99 Bridge St - Phoenixville, PA 19460