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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
Employees742
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.05%
Return on Equity - YTD11.47%
Annual Interest Income$83.1MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$9.89B$9.02B
LoansQ1 2017vs Q1 2016$8.24B$7.84B
DepositsQ1 2017vs Q1 2016$7.40B$6.51B
Equity CapitalQ1 2017vs Q1 2016$887.3MM$633.0MM
Loan Loss AllowanceQ1 2017vs Q1 2016$39.9MM$37.6MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$31.6MM$25.1MM
Real Estate OwnedQ1 2017vs Q1 2016$2.7MM$4.6MM
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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