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Overview / Commentary
1010 South Main Street
Chelsea, MI 48118

Chelsea State Bank is headquartered in Chelsea and is the 46th largest bank in the state of Michigan. It is also the 2,306th largest bank in the nation. It was established in 1897 and as of December of 2017, it had grown to 50 employees at 3 locations. Chelsea State Bank has an A health rating.

Reviews (2)

Convenient, but could do a whole lot better!

I've banked with this bank for over 50 years. It was the only bank in town when I was a child, and I started my first savings account there. The same couple of families still run the bank. So, it has history in a small town. People still "know" people. I still use this bank because it's convenient, and I don't need many "extras" with my banking. But it's quite dismaying to see it go the way of many bigger banks, in that the focus no longer seems to be on the customer, but in making a profit. There have been multiple times I had to correct something they did, and one time, was told that it happened because of something I had not done. I didn't appreciate the blame being cast on me, simply because someone didn't do their job. It required multiple calls, until I got the right person to fix things. It wasn't a lot of money, but it was MY money, and it really ticked me off. If I had a larger amount to invest in a bank, or was moving larger amounts of money, I would look at other options.

Typical bank

I've banked with this bank for over 45 years. It is a very small town - under 6,000 - and the bank has pretty stayed in the same families' ownership. It's convenient, and a place where everyone knows who you are. I personally know some of the tellers, and went to school with them.
That said, mistakes have been made with my account - transferring no fee checking/deposit because of direct deposit for one -
that until I really demanded and followed up on it, would not have been corrected. It was a tiny amount of money, but the fact that it wasn't done right, and took two follow-ups to get it straightened out was irritating.
One teller - a manager, no less, tried to shift the blame onto me because I wasn't doing a paperless account, which she said I needed for direct deposit.
I replied that no one had ever told me that. And the subject was dropped.
The second time I had to call, because my refund of fees still had not be credited to my account, I skipped the manager, and went to bookeeping. And that person finally fixed it for me, commenting, yes, you've got to keep after it to get it done.
For me, that was inexcusable. It wasn't the money, it was that it was MY money, and if I hadn't kept after it, I would NOT have gotten it back. It definitely soured me on ever keeping any large amounts of money with this bank. If they can't take care of such a simple thing, I don't trust them with much, and I constantly keep an eye on my accounts.
There is no credit card associated with this bank - only a debit card that is through another institution.
Also, I would much prefer to have a two-step verification to sign into your account online. I think it's much safer, and it's used by many big businesses. I don't know why they haven't incorporated it into their online business.
Overdraft fees are horrendous. Unless you qualify for overdraft protection, in which they take money from your savings to cover checking/debit, you are stuck.


Health Grade Components

FDIC Certificate #14009
Year Established1897
Primary RegulatorFED
Profit Margin
Return on Assets - YTD1.62%
Return on Equity - YTD14.37%
Annual Interest Income$10.3MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$284.0MM$277.2MM
LoansQ4 2017vs Q4 2016$166.3MM$164.6MM
DepositsQ4 2017vs Q4 2016$250.2MM$244.7MM
Equity CapitalQ4 2017vs Q4 2016$32.2MM$31.0MM
Loan Loss AllowanceQ4 2017vs Q4 2016$3.6MM$3.9MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$426.00K$1.7MM
Real Estate OwnedQ4 2017vs Q4 2016$599.00K$599.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Chelsea State Bank Savings Account Rates

0.20%*$100k*-Combined Statement Savings
OTHER TIERS: 0.10% Up to $100k
0.05%--Regular Statement Savings

Chelsea State Bank Money Market Rates

0.20%*$100k*-Premier Money Market Savings
OTHER TIERS: 0.10% Up to $50k | 0.15% $50k - $100k
0.20%*$50k*-Combined Money Market Savings
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k
0.10%*$2,500*-Money Market Savings
OTHER TIERS: 0.05% Up to $2,500

Chelsea State Bank Checking Account Rates

0.20%*$100k*-Premier Interest Checking
OTHER TIERS: 0.05% Up to $25k | 0.10% $25k - $50k | 0.15% $50k - $100k
0.05%--Regular Interest Checking

Chelsea State Bank CD Rates

1.25%$500-60 Month CD
1.00%$500-48 Month CD
0.75%$500-36 Month CD
0.60%$500-30 Month CD
0.50%$500-24 Month CD
0.35%$500-18 Month CD
0.30%$500-12 Month CD
0.25%$5k-182 Days CD

Chelsea State Bank IRA Rates

1.25%$500-60 Month IRA
1.00%$500-48 Month IRA
0.75%$500-36 Month IRA
0.60%$500-30 Month IRA
0.50%$500-24 Month IRA
0.35%$500-18 Month IRA
0.30%$500-12 Month IRA
0.25%$5k-182 Days IRA

Chelsea State Bank Locations
Chelsea State Bank1010 South Main StreetChelsea, MI 48118
Downtown Branch305 South MainChelsea, MI 48118
Dexter Branch7101 Dexter-Ann Arbor RoadDexter, MI 48130

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