Classic Bank is headquartered in CAMERON and is the 135th largest bank in the state of Texas. It is also the 1,400th largest bank in the nation. It was established in 1889 and as of March of 2023, it had grown to 94 employees at 6 locations. Classic Bank's money market rates are 14% higher than the national average, and it has an A health rating.
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Love My Bank
I love this bank! The staff in Rockdale goes above and beyond with their service whether it is with my every day banking or if I have an issue I need help with.
Good Bank, But...
I have had an rewards checking account at Classic Bank for 5-6 years and the customer service has been great, however they continue to lower the interest rate. Lately they have been lowering the interest rate almost monthly without any prior notice to customers with Rewards Checking accounts. I have taken most of my money out about a month ago, and will close my account as soon as I can insure that all my direct deposits and Auto Pays have been switched to my new bank that pays 5%.
Must Go To The Bank To Open An Account
If you live outside of Austin, be aware that you must go to a branch to complete the account application. You cannot finish setting up and funding until you visit a banker in person. This was the sole reason why I didn't join their bank.
Escrow Issues
Classic Bank is unable to manage an Escrow Account and they don't comply with RESPA Guidelines and do what they want. They translate the law to suit their needs and there is no OCC office that one can walk into to submit complaints in person. Will have to do what I have to do but this bank sucks and they are most expensive when it comes to closing cost and the lack of service or assistance from the Giddings Branch is horrific. In addition when you request documentation they send you typed up documentation not system generated information. This banks practices really need to be looked in to by some banking governing party. They don't apply funds correctly and no one governs them. This bank lacks many things and leaves a bad taste in one's mouth.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 3126 |
| Year Established | 1889 |
| Employees | 94 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.75% |
| Return on Equity - YTD | 9.48% |
| Annual Interest Income | $7.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $647.4MM$603.2MM |
| Loans | Q1 2023vs Q1 2022 | $511.6MM$468.2MM |
| Deposits | Q1 2023vs Q1 2022 | $553.8MM$532.2MM |
| Equity Capital | Q1 2023vs Q1 2022 | $51.9MM$50.6MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $5.9MM$6.0MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $56.00K$83.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $49.00K$0 |