Dearborn Federal Savings Bank
Dearborn Federal Savings Bank is headquartered in DEARBORN and is the 51st largest bank in the state of Michigan. It is also the 2,619th largest bank in the nation. It was established in 1936 and as of March of 2023, it had grown to 42 employees at 5 locations. Dearborn Federal Savings Bank has an A health rating.
Outstanding, Honest, Customer Focused Small Bank
While this small bank in Dearborn has been around since 1936, many have not heard of it. We just purchased our house through Dearborn Federal Savings, and our interest rate was 80 basis points lower than the second best rate. Their application fees were minimal. Our MBA prepared loan officer twice drove from Dearborn to Ann Arbor (about 50 miles each way) to review paperwork with us, so we wouldn't have to make the drive. While their savings and CD rates are not competitive, I highly recommend this bank for all other services, especially mortgages given their low fees, excellent customer service, outstanding financial help, longevity, and being a bank that is small enough to care about their customers.
Poor Customer Service
Terrible bank. We had perfect credit. Our escrow went up by $15. We are set up on autopay. When we noticed, we called and asked if it was ok to just adjust the autopay and include it in the follow month. They said yes, that would be fine. They then reported it against our credit and refuse to fix the problem. If it was not ok to pay next month, they should have told us that when we asked and we would have gladly paid the $15. Terrible customer service in a bank that is stuck in the 90’s.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 29874 |
| Year Established | 1936 |
| Employees | 42 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.19% |
| Return on Equity - YTD | 0.67% |
| Annual Interest Income | $2.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $270.1MM$278.9MM |
| Loans | Q1 2023vs Q1 2022 | $190.3MM$183.8MM |
| Deposits | Q1 2023vs Q1 2022 | $188.3MM$192.0MM |
| Equity Capital | Q1 2023vs Q1 2022 | $78.9MM$77.7MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $1.4MM$1.8MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $325.00K$681.00K |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$0 |