Dearborn Federal Savings Bank

Overview / Commentary
22315 W Michigan Ave
Dearborn, MI 48124

Dearborn Federal Savings Bank is headquartered in DEARBORN and is the 52nd largest bank in the state of Michigan. It is also the 2,642nd largest bank in the nation. It was established in 1936 and as of December of 2023, it had grown to 41 employees at 5 locations. Dearborn Federal Savings Bank's CD rates are 5X the national average, and it has an A health rating.

Reviews (2)

Outstanding, Honest, Customer Focused Small Bank

Posted by: |

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

Posted by: |

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.


Health Grade Components

FDIC Certificate #29874
Year Established1936
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-0.09%
Return on Equity - YTD-0.32%
Annual Interest Income$8.4MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$269MM$271.7MM
LoansQ4 2023vs Q4 2022$196.9MM$190MM
DepositsQ4 2023vs Q4 2022$167.8MM$182.9MM
Equity CapitalQ4 2023vs Q4 2022$78.6MM$78.6MM
Loan Loss AllowanceQ4 2023vs Q4 2022$1.6MM$1.7MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$83K$515K
Real Estate OwnedQ4 2023vs Q4 2022$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Dearborn Federal Savings Bank Savings Account Rates

0.35%$200-Statement Savings

Dearborn Federal Savings Bank Checking Account Rates

0.50%*$10k*-Insured E-Z Access Fund
OTHER TIERS: 0.40% $400 - $2.5k | 0.45% $2.5k - $10k
0.05%$400-Regular Checking

Dearborn Federal Savings Bank CD Rates

4.55%$100k-365 Day Jumbo CD
4.25%$500-10 Year CD
4.20%$500-7 Year CD
4.15%$500-5 Year CD
4.10%$500-3 Year CD
4.05%$500-2 Year CD
4.00%$500-1 Year CD
3.53%$500-182 Day CD
3.53%$100k-182 Day Jumbo CD
3.03%$500-91 Day CD
3.03%$100k-91 Day Jumbo CD

Dearborn Federal Savings Bank IRA Rates

5.37%$100-18 Month Variable Rate IRA
4.25%$250-10 Year IRA
4.20%$250-7 Year IRA
4.15%$250-5 Year IRA
4.11%$100-18 Month Fixed Rate IRA
4.10%$250-3 Year IRA
4.05%$250-2 Year IRA
4.00%$250-1 Year IRA

Dearborn Federal Savings Bank Locations
14615 Ford Rd Branch14615 Ford RoadDearborn, MI 48126
22180 West Outer Drive Branch22180 West Outer DriveDearborn, MI 48124
Dearborn Federal Savings Bank22315 Michigan AveDearborn, MI 48124
27115 West Warren Branch27115 West WarrenDearborn Heights, MI 48127
4111 South Telegraph Branch4111 South TelegraphDearborn Heights, MI 48125

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