Devon Bank is headquartered in Chicago and is the 116th largest bank in the state of Illinois. It is also the 2,015th largest bank in the nation. It was established in 1945 and as of March of 2021, it had grown to 140 employees at 8 locations. Devon Bank has an A health rating.
Working With Devon Bank = Pure Misery
There is one single nice thing about Devon Bank: their rates are low. I'm warning you, though, it's not worth it. Once you have a mortgage, you can't move it, not without a complete refinance. I would GLADLY pay another $1000 and half percent interest to work with a competent bank. Everything I've ever needed to do with Devon Bank has been pure misery.
First, our loan officer filled in our re-fi forms wrong, so I ended up correcting his work quite a bit. Not a few errors, either. There were five meaningful errors I bothered to note, at different times on different forms - wrong names entered, details of the property incorrect, all sorts of things like that. I should have taken that as a warning, but I was blinded by the low price.
I soon discovered that Devon Bank's website is garbage. I've never even been able to log in after years of trying. If you ever need to do anything else with them, good luck! They double billed me one month for my mortgage - that was an unpleasant surprise. Their homemade forms are a joke - shouldn't a bank proofread? Customer service today told me their computers are down (again) so they can't do anything. They sent me to voice mail, which is all they ever do, anyway, since they don't actually seem to know anything themselves. I've yet to have a voice mail returned.
I honestly would never have imagined that a real FDIC-insured bank could even be so awful to deal with. I thought people complaining about banks were just exaggerating and should have read the fine print, but wow, I was wrong. It's not that Devon Bank has hidden fees, it's that they're incompetent. I feel like the whole bank is high school dropouts or head trauma survivors or something. They are really bad at what they do and it's god-awful to have to deal with them.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16249 |
| Year Established | 1945 |
| Employees | 140 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 14.52% |
| Annual Interest Income | $2.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $402.8MM$317.7MM |
| Loans | Q1 2021vs Q1 2020 | $226.1MM$212.5MM |
| Deposits | Q1 2021vs Q1 2020 | $313.4MM$265.4MM |
| Equity Capital | Q1 2021vs Q1 2020 | $28.8MM$27.5MM |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $5.8MM$3.5MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $830.00K$2.3MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $618.00K$224.00K |