First American Bank (IL)

Overview / Commentary
700 Busse Rd
Elk Grove Village, IL 60007

First American Bank (IL) is headquartered in Elk Grove Villag and is the 10th largest bank in the state of Illinois. It is also the 224th largest bank in the nation. It was established in 1901 and as of September of 2020, it had grown to 835 employees at 59 locations. First American Bank (IL) has a B+ health rating.

Reviews (4)

This Should Be Your Next Bank!

This is the best bank I have ever dealt with. They have the most wonderful customer service people in the industry. They have helped me deal with all of my financial matters in a friendly and professional manner. I had a no headache time when calling to have charges removed from my debit card. I would recommend this bank! Free checking and competitive fees are also a couple more reasons to consider First American Bank. For me, it's all about the superior customer service!

All My Dealings With First American Bank Have Been Positive, Staff Is Helpful And Responsive.

I am a long-distance customer, so I haven't visited a branch.  Website is easy to use, quick to access and seems secure (uses multiple security features).  I only had one problem and it was quickly rectified.  Special requests have been cheerfully and promptly handled.

First American Bank

Posted by: |

I rue the day I started banking with this company. I started with a mortgage where in the fine print I had agreed to a 5% penalty for early closure, even for selling the property. This worked out to a more than $25,000 charge when I sold it. I had opened a money market account also with a $10,000 initial deposit. I had not noticed a $14.95 service fee in the opening documents for accounts balances below $5,000. After several years I with no activity I withdrew $6,000. Without any notice to me the $14.95 service fee kicked in. This meant I was paying them about $14 (after the less than $1 interest they were paying me) for them to guard the $4,000 remaining. This bank's fees are rapacious. Stay clear of them.

Very Disgruntled HSA Account Holder

I've had an HSA account with them for about 5 years. I've used their ATM card and online banking. Tonight I try to access my account for a transfer and I'm denied because I won't sign an online agreement. This is not an informative agreement, it has stipulations I now have to agree to in order to access my funds. They have my money and want to change the conditions of the agreement they have with my company that uses them for the HSA. They are unbelievably crooked. I doubt that it is even legal and they are denying access to my funds. Stay away.


Health Grade Components

FDIC Certificate #3657
Year Established1901
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.56%
Return on Equity - YTD8.31%
Annual Interest Income$132.0MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$5.88B$4.50B
LoansQ3 2020vs Q3 2019$2.38B$1.81B
DepositsQ3 2020vs Q3 2019$4.36B$3.42B
Equity CapitalQ3 2020vs Q3 2019$423.6MM$414.8MM
Loan Loss AllowanceQ3 2020vs Q3 2019$28.0MM$21.1MM
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$14.9MM$24.6MM
Real Estate OwnedQ3 2020vs Q3 2019$5.9MM$1.5MM
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Always verify rates and promotions with the bank or credit union. We are not First American Bank (IL); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

† The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.

First American Bank (IL) Savings Account Rates

0.01%$1-Easy Savings Account
0.01%$1-Minor Savings
0.01%$1-Student savings

First American Bank (IL) Money Market Rates

0.08%*$250k*-Optimal Money Market Account
OTHER TIERS: 0.03% $1k - $25k | 0.05% $25k - $250k

First American Bank (IL) Checking Account Rates

0.15%*-$15kEveryday Rewards Checking
OTHER TIERS: 0.03% $15k+
0.09%*$250k*-Advantage Checking
OTHER TIERS: 0.01% $1k - $50k | 0.05% $50k - $250k
0.05%*$250k*-Optimal Checking Account
OTHER TIERS: 0.01% $1k - $50k | 0.03% $50k - $250k

First American Bank (IL) CD Rates

0.15%$5k-12 Month CD
0.10%$5k-6 Month CD
0.05%$5k-3 Month CD

First American Bank (IL) IRA Rates

0.15%$5k-12 Month IRA
0.10%$5k-6 Month IRA
0.05%$5k-3 Month IRA


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