First National Bank of America is headquartered in East Lansing and is the 5th largest bank in the state of Michigan. It is also the 323rd largest bank in the nation. It was established in 1955 and as of June of 2022, it had grown to 350 employees at 3 locations. First National Bank of America's CD rates are 5X the national average, and it has a B health rating.
Just bought a cd at this bank online was extremely easy to fill out the online form and afterwards was just as easy to join online banking everything went very smoothly and was one of the easiest banks to do this online in my 25 plus years of buying a cd online, so far so good with this bank.....
ORIGINAL REVIEW: FNBA offers very competitive rates on CDs. Cool! Great! BUT, what I didn't know was that they're making it up - unsurprisingly - with super-high fees elsewhere. In my case, the shock happened when I needed to terminate a CD early; the penalty was 540 days worth of interest, and if the account hasn't been open 540 days, it's taken from the original deposit. FYI most CDs charge a 6-month interest penalty for early withdrawal.
UPDATE: Everything I said previously is true, but I have since had a lot of interaction with FNBA, and it revealed a level of customer service that my own primary bank (Ally) simply does not have. I appreciate it and am upgrading my rating accordingly.
I had completed a recent transaction with this bank and they sent me a confirmation to my gmail account without security. The confirmation had routing number, account number and transaction details of both of my accounts for the ACH. In my opinion, this was not a safe way of handling confidential data so I wrote to them about this.
I was contacted by a rep from the bank shortly there after and we discussed the matter. They decided to change their process to better protect client data. I appreciate the fact that were willing to listen and adjust their process based on our discussion.
Just spent half a day sifting through various banks with reasonable qualifications & decided to give 1FBA a whack. So whilst laboring thu the CD application process I got mostly thru but they "timed "me out while in the midst of answering all the Qs. Then had the gall to tell me to start over.. This is the sixth bank attempted today. You would think the banks are trying to avoid our money
Overall | |
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FDIC Certificate # | 17438 |
Year Established | 1955 |
Employees | 350 |
Primary Regulator | OCC |
Profit Margin | |
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Return on Assets - YTD | 3.48% |
Return on Equity - YTD | 39.9% |
Annual Interest Income | $127.0MM |
Assets and Liabilities | ||
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Assets | Q2 2022vs Q2 2021 | $3.82B$3.06B |
Loans | Q2 2022vs Q2 2021 | $3.52B$2.81B |
Deposits | Q2 2022vs Q2 2021 | $2.40B$2.01B |
Equity Capital | Q2 2022vs Q2 2021 | $314.7MM$327.1MM |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $37.6MM$32.6MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $49.9MM$47.7MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $3.6MM$4.3MM |
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* 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.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
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0.25% | $100 | - | Statement Savings |
First National Bank of America Locations | ||
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First National Bank Of America | 241 E Saginaw St | East Lansing, MI 48823 |
Traverse City Branch | 315 N. Division | Traverse City, MI 49684 |
Branch Office | 4660 Kalamazoo Ave, SE | Grand Rapids, MI 49508 |