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 358th largest bank in the nation. It was established in 1955 and as of December of 2019, it had grown to 320 employees at 3 locations. First National Bank of America's money market rates are 2X the national average, and it has a B+ health rating.
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8/24 - First National Bank of America's Long-Term CDs Still Rate Leaders
8/8 - FNBA Reduces Rates
7/11 - First National Bank Of America Reduces Several CD Rates
6/12 - Lower Rate On 60 Month Cd
5/17 - Cd Rate Drop On One And Five Year Cd
4/24 - First National Bank of America Leads With 60-Month CD, 3.35% APY
4/4 - #1 APY's For CD's Available Nationwide With Terms Of 36 Months Or Longer
Professional
I'm in the process of creating a CD Ladder. I very much appreciate Ms. Susan Glass's professionalism and helpfulness. It has made my banking experience with First National Bank of America, a pleasure.
Great Interest Rates And Great Sfaff To Do Business With.
My 90 year old parents have accounts at this bank and when my father died my mother had to change names on their accounts, which was not easy since she can not drive due to blindness in one eye. Doug at the Grand Rapids branch made it really easy for my mother to make all the changes she needed via mail.
I have an IRA account at this bank and when my wife and I decided to put most of our assets in a trust account I contacted Doug regarding setting things up. Since we don't live in Grand Rapids Doug and I conversed via email and though the US Mail. Again a very super easy bank to deal with. The added plus is that their deposit rates beat everyone else in the markets they serve. I would recommend this bank to anyone. This is a family owned bank, which is uncommon these days, maybe that is why they are so customer friendly.
Good Bank Overall
Just opened an online CD here (got it done a day before rates dropped...whew).
I have to say I was a little concerned because earlier negative reviews had me worried especially about the application process but it was one of the quickest/simplest I have opened and I've opened many (maybe over 100) over the years. I did have an image of my ID ready as well as anything else I would need, might have taken me 15 minutes and within 48 hours I was able to login and the CD was there although the funding took a few days.
Mentioned the reviews to them and they said they did have some minor issues with application process that they now worked out and also said they will be moving to a slightly different process in the near future.
Customer service was excellent as well so don't worry about the signup, it's fine.
A Bank With Heart
With the most competitive CD rates around, I decided to begin building a CD ladder. A savings or checking account with FNBA is not required. Initially, it takes a few minutes to enter all of the required information, but all of the information is saved so there is no need to enter the information when adding a new CD. They do not offer online access to track balances, but statements are sent quarterly in the mail. Because First National Bank of America is a smaller bank, you are not treated like a statistic. Instead, there is a human component that many banks seem to lack. Also, upon request, you will receive an actual certificate in the mail. If you have questions or concerns, expect a speedy response. In time, it would be great to have online access to make tracking the progress of my ladder more convenient, but not having the online access is not a deal breaker.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17438 |
| Year Established | 1955 |
| Employees | 320 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.54% |
| Return on Equity - YTD | 28.22% |
| Annual Interest Income | $163.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $2.49B$1.80B |
| Loans | Q4 2019vs Q4 2018 | $2.28B$1.64B |
| Deposits | Q4 2019vs Q4 2018 | $1.61B$1.13B |
| Equity Capital | Q4 2019vs Q4 2018 | $228.2MM$156.7MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $26.6MM$20.3MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $40.7MM$42.5MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $7.3MM$4.8MM |