Forbright Bank is headquartered in POTOMAC and is the 3rd largest bank in the state of Maryland. It is also the 220th largest bank in the nation. It was established in 2003 and as of June of 2023, it had grown to 430 employees at 6 locations. Forbright Bank's savings rates are 8X the national average, and it has a C+ health rating.
Related Posts
9/7 - Forbright Bank Boosts 12-Month Online CD Rate
4/27 - Forbright Bank Adds Online CD Product Line
3/11 - Forbright Bank's 12-17 Month CD Is A Rate-Leader
3/10 - Deleted after noticing already posted
3/9 - Forbright Bank - 12-Month CD @ 5.25%
Forbright Is Very Bright, Doing It Right
I opened a cd online in just a few minutes. Easiest ever. I had a little trouble enrolling the account in online banking and called CS. There was a 12 second wait. WOW! The young lady pushed my info through on the spot. All good.
New Account Opening Was A Breeze
Just signed up for their 12 month CD. Took about 5 minutes to open and fund. I did remove my credit report freeze prior to applying as I know some banks do a soft pull and if you have it frozen, they will deny you. Can't speak to any other aspects, but so far so good.
5.25 % Only Applies To 12 Month CD
I called the bank this morning and was told their 5.25 percent certificate is only available for 12 month CDs. DepositAccts shows a 12-17 month option for that rate, but not according to the bank. Please keep that in mind.
Got Turned Down To Open An Acct Without Giving A Reason.
Saw the high rate and that they invest in green business. So what the heck, thought I open a account to support. They get all my information and after hiting the button to submit, within seconds I get a popup that they cannot open the account. It goes on to say an e=mail will be sent to me. The e-mail does not give a reason. Sound like their just connecting info on people. Stay away!!!
Forbright Do Not Allow Saving Account Open On Line
forbright has A health review and good interest for short term cd, but they require me to open saving account physically in the branch, not allow us to open on line. they claim it is cooperate decision to avoid fraud. however, this decision made me unsafe bank with forbright bank, since I live far outside maryland. at cd mature, they said it will return the money thru ach , with routing number and act number. when I open the cd, I have called the phone number listed above, the lady told me I am allowed to open saving account. after I opened the account, they forward me to on line service, I was told no. I can not open saving account on line. now I am stuck for a year, hope I can get money back at maturity. I do not like to write reviews. I am raising alert like me to be aware.
Cds 12 Month Rate - 3.924% 2023.03.22
CDs 12 month Rate - 3.924% 2023.03.22
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57614 |
| Year Established | 2003 |
| Employees | 430 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.19% |
| Return on Equity - YTD | 10.97% |
| Annual Interest Income | $269.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $6.61B$6.44B |
| Loans | Q2 2023vs Q2 2022 | $4.57B$4.53B |
| Deposits | Q2 2023vs Q2 2022 | $5.69B$5.66B |
| Equity Capital | Q2 2023vs Q2 2022 | $711.8MM$637.1MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $87.7MM$37.9MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $114.2MM$46.1MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$279.00K |