Forcht Bank is headquartered in LEXINGTON and is the 11th largest bank in the state of Kentucky. It is also the 722nd largest bank in the nation. It was established in 2002 and as of June of 2023, it had grown to 273 employees at 24 locations. Forcht Bank's money market rates are 3X the national average, and it has a B+ health rating.
When signing up for a checking account with Forcht Bank, I was NOT told there was a minimum for the amount that could remain in the account. I was told in the beginning it took $200 to start up the account so I happily placed my hard earned money into the account to get a local bank account set up. Within a month which was before starting my new job (which would be direct deposit) I started noticing $6 coming out of my account each week. I had used my new bank card for gas and the account had $150 before the fees starting coming out. I had no way of putting money back in there until my first paycheck and before I knew it, my account was down to below $100 and I barely had enough money to fill up my tank to get to work. I called the bank, they explained this should have been told with the type of account I had and they could put me in a "free" account if I wanted to do so. By this point, I had lost too much money and pulled the funds out. The next month I received an "overdraft" notice of $6 and $30 (fee) because the lady I spoke with did not close the account like she was supposed to. Needless to say I finally got it figured out but I was not a happy camper.
Overall | |
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FDIC Certificate # | 57415 |
Year Established | 2002 |
Employees | 273 |
Primary Regulator | OCC |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.49% |
Return on Equity - YTD | 5.66% |
Annual Interest Income | $27.1MM |
Assets and Liabilities | ||
---|---|---|
Assets | Q2 2023vs Q2 2022 | $1.49B$1.50B |
Loans | Q2 2023vs Q2 2022 | $993.3MM$860.6MM |
Deposits | Q2 2023vs Q2 2022 | $1.29B$1.35B |
Equity Capital | Q2 2023vs Q2 2022 | $129.2MM$137.5MM |
Loan Loss Allowance | Q2 2023vs Q2 2022 | $13.3MM$10.3MM |
Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $3.4MM$2.1MM |
Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.10%* | $10k* | - | Forcht Friend Savings | ||
OTHER TIERS: 0.05% → Up to $10k | |||||
0.05% | - | - | Simple Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.05% | - | - | Forcht Friend Checking | |
0.05% | - | - | 55 Advantage Checking | |
0.05% | - | - | Everyday Heroes Checking |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.07% | $1k | - | 7 Month Special CD - New Money | |
3.82% | $1k | - | 15 Month Special CD - New Money |