i-bank is headquartered in Memphis and is the 20th largest bank in the state of Tennessee. It is also the 825th largest bank in the nation. It was established in 1998 and as of June of 2022, it had grown to 228 employees at 12 locations. i-bank has an A+ health rating.
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Excellent Banking Experience
I-Bank is an outstanding bank for personal and business banking needs. The bank carries an A rating in regards to its financial strength and that is important. The employees are courteous and go that “extra mile”. I consider I-Bank the best bank in the Memphis, Tennessee area!
"Fees" Are Outrageous
Terrible bank. Purchased a new vehicle and was going to pay it off early as it is. It was easier to just get a loan and pay it than getting funds together at the dealership. What a joke! $15 dollar "fee" to send payment? 60x$15= $900 over the span of a loan. Wait a rip off. Paid the loan off but never again will I agree to a loan through this company. Beware
Hidden "Convenience" Fees
If I could give negative stars I would..... The Competitive rates are truly deceptive as they make up for it with all of their "convenience" fees. The customer service is hands down the worst I have ever dealt with in financing an auto loan. Paying off a loan early was a process that kept me on the phone ALL day long receiving a different payoff amount from every single person I talked to. I left 5 voice mail messages and 2 emails for managers to contact me, as they are conveniently never available. Not one call or email back. Stay away. Take your business somewhere else.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34728 |
| Year Established | 1998 |
| Employees | 228 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.41% |
| Return on Equity - YTD | 11.99% |
| Annual Interest Income | $26.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.24B$1.20B |
| Loans | Q2 2022vs Q2 2021 | $998.6MM$889.7MM |
| Deposits | Q2 2022vs Q2 2021 | $1.08B$1.05B |
| Equity Capital | Q2 2022vs Q2 2021 | $153.1MM$151.0MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $10.5MM$10.5MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.8MM$5.2MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $1.5MM$6.2MM |