mBank is headquartered in Manistique and is the 12th largest bank in the state of Michigan. It is also the 655th largest bank in the nation. It was established in 1934 and as of December of 2020, it had grown to 315 employees at 30 locations. mBank has an A health rating.
This bank in Michigan has a few convenient locations. The staff is usually somewhat friendly and helpful. The number and types of services is limited, and the rates on certificates of deposit and savings accounts are lower than average. Another problem with this bank is that they charge huge overdraft fee's instead of denying your debit card at the point of sale. Their online banking system is sometimes delayed and this leads to lots of overdraft fees. If you are looking for a bank with lenient overdraft policies look elsewhere.
We had a nice local customer service oriented bank and mBank gobbled them up.
Their fee schedule is outrageous.
They pay zip in interest.
Bill pay stinks.
mBank app stinks.
Their main business is commercial loans. Need I say more?
Link to their fee schedule;
|FDIC Certificate #||14816|
|Return on Assets - YTD||1.04%|
|Return on Equity - YTD||9.48%|
|Annual Interest Income||$62.0MM|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$1.50B$1.32B|
|Loans||Q4 2020vs Q4 2019||$1.07B$1.05B|
|Deposits||Q4 2020vs Q4 2019||$1.26B$1.08B|
|Equity Capital||Q4 2020vs Q4 2019||$161.4MM$157.1MM|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$5.8MM$5.3MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$5.5MM$5.2MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$1.7MM$2.2MM|
Sorry, we do not have rate data for mBank.