mBank is headquartered in Manistique and is the 12th largest bank in the state of Michigan. It is also the 685th largest bank in the nation. It was established in 1934 and as of March of 2021, it had grown to 310 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.
I've had Mbank for several years and my social security direct deposit goes there. The overdraft fees are out of this world. For something that went through just fine a few days before it will suddenly bounce and they'll sock you with a $90 fee followed by $20 fee after fee after fee. Then the bank will send the bill or purchase amount back to the store or company time and time and time again charging it against the account each time with a huge fee each time. Today they created a $290 overdraft (with fees) out of a bill that cleared a few days before. They charged fees that caused other things to bounce that also cleared before. There will now be a charge everyday until my next SS check is deposited 14 days from now. I wouldn't recommend if you need to budget and use the last cent of your income.
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||1.13%|
|Return on Equity - YTD||10.55%|
|Annual Interest Income||$14.9MM|
|Assets and Liabilities|
|Assets||Q1 2021vs Q1 2020||$1.51B$1.35B|
|Loans||Q1 2021vs Q1 2020||$1.06B$1.04B|
|Deposits||Q1 2021vs Q1 2020||$1.28B$1.10B|
|Equity Capital||Q1 2021vs Q1 2020||$161.8MM$155.1MM|
|Loan Loss Allowance||Q1 2021vs Q1 2020||$5.8MM$5.3MM|
|Unbacked Noncurrent Loans||Q1 2021vs Q1 2020||$5.0MM$6.4MM|
|Real Estate Owned||Q1 2021vs Q1 2020||$1.7MM$2.2MM|
Sorry, we do not have rate data for mBank.