Monona Bank is headquartered in Monona and is the 25th largest bank in the state of Wisconsin. It is also the 858th largest bank in the nation. It was established in 1991 and as of September of 2019, it had grown to 150 employees at 9 locations. Monona Bank's money market rates are 3X the national average, and it boasts an A+ health rating.
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Hiding Loan Payoff Fees?
Stay away. I have had two loans with this company, mainly because they were a referral and I appreciated the service they gave me. They didn't have the best rates, but not terrible either. After paying over $25k in interest over the past 6-7 years, I refinanced with someone else as Monona couldn't offer as good a deal and the service from my new lender seemed much better. Upon refinancing, they charged me a $25 fee. I inquired with them because my loan docs said there was no early payoff fee, but said the fee was for "preparation of my payoff amount," which they view as something different. After the amount I paid them, they apparently wanted more. After emailing the VP, she explained what it was for and I questioned it, she didn't respond. No more business for them and I hope everyone stays away.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 33458 |
| Year Established | 1991 |
| Employees | 150 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.96% |
| Return on Equity - YTD | 8.5% |
| Annual Interest Income | $30.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $939.8MM$884.6MM |
| Loans | Q3 2019vs Q3 2018 | $788.6MM$720.6MM |
| Deposits | Q3 2019vs Q3 2018 | $749.0MM$705.5MM |
| Equity Capital | Q3 2019vs Q3 2018 | $106.4MM$98.9MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $10.0MM$8.7MM |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $3.0MM$3.3MM |
| Real Estate Owned | Q3 2019vs Q3 2018 | $182.00K$23.00K |