New Millennium Bank is headquartered in Fort Lee and is the 41st largest bank in the state of New Jersey. It is also the 1,741st largest bank in the nation. It was established in 1999 and as of September of 2020, it had grown to 60 employees at 7 locations. New Millennium Bank's money market rates are 14% higher than the national average, and it has a B+ health rating.
It Is A Rip Off
Stay away from this bank, the only transaction with them was a commercial loan and we have some difficulties paying our mortgage duo to Covid-19 situation to the point that we had to shut down . we put the building up for sale. When we asked them to pay all the late payment back, they raised our interest from 5.5 to 9.5% , charges us an outrageous lawyer fees over 20,000 dollars for just sending us few letters with no even a court appearance . also charging us over 4500 for appraisal fee and multiple thousands for administrations fee . It is a rip off process because they know that our balance is 500 thousand and the building is worth 2.5 million. Since the bank was sold to a Korean group and they do this dirty business to steal the money from all the distressed property owners. I heard that they foreclosed on multiple buildings and family houses just to profit from the foreclosure process so even if you are able to get out of the foreclosure and save your property you will have to pay them an outrageous fees.
STAY AWAY FROM THEM , TAKE YOUR MONEY AND BUSINESS SOMEWHERE ELSE.
Data as of Q3 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35151 |
| Year Established | 1999 |
| Employees | 60 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.66% |
| Return on Equity - YTD | 6.83% |
| Annual Interest Income | $14.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2020vs Q3 2019 | $461.8MM$448.6MM |
| Loans | Q3 2020vs Q3 2019 | $355.8MM$303.7MM |
| Deposits | Q3 2020vs Q3 2019 | $392.7MM$396.5MM |
| Equity Capital | Q3 2020vs Q3 2019 | $41.7MM$38.9MM |
| Loan Loss Allowance | Q3 2020vs Q3 2019 | $7.5MM$5.3MM |
| Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $2.5MM$1.1MM |
| Real Estate Owned | Q3 2020vs Q3 2019 | $137.00K$112.00K |