New York Community Bank is headquartered in Hicksville and is the 6th largest bank in the state of New York. It is also the 45th largest bank in the nation. It was established in 1859 and as of March of 2021, it had grown to 2,797 employees at 238 locations. New York Community Bank has an A+ health rating.
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Since The Start
I come to NYCB via their acquisition of Penn Federal Savings. I only have a savings account but the bank has always been helpful. They refunded wire fees when it was clear I didn't know the policies etc. Branch folks are always very friendly whether in person or on phone. I started with PennFSB in 2000.
My New York Community Bank Experience.
I've been with NYCB for a couple of years in my youth. The bank doesn't have ridiculous stipulations and don't try to stiff their customers on things more well known banks are notorious for. Setting up a checking account is pretty easy and there are no minimums or large over draft fees as well as no ATM fees which is almost unheard of today. Savings accounts are average but they do have better features than other banks, such as a respectable minimum amount (Under $500) and their penalty fee is pretty low as well. While I do approve of the bank, one thing I will suggest if you go with this bank is to make sure you have one in your neighborhood. Branches are extremely sparse and it will become a headache if you need to actually go to the bank regularly. You'd think such a good bank would have a lot more branches available but high quality usually means low quantity unfortunately.
A couple of complaints
So recently Ohio Savings changed it's automated system to commune with NY Community Bank. WHAT A NIGHTMARE. DEFINITELY not easy to navigate through the system! Then I made a purchase in another state and instead of calling me to make sure of the transactions, they FROZE my account WITHOUT ANY NOTIFICATION. Seriously? What another nightmare. Investigating other banking options after being a loyal customer for over 25 years.
The Worst Bank You Will Ever Find.
Freezing accounts for no reason. Can't get a straight answer. The employees must be incompetent and indifferent to be hired. My money is coming out of there. Stay far away.
Data as of Q1 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 16022 |
| Year Established | 1859 |
| Employees | 2797 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.09% |
| Return on Equity - YTD | 8.46% |
| Annual Interest Income | $423.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2021vs Q1 2020 | $57.63B$54.24B |
| Loans | Q1 2021vs Q1 2020 | $43.07B$42.13B |
| Deposits | Q1 2021vs Q1 2020 | $34.34B$32.13B |
| Equity Capital | Q1 2021vs Q1 2020 | $7.30B$7.13B |
| Loan Loss Allowance | Q1 2021vs Q1 2020 | $197.8MM$162.2MM |
| Unbacked Noncurrent Loans | Q1 2021vs Q1 2020 | $33.2MM$49.3MM |
| Real Estate Owned | Q1 2021vs Q1 2020 | $3.3MM$2.0MM |
