Northwest Bank is headquartered in Spencer and is the 6th largest bank in the state of Iowa. It is also the 505th largest bank in the nation. It was established in 1988 and as of June of 2021, it had grown to 335 employees at 20 locations. Northwest Bank has an A health rating.
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Northwest bank review
Overall I really like Northwest bank. They have a friendly staff and I never spend much time inside the bank doing any transaction. The only account that I use is a checking account. I prefer a checking account because it is easier with withdraw my money. I use a debit card and have my money whenever I want it. Their online banking is the best feature they have though. It is very secure, and it has many features. You can check all of your account just like at the actual bank, and also see all of your transaction history which I really like. The other day I no longer wanted to receive bank statements in the mail, so I went online and requested them to be canceled. It is very efficient and useful.
If You Looking To Build Credibility Don’T Use This Bank
After 8 years I am closing my business, checking and saving account, I was able to build equity for over a millón dollars in real state, however I wasn’t elegible for a car loan, I was not good enough to access to an small credit or refinanced my student loans with this Bank. I will be looking for a better bank right now.
Data as of Q2 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32647 |
| Year Established | 1988 |
| Employees | 335 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.29% |
| Return on Equity - YTD | 15.1% |
| Annual Interest Income | $33.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $2.13B$1.97B |
| Loans | Q2 2021vs Q2 2020 | $1.53B$1.67B |
| Deposits | Q2 2021vs Q2 2020 | $1.81B$1.64B |
| Equity Capital | Q2 2021vs Q2 2020 | $179.2MM$171.0MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $21.2MM$18.3MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $8.4MM$6.1MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $758.00K$1.4MM |
