Northwest Bank is headquartered in Spencer and is the 8th largest bank in the state of Iowa. It is also the 496th largest bank in the nation. It was established in 1988 and as of June of 2020, it had grown to 320 employees at 19 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 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32647 |
| Year Established | 1988 |
| Employees | 320 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.9% |
| Return on Equity - YTD | 9.64% |
| Annual Interest Income | $34.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $1.97B$1.65B |
| Loans | Q2 2020vs Q2 2019 | $1.67B$1.37B |
| Deposits | Q2 2020vs Q2 2019 | $1.64B$1.38B |
| Equity Capital | Q2 2020vs Q2 2019 | $171.0MM$161.2MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $18.3MM$17.1MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $6.1MM$4.9MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $1.4MM$150.00K |
