Open Bank is headquartered in LOS ANGELES and is the 38th largest bank in the state of California. It is also the 520th largest bank in the nation. It was established in 2005 and as of June of 2024, it had grown to 224 employees at 16 locations. Open Bank has an A health rating.
OUTSTANDING Second Bank!
I've been with Open Bank for a little over a month now. At first was very cautious as you can use either your computer or cell phone but you MUST verify your use with your cell phone. Got the hang of it now and simply use my cell phone as it is quick, easy, and accurate. I use it as my back up bank to Poppy as it is simple to move money back and forth between the two. Would highly recommend Open Bank as your back up as it currently pays 5% interest which is right at the top currently. No problems at all and they are easy to join and navigate.
Just Joined Today, So Far So Good.
Easy to join, but they are cellphone oriented on a lot of things. Not a problem and they allowed my daughter as joint owner in minutes. Funding the account now, they advertise 5.25%.
Not An Account Holder Because....
I looked into opening an account. You must use their App, and you must enable face or fingerprint biometrics. I'm ambivalent about the App, but I don't want to participate in facial recognition or fingerprint capture. For .25% greater yield, I'll pass.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57944 |
| Year Established | 2005 |
| Employees | 224 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.99% |
| Return on Equity - YTD | 11.39% |
| Annual Interest Income | $67.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $2.29B$2.15B |
| Loans | Q2 2024vs Q2 2023 | $1.85B$1.7B |
| Deposits | Q2 2024vs Q2 2023 | $1.94B$1.86B |
| Equity Capital | Q2 2024vs Q2 2023 | $195.6MM$181.7MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $22.8MM$20.8MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $6MM$3.4MM |
| Real Estate Owned | Q2 2024vs Q2 2023 | $1.2MM$0 |