Pacific National Bank is headquartered in MIAMI and is the 23rd largest bank in the state of Florida. It is also the 859th largest bank in the nation. It was established in 1985 and as of December of 2023, it had grown to 106 employees at 4 locations. Pacific National Bank's CD rates are 5X the national average, and it has an A health rating.
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CD Account Opening
I've now bought close to a hundred CD's online from dozens of financial institutions. All have had their quirks and problems.
I just recently bought a CD with joint ownership through PNB. While the application was very thorough, I believe it was one of the best processes I've been through. I really liked the use of DocuSign after the application was approved. No printing, scanning, or snail mailing sheets of paper!
I completed the application on a Sunday, and everything was handled and complete by early afternoon on Monday, the first business day. I believe you could get it all done and approved in a single business day. They were very prompt. My conversations/questions with customer service the week before also went very well.
However, my pet peeve came up even with them... Security questions asked and answered during the application process, which included saving it and completing it later, were thrown out once it was approved. You have to go through this AGAIN to setup online access. PNB is not the only institution that does that, it really bothers me. Why ask them during the application if you're just going to throw them out???
Pacific National Bank
I called to see how I would get My CD money returned just knowing they would not be competitive for a renewal.The first thing the CSR said was, please don't leave us. In all my years of banking, I have never had a banker say that to me. To my surprise they offered 2.4% for 12 months. Not the best but OK. I think they want my business. I did renew.
No Monthly Interest Pay Outs
Wasted 5 hrs getting booked-up into a CD before learning interest accumulates only.
Turned Down For A CD
Several days after applying for a CD with Pacific National I received a Notice of Adverse Action in the mail stating the application had been declined, the reason based on information in my Experian credit report. There's not one negative item in my report and my credit score is excellent. I've never had a deposit application turned down so I called PNB and was told they wouldn't be able to tell me what it was in the report that caused the denial. I called Experian, the rep said there was nothing she could see other than a fraud alert which hasn't prevented me from opening CDs elsewhere. PNB can't give me some clue as to what it was in my report that prevented me from opening an account?
Early Closure Penalty
Beware that the online Money Market rates with a $5,000 minimum are variable and there is a $50 penalty for closing the account before 6 months
Nice Clean Bank But...
I walked into the branch to make a cash deposit and the representative asked me HOW I had obtained the cash. I could not believe my ears. I had to sign a document that stated how I had earned the cash. This is an invasion of my privacy I told her. No bank has ever asked this. I immediately closed my account and went back to my prior bank.
Ripoff-Make Sure Your CD's Don't Mature On A Weekend Or Holiday
I opened a $100,000 CD 18 months ago online and it happened to mature this past Saturday, 2/3/18. I notified PNB on 1/5/18 that I wanted the CD to be ACH'd back to me upon maturity since their current rates were not competitive. Since the CD matured on a Saturday, they could not return the funds to me until today, 2/5/18. However, they only paid interest through the maturity date even though they had my money 2 additional days. I brought this up to a customer service rep and he said that my agreement stated that I would not earn interest past the maturity date even though the maturity date, SELECTED BY PNB, was a Saturday. That's just not right! I won't deal with them again.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26299 |
| Year Established | 1985 |
| Employees | 106 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.16% |
| Return on Equity - YTD | 10.94% |
| Annual Interest Income | $64MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $1.22B$1.16B |
| Loans | Q4 2023vs Q4 2022 | $805.8MM$727.5MM |
| Deposits | Q4 2023vs Q4 2022 | $984.1MM$956.6MM |
| Equity Capital | Q4 2023vs Q4 2022 | $134.6MM$115.6MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $5.1MM$6.1MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $301K$0 |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |