Paramount Bank (MO) is headquartered in Hazelwood and is the 147th largest bank in the state of Missouri. It is also the 3,508th largest bank in the nation. It was established in 2004 and as of December of 2021, it had grown to 134 employees at 1 location. Paramount Bank (MO) has a B health rating.
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4/17 - Paramount Bank Lowers Checking Interest Rate
1/2 - High-Interest Checking, 0.85%* APY, NO Debit Card Requirements
Great Customer Service!!!
Russ was amazing. He walked me through the verification process, waitinguntil it was complete. I appreciate such high standards of customer service compared to being thrown some instructions and to go on your merry way!!
3 Limitations To Be Aware Of
So far my experience with Paramount has been favorable, but new depositors may not be happy with 3 service limitations:
*ACH withdrawals are limited to $5000.
*They have no "secure messaging". You have to call them or send a regular email.
*A checkbook order is a minimum of $35! But they have no objection if you buy discount checks elsewhere.
Their staff has been friendly and knowledgeable, and they do answer the phone promptly without a lot of menus to go through.
$100K Limit!
I went to open an account today and was surprised to see the $100K limit for .85% interest. Above $100K its .10 (not clear if thats for the excess or the whole amount).
I didn't see that anywhere on the description here. Did it just change?
Horrible experience
Horrible experience with Paramount Bank. Six months after establishing a Business Money Market Account with over $100,000, Paramount Bank decided to drop its interest rate from the promised .50% to .05% with no notice. I thought it must have been a typo when I first saw it on my statement, because I could not believe that any reputable bank could do such a thing to its customers, particularly a large depositor. When I asked why the change was made, the only answer I received was that it was a decision of the Board. Lousy customer service and absolutely no respect for its customers. Recommend that you stay away from this bank!
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57884 |
| Year Established | 2004 |
| Employees | 134 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -2.05% |
| Return on Equity - YTD | -22.37% |
| Annual Interest Income | $4.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $153.0MM$237.9MM |
| Loans | Q4 2021vs Q4 2020 | $74.4MM$191.2MM |
| Deposits | Q4 2021vs Q4 2020 | $127.2MM$152.7MM |
| Equity Capital | Q4 2021vs Q4 2020 | $17.9MM$19.1MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $938.00K$938.00K |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $0$209.00K |
| Real Estate Owned | Q4 2021vs Q4 2020 | $1.1MM$1.6MM |