Paramount Bank (MO)


Overview / Commentary
800-735-5957
90 Village Sq. Shpctr.
Hazelwood, MO 63042

Paramount Bank (MO) is headquartered in Hazelwood and is the 187th largest bank in the state of Missouri. It is also the 4,053rd largest bank in the nation. It was established in 2004 and as of June of 2022, it had grown to 84 employees at 1 location. Paramount Bank (MO)'s money market rates are 3X the national average, and it has a C+ health rating.

Great Customer Service!!!

Posted by: |

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

Posted by: |

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.

Great Company

I heard about Paramount Mortgage Bank from a friend who opened an account with them, i was looking to move into a new home with my family though i had a terrible credit score at the time. I learnt Paramount specifies a credit score of 680 as the point below which higher rates may apply so i needed nothing less than a 700 score to stand a good chance. However, it also says mitigating circumstances can help your approval process if you have credit issues. On the side, i'll give special thanks to Creditmason Repairs team for helping me attain an excellent credit score that made it possible for me to acquire the mortgage within five months, my huge student loans were also paid off by this team. The drawbacks i experienced with Paramount is that there's little information online, meaning you have to engage with a loan officer to get an idea of what your loan might look like. Also, requirements are non-transparent. It doesn’t release information about its minimum down payment or debt-to-income ratios.

Don't Waste Your Time

Seriously, if you need, have to have, an online bank, this is not the one. The rates seem too good to be true, and they are, because you can't get an account with them. The online application process is easy enough, except that they will come back after you've submitted and want a photo of you, photos of recent bills, maybe other things as I have read in reviews. (Oop, we forgot to mention that before you clicked "submit"!). Then they pull the money from you, in my case $10k, and you may or may not hear from them again. They transferred mine from my bank on April 5, 2021. It is now May 13. They claim they have tried multiple times to do the next step they require, send a paper signature card, where your signature in real ink makes everything legal. I have not received anything from them, but then that is the reason I need an online bank; I travel. Today, 39 days later, they are transferring the money back and refusing me. They're not nice about it, the customer service agent, Nicole, has a holier-than-thou attitude and speaks like a parent to a naughty child. All I can say is it's their loss, not mine.

P.S.- June 12, I finally received their "welcome packet" with aforementioned signature card. The envelope was scribbled all over with the address hand copied incorrectly. Looks like someone's child came to work that day and tried to "help". Or maybe these folks are just that incompetent.

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Health
C+
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Paramount Bank (MO) has a relatively low asset base, and a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #57884
Year Established2004
Employees84
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD-3.02%
Return on Equity - YTD-23.35%
Annual Interest Income$1.5MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$92.9MM$225.2MM
LoansQ2 2022vs Q2 2021$66.9MM$130.4MM
DepositsQ2 2022vs Q2 2021$77.6MM$192.7MM
Equity CapitalQ2 2022vs Q2 2021$13.0MM$19.2MM
Loan Loss AllowanceQ2 2022vs Q2 2021$938.00K$938.00K
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$0$61.00K
Real Estate OwnedQ2 2022vs Q2 2021$1.0MM$1.1MM
Rates
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Always verify rates and promotions with the bank or credit union. We are not Paramount Bank (MO); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Paramount Bank (MO) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%--Personal Statement Savings
0.15%--Minor Savings

Paramount Bank (MO) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%--Money Market Deposit
1.10%--Business Money Market

Paramount Bank (MO) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%*-$100kInterest Checking
OTHER TIERS: 0.10% $100k+

Paramount Bank (MO) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.70%$1k-25 Month CD Special
2.55%$1k-48 Month CD
2.55%$1k-19 Month CD Special
2.50%$1k-36 Month CD
2.25%$1k-24 Month CD
2.00%$1k-13 Month CD Special
1.80%$1k-18 Month CD
1.75%$1k-12 Month CD
1.70%$1k-60 Month CD
1.20%$1k-6 Month CD

Paramount Bank (MO) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.55%$1k-48 Month IRA
2.50%$1k-36 Month IRA
2.25%$1k-24 Month IRA
1.80%$1k-18 Month IRA
1.75%$1k-12 Month IRA
1.70%$1k-60 Month IRA
1.20%$1k-6 Month IRA
Locations


Paramount Bank (MO) Locations
Superior Bank90 Village Square Shop CtrHazelwood, MO 63042

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