Presidential Bank (MD) is headquartered in BETHESDA and is the 10th largest bank in the state of Maryland. It is also the 1,043rd largest bank in the nation. It was established in 1985 and as of December of 2024, it had grown to 331 employees at 11 locations. Presidential Bank (MD)'s money market rates are 10X the national average, and it has a B+ health rating.
Easy Hoops
I've had an account here for about a year. IIR it was a bit of a nuisance to set up, but I have to say once that hurdle was overcome, I've been pleased. The rate (currently 4.63% up to $25K) is exceptional, and almost as important, the rate for a balance over $25K is 3.6%, I think that's good enough not to worry about shifting any excess. They only require 7 external withdrawals Of Any Kind, so in addition to debit card transactions, transfers and bills also count.
It does take what seems like a long time for deposits to show up - as far as I know they don't show pending transactions, only complete and available - to the point that I can wonder if something went wrong, but so far that's just me being impatient, I haven't actually experienced any problems.
Presidential Bank - RCA Rates Increase
New rates for the rewards checking account at Presidential Bank (Advantage Checking). It’s now 3% APY up to $25k and 2.5%APY for daily balance above $25k. I was just about to move my $25k out but will now add more money instead!
The account application process was old school (at least when I applied last year) but monthly requirements are easy to meet.
ACH A Problem
Just had a 5.75% 7-month CD mature. This was a great rate, BUT although I initially funded the CD via ACH, what they neglect to inform you about is that when the CD closes, you cannot do the same (only check or cost of wire). Coming up on 2 weeks and I still don't have a check but have seen other complaints that are similar. Heavy sell on keeping the $$ within this bank and of course extricating the funds is an argument in their favor. Live and learn.
Withdrawing From Matured CD Problem
When opening a CD, it's easy to fund through ACH transfer. However when the CD matures, customer support doesn't inform you beforehand that withdrawing through ACH back to the funding bank account isn't an option. Only bank wire or a mailed paper check, in which you have to wait up to 14 days to receive.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 32363 |
| Year Established | 1985 |
| Employees | 331 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.15% |
| Return on Equity - YTD | 1.76% |
| Annual Interest Income | $57.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $974.2MM$932MM |
| Loans | Q4 2024vs Q4 2023 | $761.9MM$754.9MM |
| Deposits | Q4 2024vs Q4 2023 | $798.4MM$737.2MM |
| Equity Capital | Q4 2024vs Q4 2023 | $85.9MM$84.6MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $7.4MM$8.4MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $7.3MM$7.3MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |