Primary Bank is headquartered in Bedford and is the 10th largest bank in the state of New Hampshire. It is also the 1,585th largest bank in the nation. It was established in 2015 and as of June of 2020, it had grown to 40 employees at 3 locations. Primary Bank's money market rates are 59% higher than the national average, and it boasts an A+ health rating.
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Primary Bank - Opening A CD Account
Just finished opening a new, 3 yr. CD with them. The application process was smooth and very thorough. Good communication from them along the way, except no final communication that the account was open and how to enroll online. Account status did say approved, but I didn't know what to do next.
The account website interface is a standard netteller.com format, now becoming the standard of most banks offering online CD's.
It seemed like the final online enrollment after the CD was approved was very redundant to what I went through to apply. It was like I was starting over on all of the security stuff. I would hope that could be streamlined.
Overall, pretty good. Probably one of the better processes I've been though in many years!
NO ACH Transfer Choice Online Upon CD Maturity
Recently opened two CDs at this bank. As previous reviewer noted, online application process is smooth. However, they want you to go through the whole data entry process again to create the online account. (Application is different from online account creation! They don't automatically create an online account as part of the application process. Waste of time and resources!) Also, quite high early withdrawal penalties. (6 months of interest for a 12-month CD!) And, finally, they do NOT have ACH/electronic transfer choice online when CD matures. You have to call the customer service to initiate the transfer or get a paper check. This is quite primitive! I was informed that the bank is small, and doesn't have fancy online portal. Well, this feature is not at all complicated to add through online banking. (They already make you link an external account to electronically fund your CD! Why can't they allow the customer to manage the outbound transfer to this externally-linked account??) In any event, the overall application process (including verification of two micro deposits) was quite smooth and secure. Hope the bank will make its online experience a bit more "advanced"!
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 59086 |
| Year Established | 2015 |
| Employees | 40 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.41% |
| Return on Equity - YTD | 3.77% |
| Annual Interest Income | $7.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $508.6MM$255.6MM |
| Loans | Q2 2020vs Q2 2019 | $419.0MM$201.6MM |
| Deposits | Q2 2020vs Q2 2019 | $416.7MM$226.8MM |
| Equity Capital | Q2 2020vs Q2 2019 | $49.4MM$28.1MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $3.6MM$2.5MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $0$1.6MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |