Principal Bank is headquartered in Des Moines and is the largest bank in the state of Iowa. It is also the 180th largest bank in the nation. It was established in 1998 and as of June of 2022, it had grown to 642 employees at 1 location. Principal Bank's savings rates are 3X the national average, and it has a B+ health rating.
Want To Lose Money? Bank Here.
My company 401K turned into an IRA with Principal bank. I began getting my statements and noticed the fee was $15 but the interest was $.80 cents. The interest rate is only .10%. When they could do no better I had them roll it over to another established IRA and guess what? They charged me a $10 "check" fee, even though the funds get sent electronically. What a SCAM. DO NOT put your money here, you will end up going backwards.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 34507 |
| Year Established | 1998 |
| Employees | 642 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.9% |
| Return on Equity - YTD | 17.86% |
| Annual Interest Income | $77.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $8.08B$4.78B |
| Loans | Q2 2022vs Q2 2021 | $1.84B$1.21B |
| Deposits | Q2 2022vs Q2 2021 | $7.70B$4.29B |
| Equity Capital | Q2 2022vs Q2 2021 | $260.5MM$402.8MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $1.3MM$3.0MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $4.8MM$4.2MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |