Royal Banks of Missouri is headquartered in University City and is the 39th largest bank in the state of Missouri. It is also the 1,107th largest bank in the nation. It was established in 1965 and as of December of 2019, it had grown to 87 employees at 12 locations. Royal Banks of Missouri has an A health rating.
Royal Banks of Missouri has been a good community bank that has given back to the local communities surrounding their branches. They recently upgraded their mobile banking app for Apple and Android device which now offers mobile deposit capture. They have a very attractive 15 month floating rate certificate of Deposit that floats at 35% of prime? The best part of banking with Royal is the employees know you by name and treat you like family.
Signed up in Nov. Hesitant to give info such as SS# online but so far have not had any problems. High yield interest is paid after 10 qualifying debit transactions and one ACH transfer. This could be a direct deposit or an ACH transfer you initiate from another bank. Would be 5 stars but you cannot iinitiate an ACH transfer from your RBM account. You have to initiate it from another checking account. I was hesitant to carry a debit card with a high balance but now only bring it when I know I will be using it and keep it at home after the 10 monthly debit transactions. Charging utility bills online using a debit card count towards the 10 transactions.
I signed up for a RBoM account in January, back when it was open nationwide. Previously I had only held reward checking accounts at local credit unions, so I was nervous about dealing with a bank out of state. I was also concerned the high interest rate wouldn't last long enough to make it worth while.
The application process was a breeze, although I had to go through a third-party's web-based application. The initial account information which was mailed to me wasn't entirely clear (I had questions like: could the debit card be used for point of sale purchases, without a PIN? could I get any free starter checks? etc.). Calling the CSR resolved about 80% of my questions, but they were obvously more accustomed to dealing with peple face-to-face.
Another odd thing about this bank is that they use a 3rd party secure e-mail system. They send me notifications each month that my account statement is ready, but to view it I have to log into the 3rd party secure e-mail system (which is a completely different site from the one where you perform account actions). It's no big deal, just one more login/password combo to remember.
Shortly after signing up with RBoM, they closed new accounts to people living out of state, and slightly dropped their interest rate. The rate was still very good, so I kept using the account. Today the rate is 3.51 APY, so I feel fortunate that I signed up while I could.
|FDIC Certificate #||19512|
|Return on Assets - YTD||1%|
|Return on Equity - YTD||6.31%|
|Annual Interest Income||$30.9MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$697.2MM$702.7MM|
|Loans||Q4 2019vs Q4 2018||$558.5MM$564.0MM|
|Deposits||Q4 2019vs Q4 2018||$577.5MM$568.9MM|
|Equity Capital||Q4 2019vs Q4 2018||$112.2MM$107.6MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$4.5MM$4.5MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$5.5MM$5.1MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$1.2MM$838.00K|
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|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.51%||-||$15k||Kasasa Checking Account|