Security Bank (OK) is headquartered in Tulsa and is the 29th largest bank in the state of Oklahoma. It is also the 1,296th largest bank in the nation. It was established in 1902 and as of December of 2020, it had grown to 54 employees at 1 location. Security Bank (OK)'s money market rates are 14% higher than the national average, and it boasts an A+ health rating.
Reward Checking
Just got a letter in the mail. Security Bank (OK) is increasing the rate and eligible balance for its reward checking account. Effective May 25, 2018:
Rates:
2.23% (2.25% APY) for balances up to $50,000
0.30% on balances over $50,000
0.10% when requirements are not met
Qualifications:
1 direct deposit or ACH transaction
10 debit card purchases of $3 or more
be enrolled and review e-statements
Other:
Two account limit per household
Inconveniences Increasing For Bonus (Reward) Checking
This has been a good bank with which to deal. Online banking is fine, and the people are friendly. ACH transfers are more limited than i'd like them to be, but I have done banking with them now for several years, even when they lowered their maximum deposit amounts for their reward checking program. Now they have greatly INcreased their maximum deposit amount to the point where it was going to have been worth the wait: $50,000. But just when it looked good, they added this: purchases only count toward your monthly eligibility for the high-interest rate if those purchases are OVER $3 each. I don't know about the rest of you, but this is now a lot of work keeping track of how many purchases you have made each month over $3. If you are in Tulsa, and Security is your primary bank, and you use your debit card for most things and are not needing to keep track of purchases, then by all means sign up for Bonus Checking. But if you are a national customer with multiple accounts around the country, this reward program is now unwieldy and customer unfriendly -- moreso than the average reward checking account. They have politely said that they consider themselves competitive -- but this is NOT true in my experience. Disappointing for someone who has been with them for several years.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4178 |
| Year Established | 1902 |
| Employees | 54 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.76% |
| Return on Equity - YTD | 16.32% |
| Annual Interest Income | $29.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $670.0MM$584.7MM |
| Loans | Q4 2020vs Q4 2019 | $557.5MM$479.5MM |
| Deposits | Q4 2020vs Q4 2019 | $596.3MM$514.7MM |
| Equity Capital | Q4 2020vs Q4 2019 | $73.2MM$69.2MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $10.8MM$9.7MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $4.7MM$6.6MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $60.00K$220.00K |