The Federal Savings Bank is headquartered in Chicago and is the 57th largest bank in the state of Illinois. It is also the 1,040th largest bank in the nation. It was established in 2000 and as of March of 2020, it had grown to 1,176 employees at 2 locations. The Federal Savings Bank's money market rates are 36% higher than the national average, and it boasts an A+ health rating.
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Incessant IRRRL Letters
Once or twice a week, I get an IRRRL letter from these folks. They always have my name mispelt and always have a must act by date, different in every letter of course.
It's almost amusing that they have sent, I believe, over 50 such letters to me.
Waste Of Time
I wasted an hour in an attempt to open a CD with this bank. They're incompetent and their website is for loans, not for purchasing CDs. If you want a CD they will mail you an application (SMH!).
Dishonest Don't Use
Being sued by Citibank for fraudulently using social security numbers. Will not give receipts or contract like other banks. Very incompetent workers and have gang bangers stealing your info
The Federal Savings Bank Is A Scam!
Dwayne Jacobs called us on 4/26/13 to offer us a 2.5% refi rate. We filled out the paperwork, but he never contacted us; we always had to contact him. We paid for and received the appraisal. He promised us a closing date of 5/31/13 or before, but had not been in contact with us to set things up. We contacted him on 5/23 only to learn that we had not locked in on the rate and there was nothing he could do about it. Now we are out the appraisal fee and the rates have gone up! This bank is a scam - do not use them!
Data as of Q1 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 35518 |
| Year Established | 2000 |
| Employees | 1176 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 6.83% |
| Return on Equity - YTD | 43.27% |
| Annual Interest Income | $5.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $759.4MM$464.0MM |
| Loans | Q1 2020vs Q1 2019 | $678.0MM$420.5MM |
| Deposits | Q1 2020vs Q1 2019 | $603.2MM$285.2MM |
| Equity Capital | Q1 2020vs Q1 2019 | $109.5MM$87.1MM |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $1.6MM$951.00K |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $3.9MM$4.0MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $194.00K$472.00K |