United Bank (MI) is headquartered in Grand Rapids and is the 17th largest bank in the state of Michigan. It is also the 1,100th largest bank in the nation. It was established in 1903 and as of June of 2020, it had grown to 150 employees at 12 locations. United Bank (MI) has an A+ health rating.
Final Results
I feel that the United Bank of Michigan met my expectations with respect to the Health Savings Account thus far. The interest rate they provide seems unbeatable to me, and the account was able to opened up without any problems. I used it already to pay a dental bill.
Update To The Review From The Day Before
I wrote a review yesterday based on information from one staff person. A different person who seems to have more authority on the HSA process told me today that opening up an HSA can be done via a combination of email and regular mail. So I'm in the process of hopefully having my application approved so that I can take advantage of the 3.25% rate. I hope the rate is accurate.
Opening An HSA Account
I was told 8.22.2013 that you can't get the HSA account unless you open up the account personally at a branch office, or if you do it online you have to have a zipcode for a location in the Grand Rapids area.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11807 |
| Year Established | 1903 |
| Employees | 150 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.89% |
| Return on Equity - YTD | 9.04% |
| Annual Interest Income | $14.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $781.8MM$703.9MM |
| Loans | Q2 2020vs Q2 2019 | $605.7MM$585.9MM |
| Deposits | Q2 2020vs Q2 2019 | $643.3MM$520.1MM |
| Equity Capital | Q2 2020vs Q2 2019 | $72.3MM$67.4MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $6.1MM$5.5MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $174.00K$1.0MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $224.00K$239.00K |
