2024 Overview
General Bank Information
Emigrant Bank is an FDIC insured institution located in New York, NY. It was founded in 1850 and has approximately $6.41 billion in assets. Customers can open an account at one of its 5 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 12054 |
| Date Established | 1850 |
| Assets | $ 6.52 billion |
| Loans | $ 4.62 billion |
| Deposits | $ 4.85 billion |
| Capital | $ 1,409.24 million |
For a more detailed analysis of Emigrant Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - April 20, 2024
Your Current Location: Ohio, OH 43085
Online Only Savings Rates of My Savings Direct, a division of Emigrant Bank
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Online Savings Account
|
4.35% | $1 | - |
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|
Online Only Savings Rates of Dollar Savings Direct, a division of Emigrant Bank
| Online Savings Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| High Interest Savings Account
|
5.00% | $0 | - |
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|
Online Only CD Rates of My Savings Direct, a division of Emigrant Bank
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
2.50% | $1,000 | - |
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|
| 24 Month CD
|
3.00% | $1,000 | - |
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|
| 30 Month CD
|
3.00% | $1,000 | - |
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|
| 36 Month Online CD
|
4.00% | $1,000 | - |
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|
| 60 Month CD
|
3.00% | $1,000 | - |
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|
Online Only CD Rates of Dollar Savings Direct, a division of Emigrant Bank
| Online CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Month CD
|
4.00% | $1,000 | - |
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|
| 12 Month CD
|
3.50% | $1,000 | - |
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|
| 16 Month CD
|
3.50% | $1,000 | - |
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|
| 18 Month CD
|
3.50% | $1,000 | - |
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|
| 24 Month CD
|
3.00% | $1,000 | - |
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|
| 36 Month CD
|
5.00% | $1,000 | - |
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|
| 60 Month CD
|
3.00% | $1,000 | - |
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|
Bank Online Offers
My Savings Direct Raises Online Savings Rate to 2.40%
Dec 5, 2018
My Savings Direct, a division of Emigrant Bank, has raised their online savings rate to 2.40%. This is currently the best online savings rate available nationally.
My Savings Direct Lowers Online Savings Rate to 1.90% APY
Dec 5, 2019
My Savings Direct, a division of Emigrant Direct, has lowered its online savings rate from 2.00 to 1.90% APY. While the rate is still competititve, it feels like we are a long way from this past summer with this bank topped out at 2.50% APY.
My Savings Direct Lowers Online Savings Rate to 1.80% APY
Jan 7, 2020
My Savings Direct has lowered its online savings rate to 1.80% APY. The Emigrant Direct subsidiary's rate is now a far cry from where it peaked at 2.50% in the Spring of 2019.
My Savings Direct Continues to Lower Its Savings Rates
Mar 12, 2020
My Savings Direct, a division of Emigrant, is continuing its drip-drip-drip lowering of savings rates with rates now at 1.60% APY. While a lowering of rates is perfectly understandable in the current environment, it is disappointing to long-term customers as Emigrant is currently offering a 1.80% APY rate in its Dollar Savings Direct accounts.
Emigrant Drops Dollar Savings Direct to 1.50% APY and My Savings Direct to 1% APY
Mar 17, 2020
Emigrant has dropped the savings rate offered by both of its online banking subsidiaries.
Dollar Savings Direct Lowers Savings to 1.30% APY
Jun 16, 2020
This Emigrant bank subsidiary has lowered its savings rate by 10 basis points for the second time in a week.
Dollar Savings Direct Lowers Savings to 1.20% APY
Jun 24, 2020
This is the bank's third 10 basis point cut in less than 3 weeks. Whereas most banks make quick cuts, this Emigrant subsidiary seems to opt for something akin to water torture.
Dollar Savings Direct Lowers Savings to 1.10% APY
Jun 25, 2020
This 10 basis point drop follows a 10 basis point drop two days ago, and 2 earlier ones within the last two weeks. Drip, drip, drip.
Dollar Savings Direct Lowers Savings to 1.00% APY
Jun 30, 2020
Dollar Savings Direct has made its 5th 10 basis point rate drop this month, leaving its online savings rate at 1.00% APY.
Dollar Savings Direct Lowers Savings to 0.60% APY
Sep 22, 2020
Lowered from 0.75% today. What else did you expect from Emigrant Bank?
Dollar Savings Direct Lowers Online Savings Rate From 0.55% to 0.50% APY
Nov 11, 2020
A nice move from an online bank that was the rate leader until earlier this year.
Dollar Savings Direct's online savings rate is now 0.45% APY
Nov 24, 2020
This is down from 0.50% and a far cry from a year ago when the Emigrant subsidiary offered the most competitive online savings rate in the industry.
Dollar Savings Direct Boosts Online Savings Rate from 0.35% to 0.75% APY
May 6, 2022
Emigrant Direct's subsidiary is back.
Dollar Savings Direct's Online Savings Rate is Now 3.11% APY
Oct 13, 2022
The bank raised its rate from 3.05% to 3.11% APY this morning.
Loan Rates - April 20, 2024
Your Current Location: Ohio, OH 43085
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
7.09% | 6.46% | $2,780.51 | |
| 15 Year Fixed Jumbo See Amortization Table |
7.44% | 6.74% | $2,829.94 | |
| 30 Year Fixed Conforming See Amortization Table |
7.18% | 6.36% | $1,993.25 | |
| 30 Year Fixed Jumbo See Amortization Table |
7.56% | 7.43% | $2,222.17 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 15 Year Fixed Conforming See Amortization Table |
7.09% | 6.46% | $2,780.51 | |
| 15 Year Fixed Jumbo See Amortization Table |
7.44% | 6.74% | $2,829.94 | |
| 30 Year Fixed Conforming See Amortization Table |
7.18% | 6.36% | $1,993.25 | |
Compare with 6.818% APR and 6.625% 30-Year Fixed RATE from PenFed Credit Union
See All Mortgage Rates |
||||
| 30 Year Fixed Jumbo See Amortization Table |
7.56% | 7.43% | $2,222.17 | |
|
Compare with 6.818% APR and 6.625% 30-Year Fixed RATE from PenFed Credit Union
See All Mortgage Rates |
||||
Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Emigrant Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
Emigrant Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
Emigrant Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Emigrant Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| Emigrant Bank | U.S. Bank Average |
|---|---|
| 17.63% | 3.96% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of December 31, 2024, Emigrant Bank had $257,669,000 in non-current loans and $4,651,000 in owned real estate. To cover these potential losses it had $1,409,237,000 in equity and $78,577,000 in loans loss reserves. That gives it a Texas Ratio of 17.63%.
Return on Equity
| Emigrant Bank | U.S. Bank Average |
|---|---|
| 3.31% | 12.20% |
Emigrant Bank has a Return on Equity of 3.31% versus the BestCashCow average of 12.20%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| Emigrant Bank | U.S. Bank Average |
|---|---|
| 21.61% | 10.76% |
Emigrant Bank has a Capitalization of 21.61% versus the BestCashCow average of 10.76. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
Emigrant Bank Balance Sheet Analysis
As of September 30, 2023, Emigrant Bank had assets of $6,412,660,000, loans of $4,619,288,000, and deposits of $4,845,324,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
December 31, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 562.77 million |
| Interest-bearing balances | $ 549.35 million |
| Total securities | $ 436.42 million |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 4.62 billion |
| Loan loss allowance | $ 78.58 million |
| Trading account assets | $ 0.89 million |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | $ 4.65 million |
| Goodwill and other intangibles | $ 104.63 million |
| All other assets | $ 512.90 million |
| Total Assets | $ 5.00 billion |
| LIABILITIES | |
|---|---|
| Total deposits | $ 4.85 billion |
| Interest-bearing deposits | $ 4.67 billion |
| Deposits held in domestic offices | $ 4.85 billion |
| % insured (estimated) | 86.82% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 18.90 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 119.05 million |
| Total Liabilities | $ 5.00 billion |
| Shareholders’ Equity | $ 1,516.33 million |
Summary Income Statement
December 31, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 332.35 million |
| Total Interest Expense | $ 145.76 million |
| Net interest income | $ 186.59 million |
| Provision for loan and lease losses | $ 19.10 million |
| Total non interest income | $ 41.72 million |
| Total non interest expense | $ 161.01 million |
| Pre-tax Net Operating Income | $ 31.36 million |
Bank Loan Profile?
The top three loan types in Emigrant Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Multifamily Mortgages.
Compared to other banks in New York, Emigrant Bank has a significantly higher percent of Commercial and Industrial Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 12.21 | ✓ | ||
| Multifamily Mortgages |
12.71 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.01 | ✓ | ||
| Small Business Loans | 7.33 | ✓ | ||
| Construction and Development Loans | 4.03 | ✓ | ||
| Commercial Real Estate | 14.60 | ✓ | ||
| Commercial and Industrial Loans | 45.40 | ✓ | ||
| Farm Loans | 0.00 | ✓ | ||
Customer Reviews for Emigrant Bank
george
December 21, 2022 |
Warning, Dollar Savings Direct, My savings direct both play game, interest rate are good, but once you deposit its very difficult to get money out(withdraw), think twice before you put money in,you also loss 4-5 days interest.
Is this review helpful? Yes:6 / No: 2
VietVet
June 14, 2017 |
Thanks guys for being honest and truthful...I'll put my money elsewhere...I don't need any more headaches...
Is this review helpful? Yes:9 / No: 0
Tec plumber ossining
July 13, 2016
Your bank in Ossining nu has displayed extremely poor taste neglecting too fly the flag at half staff in light of the assimilation of the 5 police officers in Dallas, especially as it is one of the villages most visible locations
Is this review helpful? Yes:5 / No: 3
Cronut
September 22, 2015
Typical Emigrant bank. Begin with a great rate, then make a big reduction. All down hill from here.
Is this review helpful? Yes:8 / No: 0
midiman007
September 15, 2015
Yeap 1.25% must have been a con game now 1.10%.
Is this review helpful? Yes:6 / No: 2
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