Choice Financial Group

Headquarters

4501 23rd Avenue South
Fargo, ND 58104
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.05% →
1-Year CD 0.70% 0.95% →
2-Year CD 0.75% 1.05% →
5-Year CD 1.00% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Choice Financial Group is an FDIC insured institution located in Fargo, ND. It was founded in 1906 and has approximately $2.43 billion in assets. Customers can open an account at one of its 20 branches.

FDIC Insured Yes
FDIC Certificate # 9423
Date Established 1906
Assets $ 2.43 billion
Loans $ 2.02 billion
Deposits $ 2.07 billion
Capital $ 293.37 million
 

For a more detailed analysis of Choice Financial Group's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - September 18, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.20% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.15% $10,000 $14,999 Learn More
3 Mo CD
0.25% $100,000 $199,999 Learn More
6 Mo CD
0.30% $10,000 $14,999 Learn More
6 Mo CD
0.40% $100,000 $199,999 Learn More
12 Mo CD
0.60% $10,000 $14,999 Learn More
12 Mo CD
0.70% $100,000 $199,999 Learn More
24 Mo CD
0.65% $10,000 $14,999 Learn More
24 Mo CD
0.75% $100,000 $199,999 Learn More
36 Mo CD
0.70% $10,000 $14,999 Learn More
36 Mo CD
0.80% $100,000 $199,999 Learn More
48 Mo CD
0.80% $10,000 $14,999 Learn More
48 Mo CD
0.90% $100,000 $199,999 Learn More
60 Mo CD
0.90% $10,000 $14,999 Learn More
60 Mo CD
1.00% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less

Loan Rates - September 18, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Choice Financial Group

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.815% 2.750% 0.88 $2,118 $1,021 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.990 %
$0 Learn More
More Info

Note to Choice Financial Group
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Branches

Choice Financial Group 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:
Fairfield,Connecticut


Choice Financial Group Locations


Financial Details

Choice Financial Group Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Choice Financial Group. 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
Choice Financial Group U.S. Bank Average
5.61% 6.94%

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 March 31, 2020, Choice Financial Group had $15,955,000 in non-current loans and $1,506,000 in owned real estate. To cover these potential losses it had $293,372,000 in equity and $17,844,000 in loans loss reserves. That gives it a Texas Ratio of 5.61%.

Return on Equity
Choice Financial Group U.S. Bank Average
13.15% 7.80%

Choice Financial Group has a Return on Equity of 13.15% versus the BestCashCow average of 7.80%. 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
Choice Financial Group U.S. Bank Average
12.08% 12.68%

Choice Financial Group has a Capitalization of 12.08% versus the BestCashCow average of 12.68. 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.

Choice Financial Group Balance Sheet Analysis

As of March 31, 2020, Choice Financial Group had assets of $2,429,397,000, loans of $2,024,234,000, and deposits of $2,072,974,000. 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

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 193.33 million
Interest-bearing balances $ 164.86 million
Total securities $ 86.79 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 2.02 billion
Loan loss allowance $ 17.84 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.51 million
Goodwill and other intangibles $ 67.86 million
All other assets $ 34.87 million
     Total Assets $ 2.14 billion
LIABILITIES
Total deposits $ 2.07 billion
      Interest-bearing deposits $ 1,661.15 million
      Deposits held in domestic offices $ 2.07 billion
      % insured (estimated) 66.20%
Federal funds purchased and repurchase agreements $ 1.00 million
Trading liabilities N.A.
Other borrowed funds $ 50.00 million
Subordinated debt N.A.
All other liabilities $ 12.05 million
      Total Liabilities $ 2.14 billion
      Shareholders’ Equity $ 293.37 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 28.61 million
Total Interest Expense $ 6.07 million
Net interest income $ 22.53 million
Provision for loan and lease losses $ 1.02 million
Total non interest income $ 5.51 million
Total non interest expense $ 14.19 million
Pre-tax Net Operating Income $ 12.84 million

Bank Loan Profile?

The top three loan types in Choice Financial Group’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and Farm Loans.

Compared to other banks in North Dakota, Choice Financial Group has a significantly higher percent of Small Business Loans, 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 8.46
Multifamily
Mortgages
4.32
Credit Card Loans 0.00
Consumer Auto Loans 0.26
Small Business Loans 7.35
Construction and Development Loans 5.76
Commercial Real Estate 25.42
Commercial and Industrial Loans 27.73
Farm Loans 14.83

Frequently Asked Questions About Choice Financial Group

Branches and Savings

Is Choice Financial Group FDIC insured?

Yes. It is covered under FDIC Certificate #9423.

Why does Choice Financial Group pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Choice Financial Group CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Choice Financial Group a commercial bank?

Yes

Where are Choice Financial Group locations?

See branch locations nearby.

Is Choice Financial Group open on Saturdays?

Is Choice Financial Group open on Sundays?

What time does Choice Financial Group open?

What time does Choice Financial Group close?

Are Choice Financial Group ATMs Open 24/7?

Do Choice Financial Group ATMs accept cash deposits?

Can Choice Financial Group customers use other ATMs?

Do Choice Financial Group branches have notaries?

Will Choice Financial Group notarize my document?

What address for Choice Financial Group should I put for incoming ACH transfers?

Will the Choice Financial Group branch print checks?

Do Choice Financial Group checks expire?

Does Choice Financial Group require US citizenship to open account?

Can Choice Financial Group close my account?

Does Choice Financial Group Report to credit bureaus?

Does Choice Financial Group Use Equifax?

What is Choice Financial Group's ACH Routing Number?

What is Choice Financial Group's SWIFT code?

Products

Does Choice Financial Group offer mortgages?

Compare mortgage rates here.

Does Choice Financial Group offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Choice Financial Group offer personal loans?

Compare personal loan rates here.

Does Choice Financial Group offer student loans?

Will Choice Financial Group cash a check?

Will Choice Financial Group redeem a savings bond?

Does Choice Financial Group cash savings bonds?

Will Choice Financial Group cash money orders?

Can Choice Financial Group issue a money order?

Does Choice Financial Group do currency exchange?

Background on The Bank

Who owns Choice Financial Group?

How long has Choice Financial Group been around?

Can Choice Financial Group transfer to other banks?

Does Choice Financial Group have quick pay?

Does Choice Financial Group accept rolled coins?

Will Choice Financial Group accept loose change?

Where is Choice Financial Group headquarters?

Customer Reviews for Choice Financial Group


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