Citizens Independent Bank

Headquarters

5000 West 36th Street
Saint Louis Park, MN 55416
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.02% 0.95% →
1-Year CD 0.20% 1.01% →
2-Year CD 0.35% 0.95% →
5-Year CD 1.05% 1.30% →
30-Year Mortgage 3.96% 2.80% →
15-Year Mortgage 3.40% 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Citizens Independent Bank is an FDIC insured institution located in Saint Louis Park, MN. It was founded in 1950 and has approximately $0.29 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 16863
Date Established 1950
Assets $ 293.98 million
Loans $ 193.43 million
Deposits $ 257.29 million
Capital $ 35.17 million
 

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

Deposit Rates - October 22, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.02% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.05% $10,000 $14,999 Learn More
Money Market
0.05% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $10,000 $14,999 Learn More
3 Mo CD
0.10% $100,000 $199,999 Learn More
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
Special: 11 Mo CD
0.75% $5,000 $99,999 Learn More
12 Mo CD
0.20% $10,000 $14,999 Learn More
12 Mo CD
0.20% $100,000 $199,999 Learn More
Special: 18 Mo CD
0.45% $5,000 $99,999 Learn More
18 Mo CD
0.45% $10,000 $14,999 Learn More
18 Mo CD
0.45% $100,000 $199,999 Learn More
24 Mo CD
0.35% $10,000 $14,999 Learn More
24 Mo CD
0.35% $100,000 $199,999 Learn More
30 Mo CD
0.40% $10,000 $14,999 Learn More
30 Mo CD
0.40% $100,000 $199,999 Learn More
36 Mo CD
0.55% $10,000 $14,999 Learn More
36 Mo CD
0.55% $100,000 $199,999 Learn More
48 Mo CD
0.70% $10,000 $14,999 Learn More
48 Mo CD
0.70% $100,000 $199,999 Learn More
Special: 60 Mo CD
1.05% $500 $99,999 Learn More
60 Mo CD
1.05% $10,000 $14,999 Learn More
60 Mo CD
1.05% $100,000 $199,999 Learn More

Fixed IRA Rates APY MIN MAX
Special: 11 Mo FIRA
0.75% $5,000 $99,999 Learn MoreShow Less
Special: 18 Mo FIRA
0.45% $5,000 $99,999 Learn MoreShow Less
Special: 60 Mo FIRA
1.05% $500 $99,999 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.01% $1 $99 Learn MoreShow Less
Int Ckg
0.01% $2,500 $3,499 Learn MoreShow Less

Loan Rates - October 22, 2020

Your Current Location: Connecticut, CT 06828

Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

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

Citizens Independent 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:
Fairfield,Connecticut


Citizens Independent Bank Locations


Financial Details

Citizens Independent Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Citizens Independent 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
Citizens Independent Bank U.S. Bank Average
2.47% 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, Citizens Independent Bank had $935,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $35,173,000 in equity and $2,747,000 in loans loss reserves. That gives it a Texas Ratio of 2.47%.

Return on Equity
Citizens Independent Bank U.S. Bank Average
4.34% 7.80%

Citizens Independent Bank has a Return on Equity of 4.34% 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
Citizens Independent Bank U.S. Bank Average
11.96% 12.68%

Citizens Independent Bank has a Capitalization of 11.96% 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.

Citizens Independent Bank Balance Sheet Analysis

As of March 31, 2020, Citizens Independent Bank had assets of $293,975,000, loans of $193,426,000, and deposits of $257,292,000. 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 $ 25.71 million
Interest-bearing balances $ 23.72 million
Total securities $ 71.14 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 193.43 million
Loan loss allowance $ 2.75 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.22 million
All other assets $ 2.30 million
     Total Assets $ 258.80 million
LIABILITIES
Total deposits $ 257.29 million
      Interest-bearing deposits $ 240.47 million
      Deposits held in domestic offices $ 257.29 million
      % insured (estimated) 80.90%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 1.51 million
      Total Liabilities $ 258.80 million
      Shareholders’ Equity $ 35.17 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 2.83 million
Total Interest Expense $ 0.25 million
Net interest income $ 2.58 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.34 million
Total non interest expense $ 2.41 million
Pre-tax Net Operating Income $ 0.50 million

Bank Loan Profile?

The top three loan types in Citizens Independent Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks in Minnesota, Citizens Independent Bank has a significantly higher percent of Consumer Auto Loans, Small Business Loans, Commercial Real Estate 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 20.91
Multifamily
Mortgages
2.03
Credit Card Loans 0.00
Consumer Auto Loans 8.88
Small Business Loans 12.24
Construction and Development Loans 3.74
Commercial Real Estate 47.53
Commercial and Industrial Loans 16.32
Farm Loans 0.00

Frequently Asked Questions About Citizens Independent Bank

Branches and Savings

Is Citizens Independent Bank FDIC insured?

Yes. It is covered under FDIC Certificate #16863.

Why does Citizens Independent Bank pay such low interest on savings accounts?

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

Why are Citizens Independent Bank CD rates not competitive?

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

Is Citizens Independent Bank a commercial bank?

Yes

Where are Citizens Independent Bank locations?

See branch locations nearby.

Is Citizens Independent Bank open on Saturdays?

Is Citizens Independent Bank open on Sundays?

What time does Citizens Independent Bank open?

What time does Citizens Independent Bank close?

Are Citizens Independent Bank ATMs Open 24/7?

Do Citizens Independent Bank ATMs accept cash deposits?

Can Citizens Independent Bank customers use other ATMs?

Do Citizens Independent Bank branches have notaries?

Will Citizens Independent Bank notarize my document?

What address for Citizens Independent Bank should I put for incoming ACH transfers?

Will the Citizens Independent Bank branch print checks?

Do Citizens Independent Bank checks expire?

Does Citizens Independent Bank require US citizenship to open account?

Can Citizens Independent Bank close my account?

Does Citizens Independent Bank Report to credit bureaus?

Does Citizens Independent Bank Use Equifax?

What is Citizens Independent Bank's ACH Routing Number?

What is Citizens Independent Bank's SWIFT code?

Products

Does Citizens Independent Bank offer mortgages?

Compare mortgage rates here.

Does Citizens Independent Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Citizens Independent Bank offer personal loans?

Compare personal loan rates here.

Does Citizens Independent Bank offer student loans?

Will Citizens Independent Bank cash a check?

Will Citizens Independent Bank redeem a savings bond?

Does Citizens Independent Bank cash savings bonds?

Will Citizens Independent Bank cash money orders?

Can Citizens Independent Bank issue a money order?

Does Citizens Independent Bank do currency exchange?

Background on The Bank

Who owns Citizens Independent Bank?

How long has Citizens Independent Bank been around?

Can Citizens Independent Bank transfer to other banks?

Does Citizens Independent Bank have quick pay?

Does Citizens Independent Bank accept rolled coins?

Will Citizens Independent Bank accept loose change?

Where is Citizens Independent Bank headquarters?

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