Eastern Michigan Bank

Headquarters

65 North Howard Avenue
Croswell, MI 48422
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.05% →
1-Year CD 0.15% 0.95% →
2-Year CD 0.30% 1.05% →
5-Year CD 0.90% 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

Eastern Michigan Bank is an FDIC insured institution located in Croswell, MI. It was founded in 1895 and has approximately $0.37 billion in assets. Customers can open an account at one of its 12 branches.

FDIC Insured Yes
FDIC Certificate # 982
Date Established 1895
Assets $ 373.25 million
Loans $ 185.07 million
Deposits $ 333.93 million
Capital $ 38.51 million
 

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

Deposit Rates - September 23, 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
0.03% $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
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
12 Mo CD
0.15% $10,000 $14,999 Learn More
12 Mo CD
0.15% $100,000 $199,999 Learn More
18 Mo CD
0.15% $10,000 $14,999 Learn More
18 Mo CD
0.15% $100,000 $199,999 Learn More
24 Mo CD
0.30% $10,000 $14,999 Learn More
24 Mo CD
0.30% $100,000 $199,999 Learn More
30 Mo CD
0.30% $10,000 $14,999 Learn More
30 Mo CD
0.30% $100,000 $199,999 Learn More
36 Mo CD
0.50% $10,000 $14,999 Learn More
36 Mo CD
0.50% $100,000 $199,999 Learn More
48 Mo CD
0.65% $10,000 $14,999 Learn More
48 Mo CD
0.65% $100,000 $199,999 Learn More
60 Mo CD
0.90% $10,000 $14,999 Learn More
60 Mo CD
0.90% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.01% $1 $99 Learn MoreShow Less
Int Ckg
0.03% $2,500 $3,499 Learn MoreShow Less

Loan Rates - September 23, 2020

Your Current Location: Connecticut, CT 06828

Auto Loan Rates APR Rate Monthly Payment
5 Year 3.67% 3.49% $454.68

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

Eastern Michigan 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


Eastern Michigan Bank Locations


Financial Details

Eastern Michigan Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Eastern Michigan 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
Eastern Michigan Bank U.S. Bank Average
4% 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, Eastern Michigan Bank had $1,608,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $38,506,000 in equity and $1,662,000 in loans loss reserves. That gives it a Texas Ratio of 4%.

Return on Equity
Eastern Michigan Bank U.S. Bank Average
8.48% 7.80%

Eastern Michigan Bank has a Return on Equity of 8.48% 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
Eastern Michigan Bank U.S. Bank Average
10.32% 12.68%

Eastern Michigan Bank has a Capitalization of 10.32% 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.

Eastern Michigan Bank Balance Sheet Analysis

As of March 31, 2020, Eastern Michigan Bank had assets of $373,245,000, loans of $185,073,000, and deposits of $333,931,000. 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 $ 54.34 million
Interest-bearing balances $ 47.37 million
Total securities $ 114.29 million
Federal funds sold and reverse repurchase $ 0.15 million
Net loans and leases $ 185.07 million
Loan loss allowance $ 1.66 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.70 million
All other assets $ 13.42 million
     Total Assets $ 334.74 million
LIABILITIES
Total deposits $ 333.93 million
      Interest-bearing deposits $ 256.26 million
      Deposits held in domestic offices $ 333.93 million
      % insured (estimated) 75.16%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.81 million
      Total Liabilities $ 334.74 million
      Shareholders’ Equity $ 38.51 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 3.02 million
Total Interest Expense $ 0.19 million
Net interest income $ 2.83 million
Provision for loan and lease losses $ 0.08 million
Total non interest income $ 0.46 million
Total non interest expense $ 2.22 million
Pre-tax Net Operating Income $ 0.99 million

Bank Loan Profile?

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

Compared to other banks in Michigan, Eastern Michigan Bank has a significantly higher percent of Farm 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 21.41
Multifamily
Mortgages
4.65
Credit Card Loans 0.00
Consumer Auto Loans 4.55
Small Business Loans 10.88
Construction and Development Loans 2.76
Commercial Real Estate 15.53
Commercial and Industrial Loans 18.44
Farm Loans 11.83

Frequently Asked Questions About Eastern Michigan Bank

Branches and Savings

Is Eastern Michigan Bank FDIC insured?

Yes. It is covered under FDIC Certificate #982.

Why does Eastern Michigan Bank pay such low interest on savings accounts?

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

Why are Eastern Michigan Bank CD rates not competitive?

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

Is Eastern Michigan Bank a commercial bank?

Yes

Where are Eastern Michigan Bank locations?

See branch locations nearby.

Is Eastern Michigan Bank open on Saturdays?

Is Eastern Michigan Bank open on Sundays?

What time does Eastern Michigan Bank open?

What time does Eastern Michigan Bank close?

Are Eastern Michigan Bank ATMs Open 24/7?

Do Eastern Michigan Bank ATMs accept cash deposits?

Can Eastern Michigan Bank customers use other ATMs?

Do Eastern Michigan Bank branches have notaries?

Will Eastern Michigan Bank notarize my document?

What address for Eastern Michigan Bank should I put for incoming ACH transfers?

Will the Eastern Michigan Bank branch print checks?

Do Eastern Michigan Bank checks expire?

Does Eastern Michigan Bank require US citizenship to open account?

Can Eastern Michigan Bank close my account?

Does Eastern Michigan Bank Report to credit bureaus?

Does Eastern Michigan Bank Use Equifax?

What is Eastern Michigan Bank's ACH Routing Number?

What is Eastern Michigan Bank's SWIFT code?

Products

Does Eastern Michigan Bank offer mortgages?

Compare mortgage rates here.

Does Eastern Michigan Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Eastern Michigan Bank offer personal loans?

Compare personal loan rates here.

Does Eastern Michigan Bank offer student loans?

Will Eastern Michigan Bank cash a check?

Will Eastern Michigan Bank redeem a savings bond?

Does Eastern Michigan Bank cash savings bonds?

Will Eastern Michigan Bank cash money orders?

Can Eastern Michigan Bank issue a money order?

Does Eastern Michigan Bank do currency exchange?

Background on The Bank

Who owns Eastern Michigan Bank?

How long has Eastern Michigan Bank been around?

Can Eastern Michigan Bank transfer to other banks?

Does Eastern Michigan Bank have quick pay?

Does Eastern Michigan Bank accept rolled coins?

Will Eastern Michigan Bank accept loose change?

Where is Eastern Michigan Bank headquarters?

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