First Choice Bank

Headquarters

669 Whitehead Road
Lawrenceville, NJ 08648
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 1.05% →
1-Year CD N.A. 0.95% →
2-Year CD N.A. 1.05% →
5-Year CD N.A. 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

First Choice Bank is an FDIC insured institution located in Lawrenceville, NJ. It was founded in 2007 and has approximately $1.11 billion in assets.

FDIC Insured Yes
FDIC Certificate # 58471
Date Established 2007
Assets $ 1,101.12 million
Loans $ 558.04 million
Deposits $ 872.55 million
Capital $ 111.65 million
 

For a more detailed analysis of First Choice 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


Loan Rates - September 23, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for First Choice Bank

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 $2,128 $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 First Choice Bank
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Branches

First Choice 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


First Choice Bank Locations


Financial Details

First Choice Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of First Choice 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
First Choice Bank U.S. Bank Average
20.87% 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, First Choice Bank had $26,232,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $111,653,000 in equity and $14,037,000 in loans loss reserves. That gives it a Texas Ratio of 20.87%.

Return on Equity
First Choice Bank U.S. Bank Average
11.1% 7.80%

First Choice Bank has a Return on Equity of 11.1% 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
First Choice Bank U.S. Bank Average
10.14% 12.68%

First Choice Bank has a Capitalization of 10.14% 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.

First Choice Bank Balance Sheet Analysis

As of June 30, 2016, First Choice Bank had assets of $1,105,484,000, loans of $558,043,000, and deposits of $872,549,000. 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 N.A.
Interest-bearing balances N.A.
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 558.04 million
Loan loss allowance $ 14.04 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets N.A.
     Total Assets N.A.
LIABILITIES
Total deposits $ 872.55 million
      Interest-bearing deposits N.A.
      Deposits held in domestic offices N.A.
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities N.A.
      Total Liabilities N.A.
      Shareholders’ Equity $ 1,101.12 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income N.A.
Total Interest Expense N.A.
Net interest income N.A.
Provision for loan and lease losses N.A.
Total non interest income N.A.
Total non interest expense N.A.
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in First Choice Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Small Business Loans.

Compared to other banks in New Jersey, First Choice Bank has a significantly higher percent of Credit Card Loans, Small Business 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 46.88
Multifamily
Mortgages
2.54
Credit Card Loans 1.40
Consumer Auto Loans 0.01
Small Business Loans 14.13
Construction and Development Loans 2.60
Commercial Real Estate 43.11
Commercial and Industrial Loans 5.07
Farm Loans 0.00

Frequently Asked Questions About First Choice Bank

Branches and Savings

Is First Choice Bank FDIC insured?

Yes. It is covered under FDIC Certificate #58471.

Why does First Choice Bank pay such low interest on savings accounts?

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

Why are First Choice Bank CD rates not competitive?

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

Is First Choice Bank a commercial bank?

Yes

Where are First Choice Bank locations?

See branch locations nearby.

Is First Choice Bank open on Saturdays?

Is First Choice Bank open on Sundays?

What time does First Choice Bank open?

What time does First Choice Bank close?

Are First Choice Bank ATMs Open 24/7?

Do First Choice Bank ATMs accept cash deposits?

Can First Choice Bank customers use other ATMs?

Do First Choice Bank branches have notaries?

Will First Choice Bank notarize my document?

What address for First Choice Bank should I put for incoming ACH transfers?

Will the First Choice Bank branch print checks?

Do First Choice Bank checks expire?

Does First Choice Bank require US citizenship to open account?

Can First Choice Bank close my account?

Does First Choice Bank Report to credit bureaus?

Does First Choice Bank Use Equifax?

What is First Choice Bank's ACH Routing Number?

What is First Choice Bank's SWIFT code?

Products

Does First Choice Bank offer mortgages?

Compare mortgage rates here.

Does First Choice Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Choice Bank offer personal loans?

Compare personal loan rates here.

Does First Choice Bank offer student loans?

Will First Choice Bank cash a check?

Will First Choice Bank redeem a savings bond?

Does First Choice Bank cash savings bonds?

Will First Choice Bank cash money orders?

Can First Choice Bank issue a money order?

Does First Choice Bank do currency exchange?

Background on The Bank

Who owns First Choice Bank?

How long has First Choice Bank been around?

Can First Choice Bank transfer to other banks?

Does First Choice Bank have quick pay?

Does First Choice Bank accept rolled coins?

Will First Choice Bank accept loose change?

Where is First Choice Bank headquarters?

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