FreedomBank

Headquarters

210 South Main
Elkader, IA 52043
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.15% 1.20% →
1-Year CD 0.50% 1.10% →
2-Year CD 0.50% 1.15% →
5-Year CD 0.90% 1.56% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

FreedomBank is an FDIC insured institution located in Elkader, IA. It was founded in 1903 and has approximately $0.42 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 11767
Date Established 1903
Assets $ 416.10 million
Loans $ 325.06 million
Deposits $ 323.55 million
Capital $ 51.00 million
 

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

Deposit Rates - August 5, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.15% $2,500 $4,999 Learn More
Money Market
0.15% $2,500 $2,999 Learn More
Money Market
0.25% $10,000 $14,999 Learn More
Money Market
0.25% $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
0.40% $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
0.40% $10,000 $14,999 Learn More
12 Mo CD
0.50% $100,000 $199,999 Learn More
18 Mo CD
0.40% $10,000 $14,999 Learn More
18 Mo CD
0.50% $100,000 $199,999 Learn More
24 Mo CD
0.40% $10,000 $14,999 Learn More
24 Mo CD
0.50% $100,000 $199,999 Learn More
30 Mo CD
0.40% $10,000 $14,999 Learn More
30 Mo CD
0.50% $100,000 $199,999 Learn More
36 Mo CD
0.50% $10,000 $14,999 Learn More
36 Mo CD
0.60% $100,000 $199,999 Learn More
48 Mo CD
0.60% $10,000 $14,999 Learn More
48 Mo CD
0.75% $100,000 $199,999 Learn More
60 Mo CD
0.75% $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
0.15% $1 $99 Learn MoreShow Less
Int Ckg
0.15% $2,500 $3,499 Learn MoreShow Less

Loan Rates - August 5, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for FreedomBank

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




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.930% 2.875% 0.75 $1,762 $1,038 Learn More
Rocket Mortgage
NMLS ID: 3030
3.368% 3.250% 1.00 $3,750 $1,089 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.494% 3.375% 1.00 $3,750 $1,106 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
PenFed Credit Union
PenFed Credit Union
3.750 %
$0 Learn More
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
2.990 %
$0 Learn More
More Info

Note to FreedomBank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

FreedomBank 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:
Ashburn,Virginia


FreedomBank Locations


Financial Details

FreedomBank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of FreedomBank. 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
FreedomBank U.S. Bank Average
4.1% 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, FreedomBank had $1,962,000 in non-current loans and $222,000 in owned real estate. To cover these potential losses it had $50,998,000 in equity and $2,259,000 in loans loss reserves. That gives it a Texas Ratio of 4.1%.

Return on Equity
FreedomBank U.S. Bank Average
11.63% 7.80%

FreedomBank has a Return on Equity of 11.63% 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
FreedomBank U.S. Bank Average
12.26% 12.68%

FreedomBank has a Capitalization of 12.26% 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.

FreedomBank Balance Sheet Analysis

As of March 31, 2020, FreedomBank had assets of $416,100,000, loans of $325,057,000, and deposits of $323,552,000. 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 $ 12.32 million
Interest-bearing balances $ 6.05 million
Total securities $ 36.48 million
Federal funds sold and reverse repurchase $ 11.36 million
Net loans and leases $ 325.06 million
Loan loss allowance $ 2.26 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.22 million
Goodwill and other intangibles $ 14.51 million
All other assets $ 10.84 million
     Total Assets $ 365.10 million
LIABILITIES
Total deposits $ 323.55 million
      Interest-bearing deposits $ 262.17 million
      Deposits held in domestic offices $ 323.55 million
      % insured (estimated) 82.69%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 39.25 million
Subordinated debt N.A.
All other liabilities $ 2.30 million
      Total Liabilities $ 365.10 million
      Shareholders’ Equity $ 51.00 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 4.72 million
Total Interest Expense $ 1.04 million
Net interest income $ 3.68 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.27 million
Total non interest expense $ 2.42 million
Pre-tax Net Operating Income $ 1.53 million

Bank Loan Profile?

The top three loan types in FreedomBank’s loan portfolio are Farm Loans, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks, FreedomBank’s loan portfolio does not show any specific loan specialty.

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 19.86
Multifamily
Mortgages
0.06
Credit Card Loans 0.00
Consumer Auto Loans 2.28
Small Business Loans 0.00
Construction and Development Loans 0.55
Commercial Real Estate 7.75
Commercial and Industrial Loans 9.26
Farm Loans 28.75

Frequently Asked Questions About Freedombank

Branches and Savings

Is Freedombank FDIC insured?

Yes. It is covered under FDIC Certificate #11767.

Why does Freedombank pay such low interest on savings accounts?

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

Why are Freedombank CD rates not competitive?

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

Is Freedombank a commercial bank?

Yes

Where are Freedombank locations?

See branch locations nearby.

Is Freedombank open on Saturdays?

Is Freedombank open on Sundays?

What time does Freedombank open?

What time does Freedombank close?

Are Freedombank ATMs Open 24/7?

Do Freedombank ATMs accept cash deposits?

Can Freedombank customers use other ATMs?

Do Freedombank branches have notaries?

Will Freedombank notarize my document?

What address for Freedombank should I put for incoming ACH transfers?

Will the Freedombank branch print checks?

Do Freedombank checks expire?

Does Freedombank require US citizenship to open account?

Can Freedombank close my account?

Does Freedombank Report to credit bureaus?

Does Freedombank Use Equifax?

What is Freedombank's ACH Routing Number?

What is Freedombank's SWIFT code?

Products

Does Freedombank offer mortgages?

Compare mortgage rates here.

Does Freedombank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Freedombank offer personal loans?

Compare personal loan rates here.

Does Freedombank offer student loans?

Will Freedombank cash a check?

Will Freedombank redeem a savings bond?

Does Freedombank cash savings bonds?

Will Freedombank cash money orders?

Can Freedombank issue a money order?

Does Freedombank do currency exchange?

Background on The Bank

Who owns Freedombank?

How long has Freedombank been around?

Can Freedombank transfer to other banks?

Does Freedombank have quick pay?

Does Freedombank accept rolled coins?

Will Freedombank accept loose change?

Where is Freedombank headquarters?

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