Magna Bank

Headquarters

6525 Quail Hollow Road
Memphis, TN 38120
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

Magna Bank is an FDIC insured institution located in Memphis, TN. It was founded in 1999 and has approximately $0.59 billion in assets.

FDIC Insured Yes
FDIC Certificate # 34937
Date Established 1999
Assets $ 589.20 million
Loans $ 475.34 million
Deposits $ 451.79 million
Capital $ 70.08 million
 

For a more detailed analysis of Magna 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 Magna 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 Magna Bank
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Branches

Magna 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


Magna Bank Locations


Financial Details

Magna Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Magna 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
Magna Bank U.S. Bank Average
8.11% 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, Magna Bank had $2,510,000 in non-current loans and $3,553,000 in owned real estate. To cover these potential losses it had $70,080,000 in equity and $4,695,000 in loans loss reserves. That gives it a Texas Ratio of 8.11%.

Return on Equity
Magna Bank U.S. Bank Average
8.14% 7.80%

Magna Bank has a Return on Equity of 8.14% 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
Magna Bank U.S. Bank Average
11.89% 12.68%

Magna Bank has a Capitalization of 11.89% 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.

Magna Bank Balance Sheet Analysis

As of March 31, 2015, Magna Bank had assets of $587,884,000, loans of $475,336,000, and deposits of $451,792,000. 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 $ 475.34 million
Loan loss allowance $ 4.70 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 3.55 million
Goodwill and other intangibles N.A.
All other assets N.A.
     Total Assets N.A.
LIABILITIES
Total deposits $ 451.79 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 $ 589.20 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 Magna Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks in Tennessee, Magna Bank has a significantly higher percent of Construction and Development 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 32.77
Multifamily
Mortgages
2.18
Credit Card Loans 0.00
Consumer Auto Loans 0.02
Small Business Loans 4.05
Construction and Development Loans 16.78
Commercial Real Estate 25.79
Commercial and Industrial Loans 17.56
Farm Loans 0.08

Frequently Asked Questions About Magna Bank

Branches and Savings

Is Magna Bank FDIC insured?

Yes. It is covered under FDIC Certificate #34937.

Why does Magna Bank pay such low interest on savings accounts?

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

Why are Magna Bank CD rates not competitive?

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

Is Magna Bank a commercial bank?

Yes

Where are Magna Bank locations?

See branch locations nearby.

Is Magna Bank open on Saturdays?

Is Magna Bank open on Sundays?

What time does Magna Bank open?

What time does Magna Bank close?

Are Magna Bank ATMs Open 24/7?

Do Magna Bank ATMs accept cash deposits?

Can Magna Bank customers use other ATMs?

Do Magna Bank branches have notaries?

Will Magna Bank notarize my document?

What address for Magna Bank should I put for incoming ACH transfers?

Will the Magna Bank branch print checks?

Do Magna Bank checks expire?

Does Magna Bank require US citizenship to open account?

Can Magna Bank close my account?

Does Magna Bank Report to credit bureaus?

Does Magna Bank Use Equifax?

What is Magna Bank's ACH Routing Number?

What is Magna Bank's SWIFT code?

Products

Does Magna Bank offer mortgages?

Compare mortgage rates here.

Does Magna Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Magna Bank offer personal loans?

Compare personal loan rates here.

Does Magna Bank offer student loans?

Will Magna Bank cash a check?

Will Magna Bank redeem a savings bond?

Does Magna Bank cash savings bonds?

Will Magna Bank cash money orders?

Can Magna Bank issue a money order?

Does Magna Bank do currency exchange?

Background on The Bank

Who owns Magna Bank?

How long has Magna Bank been around?

Can Magna Bank transfer to other banks?

Does Magna Bank have quick pay?

Does Magna Bank accept rolled coins?

Will Magna Bank accept loose change?

Where is Magna Bank headquarters?

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