Emigrant Bank Financial Information and Offers

Emigrant Bank offers a range of financial products and services, including personal and business banking, investment services, and wealth management.

Emigrant Bank has a long history of providing financial services to its customers, dating back to 1875.

The bank offers a variety of deposit accounts, including checking and savings accounts, with competitive interest rates and low fees.

Emigrant Bank's investment services include brokerage accounts, retirement accounts, and investment management.

Emigrant Bank's wealth management services include financial planning, investment management, and retirement planning.

Emigrant Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposits up to $250,000.

A fresh viewpoint: Banks and Banking Services

Emigrant Bank was founded in 1850 by 18 members of the Irish Emigrant Society, with the support of Archbishop John Hughes, to serve the needs of the Irish community in New York City.

The bank's headquarters was initially located at 49 Chambers Street in Manhattan.

Emigrant Savings collected extensive records of arriving Irish immigrants to America, which were later donated to the New York Public Library and serve as valuable genealogical resources.

On a similar theme: Nyf Ishares Trust New York Muni Bond Etf

In 1986, the bank converted from a mutual to a stock savings bank following several years of losses.

Emigrant Bank acquired the Boylan Bottling Company in 2003, marking its first transaction in the beverages sector.

The financial crisis of 2008 led to Emigrant Bank selling 30 of its branches to Apple Bank in 2012.

Two branches were retained in Manhattan and Westchester County, New York.

Emigrant Bank has a significant presence in the financial sector, and its financial information is a key aspect to consider. The bank's non-performing assets, including non-performing loans and real estate owned, totaled $257,669,000 as of September 30, 2024.

The Texas Ratio, which compares non-performing assets to tangible common equity and loan loss reserves, was 17.63% for Emigrant Bank. This is higher than the U.S. Bank Average of 4.62%. A lower Texas ratio indicates better coverage of problem loans.

Emigrant Bank's Return on Equity (ROE) was 3.31% as of September 30, 2024, which is lower than the U.S. Bank Average of 10.02%. ROE measures how efficiently a bank is making money from its capital.

The bank's capitalization is 21.61% of its assets, which is higher than the U.S. Bank Average of 11.29%. This suggests that Emigrant Bank has a secure capital base to underpin its loans and other assets.

Here's a comparison of Emigrant Bank's financial information with the U.S. Bank Average:

Emigrant Bank's asset base is substantial, with total assets of $6,412,660,000 as of September 30, 2023. The bank's loan portfolio is also significant, with total loans of $4,619,288,000.

Some customers have expressed frustration with Emigrant Bank's services. One reviewer noted that it's very difficult to withdraw money from their savings account, which can result in lost interest.

Several reviewers have mentioned that Emigrant Bank's interest rates are good, but the bank's policies can be a headache. For example, one reviewer mentioned that they lost 4-5 days of interest when trying to withdraw their money.

Here are some specific reviews that highlight issues with Emigrant Bank's services:

These reviews suggest that Emigrant Bank's services may not be as reliable or trustworthy as some customers would like.

A federal jury has found a company liable for predatory lending. This ruling sets a significant precedent for future cases.

The company's business model involved charging exorbitant interest rates on loans to low-income individuals. This predatory practice has been widely criticized for taking advantage of vulnerable consumers.

The jury's verdict was the result of a lengthy trial that exposed the company's aggressive tactics. They used high-pressure sales tactics to convince borrowers to sign loan agreements without fully understanding the terms.

The company's executives were found to have knowingly engaged in this predatory behavior. They prioritized profits over the well-being of their customers.

The jury awarded significant damages to the plaintiffs, a group of individuals who were victims of the company's predatory lending practices. This decision sends a strong message to the industry.

The ruling highlights the need for greater regulation and oversight of the lending industry. This is an area where consumers need protection from unscrupulous companies.

Worth a look: Goldman Sachs Company History

Customer Reviews can be a great way to get an honest sense of a bank's strengths and weaknesses. Many customers have shared their experiences with Emigrant Bank, and some have been quite vocal about their dissatisfaction.

Some customers have reported difficulty withdrawing their money, with one reviewer stating that it takes 4-5 days to get their money out. This can be frustrating, especially if you need access to your funds quickly.

On the other hand, some reviewers have praised Emigrant Bank for being honest and truthful, although they ultimately decided to take their business elsewhere. One reviewer mentioned that they didn't need any more headaches.

It's worth noting that some customers have been unhappy with the bank's interest rates, with one reviewer stating that the rate was reduced significantly after they deposited their money.

Here are some specific reviews from customers:

Emigrant Direct has a very limited selection of accounts, with only two options: the American Dream Savings Account and the “My Way” CD.

They're a subsidiary of Emigrant Bank, a mutual savings bank that's been around since 1850, founded by Irish emigrants.

Emigrant Direct has $15.4 billion in assets and $1.2 billion in total equity capital, as of December 31, 2009.

Your deposits are insured, which is a big plus, thanks to current FDIC requirements.

They don't offer money market accounts or checking accounts, so if you're looking for those, you'll have to look elsewhere.

Emigrant Direct also doesn't offer consumer loans, so if you need a loan, you'll have to consider other options.

They do link to ForeclosuresNearMe.net for bank-owned real estate opportunities, if you're interested in that.

The Emigrant Direct MasterCard is issued by Barclays Bank Delaware and offers cash back rewards to account holders.

Emigrant Bank offers a range of services and promotions through its online banking subsidiaries, including My Savings Direct and Dollar Savings Direct.

My Savings Direct currently offers a competitive online savings rate of 2.40% APY, making it the best online savings rate available nationally.

However, this rate has fluctuated over time, dropping to 1.60% APY in recent months. This is a significant decline from its peak of 2.50% APY in the Spring of 2019.

Dollar Savings Direct, on the other hand, has made a series of rate drops, with five 10 basis point cuts this month alone. Its online savings rate is now at 1.00% APY, a far cry from its peak of 3.05% APY.

Here are the current savings rates offered by Emigrant Bank's online banking subsidiaries:

It's worth noting that Emigrant Bank's subsidiaries have made significant changes to their savings rates in recent months, with some rates dropping by as much as 0.50% APY.

Emigrant Bank has a significant focus on commercial lending, with commercial and industrial loans making up 45.40% of its loan portfolio. This is a notable specialty in the banking industry.

The bank's commercial and industrial loans are a major portion of its overall lending, indicating a strong focus on this area. Emigrant Bank's emphasis on commercial lending is likely a key factor in its business strategy.

A look at the bank's loan portfolio reveals a significant percentage of small business loans, which is higher compared to other banks in New York. This suggests that Emigrant Bank may have a niche in serving small businesses.

Here's a breakdown of Emigrant Bank's top loan types:

Emigrant Bank's focus on commercial lending and small business loans is a notable aspect of its business model. By specializing in these areas, the bank is likely able to provide more targeted services to its customers.