https://ilbusinessdaily.com/stories/513051861-state-farm-bank-fsb-in-bloomington-rated-as-outstanding-by-feds
I have not found the Bank to be particularly user friendly, but regulators are apparently impressed.
8 replies (most recent on top)
- that is not an accurate statement...
Why are people posting c-ap like this here? What the hell does this have to do with layoffs?
@3las....opening deposits can be overnighted by the agent along with the account paperwork. It is not compliant for agents offices to accept any others. We can provide an envelope to the customer, but we are not allowed to receive the deposit from the customer. We are not allowed to receive loan payments.
Now please explain your assertion of the flawed judgement made years ago.
@gvw
Agents actively market the Bank and have always accepted deposits. They just have no way to post the deposits to their accounts. So they send them via overnight.
That one piece of not posting deposits is the single differentiation. And it is based on a judgement made years ago that is flawed.
No shat, gvw. That doesn't change the fact that an $18b in deposits bank is rated for CRA requirements based on only two mostly rural counties. It's a loophole, I suppose, any online bank can exploit. For now, anyways....
@jvc....we really are an online bank. Agents offices have zero bank funds, cannot accept deposits, cannot take loan payments, cannot do any regular banking transactions. They have absolutely no access to do anything in a customer account. They can’t even have any bank signage visible from outside the office. People can walk in and apply for a credit card, a car loan or open a deposit account. The few agents who are mortgage licensed can initiate a mortgage loan. But agents offices are not even remotely close to being bank branches.
It's just CRA. The guy who fixed CRA lending left the bank years ago. This rating means nothing as sfb only has to show it's doing what it can under cra provisions in McLean and Dewitt counties (surrounding) Bloomington despite being a national bank. It's an unfair treatment / loophole because sf bank pretends to be an online bank with no physical presence anywhere because agents aren't considered part of the bank since independent contractors.
How much did it cost to buy them off?