Modern Bank, National Association
Modern Bank, National Association is an FDIC insured institution headquartered at
410 Park Ave, New York, NY 10022.
It was founded in
0000 and has approximately $1 billion in
assets. Customers can open an account at one of its 3 branches.
Deposit Rates - October 3, 2023
| SAVINGS RATES | APY | MIN | |
|---|---|---|---|
|
SAV
|
0.15% | $2,500 | Compare |
| MM RATES | APY | MIN | |
|---|---|---|---|
|
Money Market
|
0.25% | $25,000 | Compare |
| INT CHECKING RATES | APY | MIN |
|---|---|---|
|
Int Ckg
|
0.10% | $2,500 |
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Overview 2023
General Bank Information
| FDIC Insured | Yes |
| FDIC Certificate | # 22398 |
| Date Established | 0000 |
| Assets | $ 858.96 million |
| Loans | $ 698.25 million |
| Deposits | $ 643.33 million |
| Capital | $ 86.13 million |
Summary Balance Sheet as of June 30, 2023
| ASSETS | |
| Cash & Balances due from depository institutions | $ 37.59 million |
| Interest-bearing balances | $ 36.29 million |
| Total securities | $ 94.46 million |
| Federal funds sold and reverse repurchase | N.A. |
| Net loans and leases | $ 698.25 million |
| Loan loss allowance | $ 9.24 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 2.82 million |
| All other assets | $ 19.00 million |
| Total Assets | $ 772.82 million |
| LIABILITIES | |
| Total deposits | $ 643.33 million |
| Interest-bearing deposits | $ 585.95 million |
| Deposits held in domestic offices | $ 643.33 million |
| % insured (estimated) | 83.93% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 96.74 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 3.82 millionn |
| Total Liabilities | $ 772.82 million |
| Shareholders’ Equity | $ 86.13 million |
Summary Income Statement as of June 30, 2023
| INCOME AND EXPENSES | |
| Total Interest Income | $ 24.58 million |
| Total Interest Expense | $ 11.99 million |
| Net interest income | $ 12.59 million |
| Provision for loan and lease losses | $ 1.85 million |
| Total non interest income | $ 0.81 million |
| Total non interest expense | $ 10.83 million |
| Pre-tax Net Operating Income | $ 3.85 million |
Customer Reviews for Modern Bank, National Association
Branches
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Modern Bank, National Association Locations
Savings Comparison
This analysis is for demonstrative purposes only. Savings rates may go up or down, and CD rates may not be renewable for the length of the term of the analysis.
PRODUCT
BANK
BANK TYPE
STATE
AMOUNT
TERM
APY
VS.NATL'L AV.
MIN
MILES
Tax Rate: 30%
All calculations are for demonstration purposes only.
- 1LOCAL SAVINGSBankNEW YORK$50,000N.A.0.15%0.90x (National Avg. - 0.17%)$2,500-SCENARIO
Year Rate
0.15%Annual
InterestAnnual Interest
(After Tax)1 50,000 75 53 2 50,075 75 53 3 50,150 75 53 4 50,225 75 53 5 50,301 75 53 6 50,376 76 53 7 50,452 76 53 8 50,527 76 53 9 50,603 76 53 10 50,679 76 53 11 50,755 76 53 12 50,831 76 53 13 50,907 76 53 14 50,984 76 54 15 51,060 77 54 16 51,137 77 54 17 51,214 77 54 18 51,290 77 54 19 51,367 77 54 20 51,444 77 54 TOTAL $1,522 $1,065 - 2LOCAL SAVINGSOnline Bank-$50,000N.A.4.30%25.75x (National Avg. - 0.17%)$0-SCENARIO
Year Rate
4.30%Annual
InterestAnnual Interest
(After Tax)1 50,000 2,150 1,505 2 52,150 2,242 1,570 3 54,392 2,339 1,637 4 56,731 2,439 1,708 5 59,171 2,544 1,781 6 61,715 2,654 1,858 7 64,369 2,768 1,938 8 67,137 2,887 2,021 9 70,024 3,011 2,108 10 73,035 3,140 2,198 11 76,175 3,276 2,293 12 79,451 3,416 2,391 13 82,867 3,563 2,494 14 86,430 3,717 2,602 15 90,147 3,876 2,713 16 94,023 4,043 2,830 17 98,066 4,217 2,952 18 102,283 4,398 3,079 19 106,681 4,587 3,211 20 111,268 4,785 3,349 TOTAL $66,053 $46,237
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