midwest bankcentre

Financial services are a strength for the banking business and Midwest BankCentre Knows this theory well. As one of the largest locally owned banks, this one works for different types of purposes.

They are focused to empower people, enable business, and energize neighborhoods. Everything is happening only for the best strategy this bank made for their financial services.

People made this bank the best in banking for their variety of products and services like daily banking, digital banking, insurance, investment, and many more.

We feel, discussing more of it is necessary to understand the motto of this bank. Let’s jump deeper and get more of it.

Midwest Bank: Rising Together
Picture: Midwest Bank: Rising Together

What Is Midwest BankCentre?

Midwest BankCentre is the second-largest locally-owned bank in the region that has been operating banking services since 1906. This hundred-year-old bank has assets totaling $2 billion and deposits $1.5 billion. This medium-sized bank employs a staff of about 280.

In 19 different locations, this bank spread its in-person service. But this limitation of branches doesn’t minimize the service quality. They have mobile banking, online banking, and many more that help to reach their customers with ease.

Picture: Branch of MBC
Picture: Branch of MBC

Read More: Pandemic Personal Savings

Picture: Branch of MBC

In Which Sector, It Becomes A Specialist?

Every bank has a grip on different financial services. We found the same for this bank as well. Let’s see, which service this bank becomes a specialist.

  • Daily Banking
  • Business Cash Management,
  • mortgage
  • Lending
  • Home Equity Loan
  • Financial Planning
  • Investments
  • Insurance
  • Digital Banking

What Is The Financial Status/Health of This Bank Right Now?

This chart is going to help you if you need to take a quick view of the financial status (Assets and Liabilities) of Midwest bankCentre.

ParticularsQ1 2021Q1 2020
Assets$2034 B$2.07 B
Loans$1.87 B$1.53 B
Deposits$1.79 B$1.57 B
Equity Capital$222.6 MM$206.1 MM
Loans Loss Allowances$20.3 MM$16.3 MM
Unbacked Noncurrent Loans$6.2 MM$6.0 MM
Real Estate Owned$1.0 MM$770.00 K
Picture: Go to their websites and open an account
Picture: Go to their websites and open an account

What Are The Basic Financial Products This Bank Offers?

There is no doubt, this bank is rich in financial products. In different categories, they offer different products that are helpful to fulfill our needs based on different circumstances and these products are.

Personal Banking

On-The-Go Services:
  • Online Banking
  • Mobile Banking
  • Mobile Payments
  • Telephone Banking
  • Visa Checkout

Deposit Services:

  • Checking
  • Savings & Money Market            
  • CDs & IRAs
  • Debit Cards
  • Health Savings
  • Accounts

Lending Services:

  • Credit Cards
  • mortgage
  • Home Equity
  • Auto Loans
  • Auto Refinancing
  • Personal Loans
  • Affordable Home
  • Improvement Loans
  • Credit Booster CD Loan
  • Personal Emergency Assistance Loan

Read More: Reasons to Start Using Northpointe Bank

Additional Services:

  • Credit Comeback Program
  • Financial Planning
  • Financial Education

Business Banking

On-The-Go Services:

  • Business Online Banking
  • Business Online Banking Security
  • Mobile Banking

Deposit Solutions:

  • Checking
  • Business Debit Cards
  • Savings, CDs & Money Market

Lending Solutions:

  • Business Credit Cards
  • Commercial Lending
  • Commercial Loans
  • Commercial Real Estate
  • Small Business Loans and Lines
  • Small Business Emergency Assistance Loan
  • PPP Loan Information

Treasury Management:

  • ACH Origination
  • Credit Card Processing
  • Fraud Protection
  • International Business
  • Lockbox
  • Remote Deposit
  • Sweep Services

Additional Services:

  • Bank Your Values
  • Retirement Plan Management
  • MBC @work

Mortgage and Loans

  • Home Equity
  • Affordable Home Improvement Loan
  • Adjustable-Rate Mortgages
  • Conventional Loans
  • FHA Loans
  • Fixed-Rate Mortgage
  • USDA Loans
  • VA Loans

What Is The Rate for Popular Product?

Showing rates for every product is not possible because you might get confused during the comparison session. So, we picked the most popular financial product of this product and made a table for you. Look below for the table.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.25% APY$2500
Checking Account0.05% APY$1000
Certificates of Deposit12 Month: 1.25% APY24 Month: 1.25% APY36 Month: 1.75% APY48 Month: 1.75% APY60 Month: 2.25% APY$1 for all terms
Money Market Accounts0.5% APY0.75% APY$10000$15000

Comparison of Product Rate:

Notable RatesAPYVs. Others
Savings0.05%0.85%
1 Year CD0.50%0.70%
2 Year CD0.50%0.75%
5 Year CD0.75%1.15%
30 Year MortgageN/A2.72%
15 Year MortgageN/A2.36%
HELOCN/A2.79%
Picture: National Rate Average Vs. Midwest

Overall Service Quality:

With 19 total branches in Missouri, Midwest BankCentre is offering its banking and other financial services. For this purpose, they introduced web apps and mobile apps for their consumers.

To manage your money in less time this type of method is very much effective. Even it becomes easier to reach customer service representatives. Most of the service of these banks makes consumers happy.

Based on their review, we tried to give a rating and here it is.

  1. Overall Mobile Rating (3.3/5)     
  2. Consumer Satisfaction Rating (5.0/5)     
  3. Online Banking Portal (No)         
  4. Live Chat (No)

Midwest BankCentre and Corserv Card Issuing Platform:

Recently, Midwest BankCentre has been after many other services to improve their financial product. Following the line, we found, they also sign for Corserv Card Issuing Platform.

Corserv is a company that is known for empowering banks and fintech with payment programs. This signing opens the way for this bank to enhance its credit card offering and card access for customers. It’s an example of the goal that this bank dreamed of.

Even this option lets the customer take and enable local credit card decisions. This is also a step where it is possible to increase brand awareness among cardholders.

On top of that, this signing helps to realize a new revenue. This revenue stream will come from card interchange and loan interest. As a result, the overall card program management cost will be reduced dramatically.

Midwest BankCentre has an energetic Team
Picture: Midwest BankCentre has an energetic Team

Conclusion:

Finally, after the discussion, it seems that Midwest BankCentre is making history to provide many options for daily banking. If you look at their product line, then it will be clear to you. They’ve got what we need.

We just need to fit our financial needs with this product. To ensure the best banking experience in one place, this bank is not only good to offer the lowest rate and charges but also ensure high returns.

In many cases, we found most of the fees, rates, and charges are lower than the national average. But for the return and the service quality, this bank is best.

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