morton community bank

For a dedicated banking program even for a small operation, Morton Community Bank could be your ultimate option. This bank has been around for a long time and comes with a startup financing strategy.

You don’t need to live in the area to get their special services. It not only offers a family-like atmosphere banking but also makes all the services accessible from any corner of the world.

This bank becomes a part of our community offering different types of financial products and solutions. They have better cash management, loans, savings, CD, debit cards, and many more.

Let me share more details about this bank below.

Picture: Morton Community Bank
Picture: Morton Community Bank

What is Morton Community Bank?

Community banking is a popular term in the United States of America. As a result, we found thousands of financial institutions that are still working as community banks.

More names are added to this list. Morton Community Bank is a name that should be mentioned for this sector that was founded in 1961 with headquarters in Morton, Illinois.

Read More: The Experience You’ll Have When Talking To Wauchula State Bank

Because of successful operations, they now have $3 billion in assets and $3 billion in deposits. It is considered a larger bank in the state.

People give 4.1 out of 5 for their performance. This is the 13th largest bank in the state and the 276th largest bank in the nation. With an “A” health rating, the management is still trying to improve in the sector.

Picture: Morton Community Bank is a better option for banking
Picture: Morton Community Bank is a better option for banking

What Do You Need To Know About This Bank?

Maybe you know about the Morton Community Bank, which serves well for the people of the community. But how good are they both financially and structurally?

If you know little about it, then this is the right place for you. Check out all the necessary information below about this bank.

ParticularsRemarks
Websitehttp://www.hometownbanks.com
IndustriesBanking, Lending
Company Size201 – 500 employees
Headquarters721 West Jackson Street, Morton, Illinois 61550
TypePrivately Held
FoundedAug 26, 1960
Revenue$100 to $500 million (USD)
Operating StatusActive
Company TypeFor-Profit
FDIC InsuredYes
FDIC Certificate$18429
Capital$471.81 million
Became FDIC InsuredAug 26, 1961
Number of Branches38
Primary RegulatorFDIC
Return on Assets – YTD1.48%
Return on Equity – YTD15.3%
Annual Interest Income$148.4 MM

What About Its Health Grade Component?

A community bank is the best way to make people’s financial dreams come true. For that, a bank should have a better financial position.

So, knowing all the values of different financial parameters is important. All these parameters let you understand whether the bank is the right choice for you and your financial future or not.

Let’s find out the answer below for Morton Community Bank.

ParticularsQ4 2021Q4 2020
Assets$4.88B$4.72B
Loans$2.67B$2.85B
Deposits$4.06B$3.83B
Equity Capital$471.8MM$472.7MM
Loan Loss Allowances$39.3MM$37.8MM
Unbacked Noncurrent Loans$35.8MM$31.5MM
Real Estate Owned$14.2MM$18.5MM

What Types of Product Morton Community Bank Offers?

When we have an available financial product or service that we want to meet our financial needs. It’s not easy to find every type of product and service in a single community bank. But this bank is doing something exceptional for the people of the community.

Personal banking:

Checking Accounts:

  • Classic Checking
  • Interest Checking

Savings Accounts:

  • Classic Savings
  • Platinum Money Market
  • Certificates of Deposit
  • Health Savings Account
  • Christmas Club
  • Individual Retirement Accounts

Cards:

  • Credit Cards
  • Debit Card
  • ATM Card
  • MoneyPass network

Loans:

  • Mortgage Loans
  • Home Equity Loans
  • Vehicle Loans
  • Personal Loans
  • Automatic Loan Payment

Online Banking:

  • Online Banking
  • Online Bill Pay
  • Popmoney

Mobile Banking:

  • Debit Card Management
  • Mobile App Banking
  • Mobile Deposit
  • Text Banking
  • Bank by Phone

Business Banking:

Checking Accounts:

  • Business Analysis Checking
  • Business SuperNow Checking
  • Free Business Checking
  • Hometown Community Checking

Savings Accounts:

  • Business Savings
  • Certificates of Deposit
  • Certificate of Deposit Account Registry Service
  • Commercial Money Market
  • Health Savings Account
  • Sweep Accounts

Business Services:

Receivables:

  • Remote Deposit
  • ACH Receivables
  • Merchant Services
  • Lockbox Services

Payables:

  • ACH Payables
  • Wire Transfer
  • Online Bill Pay

Fraud Prevention:

  • Check Positive Pay
  • ACH Positive Pay
  • Other Fraud Prevention tools

Cards:

  • Business Credit Card

Commercial Loans:

  • Commercial Lending
  • Small Business Admiration (SBA)
  • Agriculture Banking

Online Banking:

  • Online Banking
  • Online Bill Pay

Mobile Banking:

  • Business Mobile App
  • Business Mobile Deposit

Resource Center:

  • ACH File Information
  • Business Security
  • New Account Documentation
  • Quicken/ QuickBooks
  • Remote Deposit Information
  • Automatic Loan Payment
Picture: Manage your debit card easily

What Is The Rate of Popular Products?

Now come to the main point that you need to know how to choose the right financial product or service for you.

Yes, we are talking about the rate. If the rate of return is not suitable for your expectation, then the product is not for you.

Let’s check out all the rates, Current terms, and APY of all the popular products of Morton Community Bank?

ProductsCurrent Terms and RatesMinimum Balance for APY
Savings Accounts0.03% APY$50
Certificates of Deposit12 Months: 0.11% APY24 Months: 0.16% APY36 Months: 0.28% APY48 Months: 0.32% APY60 Months: 0.61% APY$1,000 for all tiers
Money Market Accounts10K tier: 0.03% APY25K tier: 0.03% APY$25,000
Checking Accounts0.03% APY$1,000

To understand whether the rate is good or not, you should compare the rate to others. Here is a comparison table given below for a better understanding.

Notable RatesAPYVs. Others
Savings0.05%0.85%
1 Year CD0.17%1.25%
2 Year CD0.31%1.60%
5 Year CD0.84%2.50%
30 Year MortgageN/A2.81%
15 Year MortgageN/A2.36%
HELOCN/A2.79%
Picture: National Average vs. Morton Community

Conclusion:

Morton Community Bank has a different strategy for banking services. They do it to increase values and give some space to people in community banking.

For every type of financial need, this bank is the perfect option and now people believe them for the better product and services.

A community always expects a better community bank that makes people’s financial dreams true. This bank is the way to know the actual best banking experience.

For retail and institutional customers, no one can avoid this financial institution. This is the best time to choose this bank for your daily banking.

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