To provide the best and innovative financial services to its valued client, Plumas Bank is the best option in the USA. After the establishment, this bank grew fast by making its customers happy with a better banking experience.
To do that, it offers different types of products and services. Not only that, they are appreciated by many other organizations as well. Because of dedication and hard work, this bank was awarded the Raymond James Bankers Cup for the 4th time. Yes, it’s true.
But this success did not come in a single day. They served the best they could. Keep reading, you can discover more information below.
What Is Plumas Bank?
Plumas Bank was founded in 1980. This new bank is successfully dealing with customers by offering different financial services and products. Its headquarters are in Quincy, California. This is the best place in the USA for banking. With assets totaling $745 million and deposits totaling $663 million, this bank is still able to manage its road to success.
They are specialized in different banking services like savings accounts, checking accounts, money market accounts, CDs, IRAs, and credit cards. These products are the basic service that we want from a community bank.
Management thinks that, without better service and valued clients, it’s not possible to make a successful journey in the banking industry. So, they took it as a challenge and they succeeded.
Assets and Liability Status:
As a successful community bank, Plumas Bank showed its progress in both assets and liabilities. Take a look below for that chart where we mentioned their overall financial health.
|Particulars||Q1 2021||Q1 2020|
|Assets||$1.21 B||$878.8 MM|
|Loans||$722.4 MM||$619.5 MM|
|Deposits||$1.07 B||$763.2 MM|
|Equity Capital||$110.4 MM||$99.5 MM|
|Loan Loss Allowance||$10.0 MM||$ 7.8 MM|
|Unbacked Noncurrent Loans||$3.8 MM||$2.3 MM|
|Real Estate Owned||$580.00 K||$707.00 K|
What Are The Popular Products of This Bank?
Most of the products this bank offer are essential for daily banking. These products also come with the best rate and returns. Here is the list of their financial products and services.
- Deposit Accounts
- Online Banking Services
- Card Services
- Business Loan
- Online Banking Services
- Checking Accounts
- Savings Accounts
- Remote Deposits
- Credit Card Processing
- Card Services
- Wealth Transfer
- Inheritance Planning
- College Savings Planning
- Retirement Planning
- Life Insurance Planning
- Traditional Investment (Stock, Bonds, Mutual Funds, Annuities)
What Are The Rate of the Products?
Offering the best product for the consumers is not the last thing to make the services successful. These are also related to other elements like the rate. Here is the rate of the most popular services and products of this bank are given below.
|Product||Current Terms and Rates||Minimum Balance for APY|
|Savings Account||0.1% APY||$1|
|Checking Account||0.05% APY||$1|
|Certificates of Deposit||12 Month: 0.50% APY24 Month: 0.65% APY36 Month: 0.75% APY48 Month: 0.85% APY||$500 for all terms|
|Money Market Accounts||0.1% APY 0.15% APY||$10000 $15000|
After getting a chart like this one for the rate for the product, you’ll easily understand which product will be best for you. They have several deposit options but not every option is suitable for you.
Pick that one that fits with your financial need and ensures the highest return. To manage your money, rates play a vital role.
You might need to look for another bank if these products, as well as the rate, are not suitable for you. But, we found all the rates are comparatively fair for daily banking.
It doesn’t matter, the product is best in rate or not if the fees are high. The good news is, this bank keeps the rate of the fees extremely low for their valued customers.
After comparison, we found that in some cases their fees are equal to the national average but in most cases, they are lower than that. They don’t charge any monthly fee that is good for hassle-free banking.
They don’t charge for using non-of-network ATMs. On top of that, their overdraft fee is also $0 where the national average is almost $35. See, in almost every aspect, the charges are minimized.
|Non-network ATM Fee||N/A||$1.20|
What about the Raymond James Bankers Cup?
Not only that, this bank also gets recognition for the third-best community bank in 2020. This success indicates the profitability of a bank. After evaluation of the operational efficiencies and balance sheet, this award was given by the authority.
It’s a great honor for them that also motivates the team to become more dedicated to ensure better and innovative service for their customer in near future.
Overall Service Quality of Plumas Bank:
This bank only has 13 branches that are also located in California and Nevada. Despite having regional limitations, especially for the branch, this bank somehow manages to keep their client happy all the time.
The reason we found behind it, is its superior customer service, variety of products, low rate, and high return, and most importantly the freedom to manage the account.
Its mobile application and web apps make the job easy for the client to manage and control their account with ease. Now they can send or receive money, check account status, pay bills, download statements, and many more.
Let’s see how many ratings they have got in different criteria for the service.
|Overall Mobile Rating||3.0/5|
|Consumer Satisfaction Rating||5.0/5|
|Online Banking Portal||No|
Read More: Can You Do Backdoor Roth IRA Every Year?
As one of the best performing community banks, Plumas bank wins everyone’s heart in this decade. Their achievement makes them more aggressive to offer more innovative products and services for their beloved community.
As you see, their rates are low but the returns are high. Even they make the charge option nil for many services. They have a mobile app, online banking facility to reach them in a minute. They know which product we’re looking for.
They’ve designed their strategy for the product in such a way where we can fit our financial needs with it. Finally, for better banking, this bank is not only a good but also a friendly option as well.