Reviewed by Harry Hubbard | May 31, 2022
After over 20 years of having to deal with this bank, I am now free. Took me 3 weeks, but I did it. Iuka State (Salem) Banking believes that it is such a hassle to switch banks in today's world - with so many direct deposits and autopay accts.; that customers who get ripped off by this bank, will take it on the chin and just keep getting upset with the procedures here as time goes on.
Not any more for me. I have lived in 7 states and banked in each one and I can swear to anyone that this bank is by far the worst operation I have ever encountered. Years ago, I had an out of state check I needed to deposit, and Connie Vincent didn't allow it. That's right. She determined the check was bogus with no evidence whatsoever. So I had to drive 40 miles to my bank in Fairfield to deposit and collect on that check for $2500. She is such a dinosaur fossil just as this bank is.
Now, they have a new policy, where if someone takes unauthorized money out of your acct., they are not responsible if you don't report it on the day it takes place. Well, add to that, you must change your password every 3 months, and nothing you do can protect your acct. Vincent states this is a new MasterCard policy, but under further investigation, I learned it is an Iuka Bank policy. She obviously lied to me, or she's just stupid.
Years ago, while working out of state, I had so many issues with this bank surreptitiously adding and taking away deposits I had made and putting them back. About 10 years ago, my acct. ran over $1.74 and ended up costing me over $150 and they never attempted to contact me, even though I had been to the bank that same day and had plenty of cash to deposit into my acct. had I known of the slight, minuscule overdraft. This was totally inappropriate. With this bank, you are a stuffed scare/crow and nothing more. They suck!
I would recommend this bank if :
A. You don't mind having outrageous charges you never made; being billed for them and then having to pay for them.
B. You don't mind having zero security on your access cards.
C. You don't need any apps or conveniences like tap cards.
That's right, this bank has no apps or tap cards. This is dinosauria in motion. I just wonder how employees who work at this bank, will take it on the cuff when their own bank steals their money for bogus charges they did not make online. How can you support that? Oh, did I mention what a pain in the ass it is just to log into your acct. online?
I am now free of this pathetic bank and the wretch Connie Vincent who has been a thorn in my ass for over 2 decades. I wonder how any men working at this bank put up with her penis-envy as she will do anything in her power to make someone (especially a man) look bad. Not all employees at this bank are like her. There are several who are kind, courteous, and try to be helpful, until the witch jumps in the fray.
I went down street to the next block and opened an acct. with First Financial - after researching all the complaints online concerning banks in Salem, IL; this bank didn't have any negative responses. I am now a happy customer, I have apps. and can monitor my acct. with ease and confidence. I predict the Salem/Iuka State Bank will lose their depositors very soon as customers will not tolerate having to pay for bogus online charges and deal with snotty attitudes like Connie Vincent. R.I.P.
I am - Harry Hubbard, acct. #37354 just to make this comment open and not-anonymous.
2024 Overview
General Bank Information
The Iuka State Bank is an FDIC insured institution located in Salem, IL. It was founded in 1910 and has approximately $0.14 billion in assets. Customers can open an account at one of its 5 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 11317 |
| Date Established | 1910 |
| Assets | $ 142.76 million |
| Loans | $ 118.82 million |
| Deposits | $ 104.14 million |
| Capital | $ 12.94 million |
For a more detailed analysis of The Iuka State Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - November 16, 2024
Your Current Location: Ohio, OH 43085
Loan Rates - November 16, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for The Iuka State Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 1835285 |
6.494% |
6.375% 0.75 points $4,000 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.868% |
6.750% 1.00 points $3,884 fees |
$2,076 | Learn More |
NMLS ID: 1907 |
7.181% |
7.125% 0.63 points $1,802 fees |
$2,156 | Learn More |
NMLS ID: 3030 |
7.225% |
7.125% 1.00 points $3,200 fees |
$2,156 | Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.490 %
After Intro: 7.490 % |
$0 |
Learn More
More Info |
Achieve Loans See Table |
Intro APR
9.250 %
After Intro: 9.250 % |
$0 |
Learn More
More Info |
Note to The Iuka State Bank
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Branches
The Iuka State Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
The Iuka State Bank Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 316.00 | A | View Lobby Hours | |
| 320.69 | B | View Lobby Hours | |
| 328.19 | C | View Lobby Hours | |
| 328.44 | D | View Lobby Hours |
Climate Policy and Initiatives
The Iuka State Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
The Iuka State Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of The Iuka State Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| The Iuka State Bank | U.S. Bank Average |
|---|---|
| 17.45% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, The Iuka State Bank had $2,685,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $12,941,000 in equity and $2,450,000 in loans loss reserves. That gives it a Texas Ratio of 17.45%.
Return on Equity
| The Iuka State Bank | U.S. Bank Average |
|---|---|
| 7.9% | 10.46% |
The Iuka State Bank has a Return on Equity of 7.9% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| The Iuka State Bank | U.S. Bank Average |
|---|---|
| 9.06% | 10.84% |
The Iuka State Bank has a Capitalization of 9.06% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
The Iuka State Bank Balance Sheet Analysis
As of June 30, 2024, The Iuka State Bank had assets of $142,759,000, loans of $118,819,000, and deposits of $104,139,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 3.76 million |
| Interest-bearing balances | $ 1.59 million |
| Total securities | $ 13.39 million |
| Federal funds sold and reverse repurchase | $ 0.16 million |
| Net loans and leases | $ 118.82 million |
| Loan loss allowance | $ 2.45 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | N.A. |
| All other assets | $ 2.67 million |
| Total Assets | $ 129.82 million |
| LIABILITIES | |
|---|---|
| Total deposits | $ 104.14 million |
| Interest-bearing deposits | $ 84.59 million |
| Deposits held in domestic offices | $ 104.14 million |
| % insured (estimated) | 74.13% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 7.84 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 0.64 million |
| Total Liabilities | $ 129.82 million |
| Shareholders’ Equity | $ 12.94 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 4.84 million |
| Total Interest Expense | $ 1.69 million |
| Net interest income | $ 3.16 million |
| Provision for loan and lease losses | $ 0.60 million |
| Total non interest income | $ 0.27 million |
| Total non interest expense | $ 2.02 million |
| Pre-tax Net Operating Income | $ 0.53 million |
Bank Loan Profile?
The top three loan types in The Iuka State Bank’s loan portfolio are Commercial Real Estate, Commercial and Industrial Loans, and Small Business Loans.
Compared to other banks in Illinois, The Iuka State Bank has a significantly higher percent of Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 9.34 | ✓ | ||
| Multifamily Mortgages |
0.03 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 8.10 | ✓ | ||
| Small Business Loans | 11.59 | ✓ | ||
| Construction and Development Loans | 2.24 | ✓ | ||
| Commercial Real Estate | 17.04 | ✓ | ||
| Commercial and Industrial Loans | 16.11 | ✓ | ||
| Farm Loans | 5.24 | ✓ | ||
Customer Reviews for The Iuka State Bank
Harry Hubbard
May 31, 2022
After over 20 years of having to deal with this bank, I am now free. Took me 3 weeks, but I did it. Iuka State (Salem) Banking believes that it is such a hassle to switch banks in today's world - with so many direct deposits and autopay accts.; that customers who get ripped off by this bank, will take it on the chin and just keep getting upset with the procedures here as time goes on.
Not any more for me. I have lived in 7 states and banked in each one and I can swear to anyone that this bank is by far the worst operation I have ever encountered. Years ago, I had an out of state check I needed to deposit, and Connie Vincent didn't allow it. That's right. She determined the check was bogus with no evidence whatsoever. So I had to drive 40 miles to my bank in Fairfield to deposit and collect on that check for $2500. She is such a dinosaur fossil just as this bank is.
Now, they have a new policy, where if someone takes unauthorized money out of your acct., they are not responsible if you don't report it on the day it takes place. Well, add to that, you must change your password every 3 months, and nothing you do can protect your acct. Vincent states this is a new MasterCard policy, but under further investigation, I learned it is an Iuka Bank policy. She obviously lied to me, or she's just stupid.
Years ago, while working out of state, I had so many issues with this bank surreptitiously adding and taking away deposits I had made and putting them back. About 10 years ago, my acct. ran over $1.74 and ended up costing me over $150 and they never attempted to contact me, even though I had been to the bank that same day and had plenty of cash to deposit into my acct. had I known of the slight, minuscule overdraft. This was totally inappropriate. With this bank, you are a stuffed scare/crow and nothing more. They suck!
I would recommend this bank if :
A. You don't mind having outrageous charges you never made; being billed for them and then having to pay for them.
B. You don't mind having zero security on your access cards.
C. You don't need any apps or conveniences like tap cards.
That's right, this bank has no apps or tap cards. This is dinosauria in motion. I just wonder how employees who work at this bank, will take it on the cuff when their own bank steals their money for bogus charges they did not make online. How can you support that? Oh, did I mention what a pain in the ass it is just to log into your acct. online?
I am now free of this pathetic bank and the wretch Connie Vincent who has been a thorn in my ass for over 2 decades. I wonder how any men working at this bank put up with her penis-envy as she will do anything in her power to make someone (especially a man) look bad. Not all employees at this bank are like her. There are several who are kind, courteous, and try to be helpful, until the witch jumps in the fray.
I went down street to the next block and opened an acct. with First Financial - after researching all the complaints online concerning banks in Salem, IL; this bank didn't have any negative responses. I am now a happy customer, I have apps. and can monitor my acct. with ease and confidence. I predict the Salem/Iuka State Bank will lose their depositors very soon as customers will not tolerate having to pay for bogus online charges and deal with snotty attitudes like Connie Vincent. R.I.P.
I am - Harry Hubbard, acct. #37354 just to make this comment open and not-anonymous.
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