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| Additional information |
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| Presidential Bank FSB |
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Overview:
Presidential Online Bank is a division of Presidential Bank, FSB, Bethesda, Maryland.
Presidential Online Bank was established on October 6, 1995, to become the vehicle of Presidential's future growth though Internet banking.
Prior to the development of the Internet, Presidential followed a strategy of limited branching, building smaller, lower cost branches, in high density locations to reduce the number of branches required. |
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History:
Presidential Bank, FSB, was organized in 1985. Our assets are about $450 million. Our main office is located in Bethesda, Maryland. We have branches throughout the metro DC area.
On October 6, 1995, Presidential® became the first bank in the United States to open bank accounts over the Internet. In 1997, Presidential was one of the earliest banks to offer real time PC banking services, such as balance look-up, month-to-date account statements, and transfers between accounts, over the Internet. Presidential also offers a unique online archive of historical bank account statements. Software for this service was developed in-house, and a patent application for this system is pending.
Presidential attempts to take advantage of market opportunities as they arise, even if these opportunities require a departure from traditional ways of doing business. During the period from 1992 to 1997, Presidential fueled its growth and profitability by purchasing performing loans acquired from failed commercial banks and thrifts through the FDIC and the RTC. These purchases have given Presidential a higher yielding portfolio than its peers and a higher return on equity than any other bank in Presidential's home market in the Washington, DC, metropolitan area.
Presidential was founded by the founders of GIT Investment Funds (now called Mosaic Funds) of Arlington, Virginia, a group of stock, bond and money market mutual funds, which had its origins in 1975. Today Presidential remains a privately held, entrepreneurial organization. Presidential has been profitable each year since inception, even as the local banking industry in the Washington, DC area experienced significant difficulties and many failures during the late 1980's and early 1990's.
Since 1990, Presidential's compound annual growth rate in assets and earnings has exceeded 15%. Yet Presidential has been prudent in its approach to lending, always remaining in the highest regulatory category for financial strength and qualifying as "well capitalized" under current federal regulations. Nonetheless, Presidential ranks among the top volume mortgage lenders in its home market area.
Presidential is a Federal Savings Bank regulated by the U.S. Office of Thrift Supervision. Our deposits are insured by the Federal Deposit Insurance Corporation (FDIC). During its history, Presidential has compiled an impressive record of home mortgage lending, as well as commercial lending, to members of its local community. Since 1995, Presidential has been one of the few Washington-area lending institutions rated "Outstanding", the highest possible rating under the federal Community Reinvestment Act, based upon its record of meeting community credit needs. |
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