Global Information Lookup Global Information

Industrial loan company information


An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. They provide niche financial services nationwide. ILCs offer FDIC-insured deposits and are subject to FDIC and state regulator oversight. All "FDIC-insured entities are subject to Sections 23A and 23B of the Federal Reserve Act, which limits bank transactions with affiliates, including the non-bank parent company."[1] ILCs are permitted to have branches in multiple states (which is permitted by many states on a reciprocal basis). They are regulated and supervised by state charters and insured by the Federal Deposit Insurance Corporation. They are authorized to make consumer and commercial loans and accept federally insured deposits. Banks may not accept demand deposits if the bank has total assets greater than $100 million. ILCs are exempted from the Bank Holding Company Act.

ILCs assist numerous charities and provide millions of dollars annually in grants, low interest loans, and service through the Community Reinvestment Act (CRA). Currently, only seven states offer an ILC bank charter. Most ILCs have been chartered by the Utah Department of Financial Institutions.[2] Other states permitting ILCs include California, Colorado, Minnesota, Indiana, Hawaii, and Nevada.

U.S. Industrial Banks Total Assets as of December 31, 2023 (Figures in USD)[3]
Balboa Thrift and Loan Association 405,063
Beal Bank USA 21,981,385
BMW Bank of North America 11,959,686
Celtic Bank 2,961,120
Comenity Capital Bank 12,950,513
Community Commerce Bank 378,011
Eaglemark Savings 592,462
Finance Factors, Ltd 674,138
First Electronic Bank 269,555
Hatch Bank 163,064
Milestone Bank (formerly LCA Bank Corporation) 315,994
Medallion Bank 2,266,338
Merrick Bank 6,218,750
Minnesota First Credit and Savings 24,741
Nelnet Bank 991,252
Optum Bank, Inc 16,395,000
Pitney Bowes Bank, Inc. 870,647
Sallie Mae Bank 29,141,841
Square Financial Services 677,682
Toyota Financial Savings Bank 5,600,155
UBS Bank USA 114,334,131
USAA Savings Bank 2,569,748
WebBank 2,517,462
WEX Bank 7,074,303
  1. ^ "FDIC Law, Regulations, Related Acts - FRB Regulations".
  2. ^ "Industrial Banks | Utah Department of Financial Institutions". dfi.utah.gov.
  3. ^ Federal Financial Institutions Examination Council Central Data Repository's Public Data Distribution, Call Reports

and 22 Related for: Industrial loan company information

Request time (Page generated in 0.8788 seconds.)

Industrial loan company

Last Update:

An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial...

Word Count : 520

Industrial

Last Update:

optimization of complex industrial processes or systems Industrial city, a city dominated by one or more industries Industrial loan company, a financial institution...

Word Count : 393

Industrial bank

Last Update:

Industrial Bank is another name for an industrial loan company. Industrial Bank is also the name of some banks: Industrial Bank (China) Industrial Bank...

Word Count : 86

GM Financial

Last Update:

Financial has been in discussions with regulators about forming an industrial loan company (which allows ownership of both commercial firms and banks), which...

Word Count : 890

Loan

Last Update:

and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding. A secured loan is a form of debt...

Word Count : 2048

Bank

Last Update:

from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly...

Word Count : 7635

ILC

Last Update:

Centre, at the University of New South Wales, Sydney, Australia Industrial loan company/corporation, a financial institution in the US that lends money...

Word Count : 222

First Republic Bank

Last Update:

operations on July 1, 1985, as a California-chartered industrial loan company. It became a public company via an initial public offering on the Nasdaq in August...

Word Count : 2240

Loan shark

Last Update:

A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside...

Word Count : 4337

Sears

Last Update:

financially, of the consumer sector. The company traded under the ticker symbol S and was a component of the Dow Jones Industrial Average from 1924 to 1999. In 1906...

Word Count : 7286

Industrial Revolution

Last Update:

The Industrial Revolution, sometimes divided into the First Industrial Revolution and Second Industrial Revolution, was a period of global transition...

Word Count : 29900

Loan agreement

Last Update:

"commercial" loans while the "commercial" category is then subdivided into "industrial" and "commercial real estate" loans. "Industrial" loans are those...

Word Count : 1023

Outline of finance

Last Update:

lender Independent financial adviser Industrial loan company Insurance company Investment adviser Investment company Investment trust Large and Complex...

Word Count : 5683

ACC Loan Management

Last Update:

creation of the Industrial Credit Company, which was modelled on it and provided finance to industry. In the early 1990s, the company name was changed...

Word Count : 819

Industrial engineering

Last Update:

Industrial engineering is an engineering profession that is concerned with the optimization of complex processes, systems, or organizations by developing...

Word Count : 3471

Capital One

Last Update:

Financial Corporation is an American bank holding company specializing in credit cards, auto loans, banking, and savings accounts, headquartered in Tysons...

Word Count : 5999

Bangladesh Industrial Finance Company Limited

Last Update:

Bangladesh Industrial Finance Company Limited in 2015. From December 2012 to December 2016, defaulted loans at Bangladesh Industrial Finance Company Limited...

Word Count : 674

Savings and loan association

Last Update:

A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage...

Word Count : 2699

Manchurian Industrial Development Company

Last Update:

The Manchurian Industrial Development Company (満州重工業開発株式会社, Manshū Jukōgyō Kaihatsu Kabushiki-gaisha, or Mangyō) (Hanyu Pinyin: Mǎnzhōu Zhònggōngyè Kāifā...

Word Count : 654

LendingClub

Last Update:

direct to consumer loans, including automobile refinance transactions, through WebBank, an FDIC-insured, state-chartered industrial bank that is headquartered...

Word Count : 4781

Industrial Investment Bank of India

Last Update:

of rehabilitating sick industrial companies in India. IIBI offered a wide range of products and services, including term loan assistance for project finance...

Word Count : 361

East India Company

Last Update:

be postponed, and when the loan fell due, the company's coffers were empty. On October 29 the bank refused to renew the loan. That decision set in motion...

Word Count : 12301

PDF Search Engine © AllGlobal.net