FDIC-insured financial institutions with unique regulatory status
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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
^"FDIC Law, Regulations, Related Acts - FRB Regulations".
^"Industrial Banks | Utah Department of Financial Institutions". dfi.utah.gov.
^Federal Financial Institutions Examination Council Central Data Repository's Public Data Distribution, Call Reports
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