First Mid Bank & Trust offers a range of personal and commercial banking products, touting competitive interest rates and a commitment to client satisfaction. Their dedication to security, alongside an extensive array of financial solutions, including loans and mortgages, makes them a viable option for many consumers looking for reliability and robust support. This review will delve into the offerings of First Mid Bank & Trust, from account opening and customer service to their community involvement and security measures.
Overview of First Mid Bank & Trust
First Mid Bank & Trust is a trusted financial institution with over 150 years of experience. It offers a comprehensive range of services, including deposit banking, loans, insurance, and wealth management. Serving mainly in the Midwest, the bank emphasizes customer-focused service and integrity.
Key Services:
- Financing & Loans
- Wealth Management
- Brokerage Services
- Insurance Products
First Mid prides itself on providing market-leading savings products. They offer competitive rates, like a 3.30% APY high-yield savings account. Additionally, all deposits are federally insured by the FDIC. This ensures the safety and security of customer funds.
The bank’s specialized knowledge helps customers navigate their financial needs effectively. Its commitment to service and integrity sets it apart as an $8.0 billion community-focused organization. Whether you are looking for a loan, seeking investment advice, or just needing a trustworthy bank, First Mid Bank & Trust offers personal service and peace of mind.
Comprehensive Financial Solutions
First Mid Bank & Trust offers a variety of financial services to meet diverse needs. Since 1865, it has served clients with a focus on community impact. The bank provides banking, insurance, and wealth management solutions. With a network of locations in Illinois, Missouri, Texas, and Wisconsin, clients enjoy convenient access to services. A loan production office in Indiana further enhances reach. First Mid prides itself on its expert staff, who are dedicated to offering personal service and professional advice. The organization’s commitment to growth and stability is evident in its long history.
Loans and Mortgages
First Mid Bank & Trust offers various loan and mortgage options. Whether you need a low down payment mortgage or a home equity loan, First Mid has you covered. Auto and consumer loans are available to finance vehicle purchases and other needs. Small business owners can benefit from SBA lending programs tailored to support business growth. The bank’s excellence in supporting small businesses has been recognized, as it has won the SBA Central/Southern Illinois Community Lender of the Year award nine times.
Investment Planning Services
At First Mid Bank & Trust, investment planning is a key part of their wealth management offerings. Backed by First Mid Bancshares, Inc., the company handles assets worth around $8.0 billion. This reflects its commitment to serving both individuals and businesses effectively. With offices spread across Illinois, Missouri, Texas, and Wisconsin, personalized investment planning is accessible to many. Their skilled team offers tailored advice, helping clients guide their financial journey with confidence. Whether you seek banking, insurance, or brokerage services, First Mid is ready to assist.
Exceptional Savings Products with Raisin
First Mid Bank & Trust has teamed up with Raisin to offer a unique lineup of savings products. These products are accessible online through a secure platform, where customers can easily manage deposits, withdrawals, and statements. All savings accounts are held at federally insured institutions, ensuring the safety of customer funds. Raisin stands out by offering these exceptional savings options without any charges. The platform uses advanced cybersecurity measures, like multi-factor authentication and encryption, to keep customer data private and secure.
Features of Savings Accounts
First Mid Bank & Trust provides a range of savings accounts designed to maximize returns without added hassle:
- High-yield Savings Accounts (HYSA): These accounts function similarly to traditional savings accounts but offer higher interest rates with no restrictions on deposits or withdrawals.
- Money Market Deposit Accounts (MMDA): Offering variable interest rates, these accounts allow flexible withdrawals and typically yield better returns than standard savings accounts.
- No Penalty CDs: These certificates of deposit offer a fixed rate, allowing full withdrawals without any penalties for early termination.
Both HYSAs and MMDAs incorporate features of traditional savings accounts but are devised to deliver superior interest earnings. Specific terms and conditions vary with each product, so checking individual product details is advised.
Customer Service and Personal Touch
First Mid Bank & Trust has been dedicated to impactful financial services since 1865. The bank thrives on building strong relationships by delivering tailored solutions. With a robust spectrum of services, including banking, insurance, and wealth management, they meet diverse customer needs. Operating through a sizeable network of locations in Illinois and the Midwest, First Mid Bank & Trust ensures easy local access for their clients. Their expertise in specific industries, such as contractors and construction, highlights their ability to provide custom advice and support, reinforcing their role as a community-focused financial organization.
Commitment to Security
All deposits at First Mid Bank & Trust are insured by the FDIC, which gives customers peace of mind. The bank ensures that the deposit protections comply with federal law. This commitment to security is a major reason for their trusted reputation in the financial industry.
First Mid Bank & Trust also employs a variety of cybersecurity measures to protect customer funds and information. The bank’s cybersecurity measures guard against threats and ensure the safe management of financial products. They use technologies like multi-factor authentication, encryption, and web application firewalls. These enhance security for online transactions. The bank’s SOC 2 certification shows its commitment to safeguarding data and privacy.
Account Opening Process
With a required minimum deposit of only $1 for certain accounts, First Mid makes banking accessible to many.
Steps to Open an Account
Opening an account with First Mid Bank & Trust is straightforward. Here’s a simple guide:
- Choose Your Account: Identify the product that best fits your financial goals. Once you’ve chosen, you’ll need to have your identification ready.
- Register Your Details: Provide your email address and set a password for account access.
- Verify Your Identity: Confirm your identity and bank details for security and compliance.
- Fund Your Account: Add funds to your chosen savings products.
This efficient process can be completed in just a few minutes, making it convenient and hassle-free.
Online vs. In-Branch Account Setup
First Mid Bank & Trust offers both online and in-branch account setup options, allowing flexibility. Online setup is quick and convenient, ideal for tech-savvy users who prefer handling affairs from home. It involves simple steps like registering online and funding digitally. For those who value face-to-face interaction, in-branch setup provides personal service. You can visit a local branch, get personalized guidance, and have your questions answered by a real person. This dual approach allows First Mid to serve a wide range of customer preferences.
Conclusion: Is First Mid Bank & Trust Right for You?
First Mid Bank & Trust offers over 150 years of experience as a reliable financial institution. The bank’s community-focused services cover banking, insurance, and wealth management. They offer these financial services across multiple states. Customers appreciate the personalized service, especially in business financing. First Mid Bank & Trust is insured by the FDIC, providing peace of mind. If you value integrity and local engagement, this bank might be the one for you. Their comprehensive services make them a significant option.
How to Get Started with First Mid Bank & Trust
To learn more about First Mid Bank & Trust or to open an account, consumers can visit their official website. The website offers a wealth of information about their various financial services. The site provides easy-to-follow instructions on the application process, and potential customers can also contact their local branch or customer service for further assistance.
