This week's focus is on well-rated banks that are growing their deposits organically, like those listed in Jumbo Rate News.

We concede that JRN does have its limits, though, as we only list rates of banks that will take corporate deposits wherever you are in the USA.

For others, Jumbo Rate News has proven to be an extremely effective negotiating tool. You should give it a try next time you have a CD that is ready to rollover.

There’s More than 1 Way to Grow a Bank

The U.S. Bureau of Labor Statistics calculated that headline inflation between March 2024 and March 2025 was about 2.4%. Core inflation, for those who don’t eat, drive or heat their homes, was 2.8%. Therefore, to earn any meaningful amount of interest, your deposits must earn more than that (like those above and to the left).

Being able to offer these attractive rates and maintain their own financial health makes Jumbo Rate News listees the ideal place to park your cash safely for a specific amount of time. JRN does have its limits, as we only list rates of banks that will take corporate deposits wherever you are in the USA. It is also a great negotiating tool.

On page 5 you will find all 53 recommended U.S. banks (i.e. rated 5-Stars or 4-Stars) that grew their total deposits “organically” by more than 35% during calendar 2024. Some are JRN listees, so you may already have deposits in them.

Others are not. 4-Star Legends West Bank, Lewellen, NE (5425), for example,  grew its deposits by over 185% in 2024, without the aid of an acquisition. In fact, although it was established 120 years ago, it still operates through just two branch offices, one in Lewellen, NE and the other in Spearfish, SD. The one-year APY for consumer deposits was just 2.5% on April 24, 2025, but if your business operates in that area, you may want to consider giving them a call at (605)559-0582.

Originally established in 1902, (before Oklahoma became a state) Bank of Wyandotte was purchased, recapitalized, and renamed in 2021. The new 4-Star Method Bank, Wyandotte, OK (2317), opened a new branch in Dallas, TX and also purchased property in Dallas to move its headquarters from OK.

Method Bancshares, Inc. was formed at the close of 2022 to be the holding company for Method Bank. The bank just surpassed $100 million in assets in 2023. In 2024, Method Bancshares, Inc. issued $10 million in Perpetual Preferred Stock to further Method Bank’s growth.

It’s working. During calendar 2024, Method Bank’s assets grew to $164 million, a 47% increase, and deposits grew 51% (from $88 million to over $132 million). Unlike Legends West, however, Method Bank uses brokers to bring in deposits. Over 53% of its deposits come from brokers.

Now let’s head to the North and East, to Lewiston Maine and 4-Star Northeast Bank (19690), which also does business online as Able Banking. We have been listing Able Banking’s consumer CD rates for years on our Consumer CD Rate Watch page. (In fact, at 4.50%, Able Banking currently has the highest Six-Month APY listed.)

One of the oldest US banks, Northeast was established in 1872 as Bethel Savings Bank in Bethel, ME. It wasn’t until 1996 that Northeast began to grow in earnest.

It acquired one bank in 1996, which is when it decided to change its name to the broader Northeast moniker. Then it acquired another in 1997. Since then, it has been growing organically, using its two websites to drive deposit growth. By the close of 2023, Northeast Bank reported assets just shy of $3 billion. (It’s a lot more difficult to earn a spot on page 5 for a larger bank, since the growth rates are in percentages and not dollar amounts. That is by choice.)

Yet, over the course of 2024, Northeast Bank increased its assets by 37.5% and its deposits by 47.75%. Northeast Bank now operates through seven branch offices across the state and is the third largest bank by assets headquartered in the Pine Tree State, which is better known by the locals as “Vacationland”.

Speaking of Big Banks: 5-Star SoFi Bank, N.A., Cottonwood Heights, UT, (26881) doesn’t consider itself a big bank, but with $31 billion in assets, it is no community bank either. So what is SoFi? It is a national bank (not an industrial bank, even though it is headquartered in Utah). SoFi was originally chartered in 1986 as Foothill Community Bank, N.A. in Brownsville, CA. Most recently it operated as Golden Pacific Bank, N.A., and after several years of name and address changes, it has landed where it is today.

Sounds easy perhaps, but it was anything but. At the end of 2020, 4-Star Golden Pacific Bank, N.A., had assets totaling just $150 million. It posted a loss for the year and its nonperforming assets were climbing. In January 2022 (JRN 39:05) we wrote:

The OCC just issued conditional approval for the large fintech company, SoFi Technologies to become a national bank. The Fintech will acquire 5-Star Golden Pacific Bank, N.A., Sacramento, CA. SoFi Bank intends to inject $750 million in capital to pursue its national digital plan, while maintaining Golden Pacific’s three branches and community bank business.

In order to accomplish this, SoFi had to create an interim bank, aptly named SoFi Interim Bank, which then merged with “and into” Golden Pacific Bank. Handling the combination this way allowed the continuity of Golden Pacific’s history and charter. However, 5-Star SoFi Bank, NA, now in Utah, is nothing like its predecessor.

Fintech SoFi Technologies, Inc. (SoFi Bank’s holding company) used this circuitous route to get a bank charter. The bank now has over $31 billion in assets, and it continues to grow. It is rated 5-Stars, so we can’t complain. That’s how things are done today.