Free to Use Business Checking Accounts in Florida (August 2024 Update)
Use Meow to Apply for a Business Checking Account in Florida
Meow is a financial technology company, not a bank.
Meow helps businesses in Florida apply for a high-interest business checking account from FirstBank, a Tennessee corporation; Member FDIC.
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This table shows an overview of some financial health metrics for the top 5 community banks in Florida ranked by total deposits. This data is sourced from the Federal Deposit Insurance Corporation's (FDIC) BankFind Suite. The table shows data as of 3/31/24.
| Bank Name | Year Founded | Branches | Total Deposits | Net Interest Margin | Return on Assets | Loan to Deposit Ratio | |
|---|---|---|---|---|---|---|---|
Ocean Bank | 1982 | 23 | $5.55b | 4.95% | 1.96% | 133.3% | |
Citizens First Bank | 1991 | 17 | $3.31b | 1.78% | -3.97% | 12.3% | |
The Bank Of Tampa | 1973 | 13 | $2.82b | 5.30% | 1.16% | 77.4% | |
Banco Do Brasil Americas | 1986 | 4 | $2.57b | 0.32% | -0.82% | 35.7% | |
U. S. Century Bank | 2002 | 10 | $2.11b | 0.37% | -1.43% | 27.6% |
*Source: Federal Deposit Insurance Corporation's (FDIC) BankFind Suite for reporting period ending 3/31/24
Understanding Financial Health Indicators
Total Deposits: Deposits are the primary source of liquidity for a bank. They are used to fund loans and other investments, which generate income for the bank. A higher amount of deposits indicates a greater capacity to lend and invest, which can lead to higher profitability.
Net Interest Margin: A key profitability indicator for banks. It measures the difference between the interest income generated by the bank (from loans and other interest-earning assets) and the amount of interest paid out to their lenders (such as depositors), relative to the amount of their interest-earning assets.
Return on Assets: Measures the efficiency of a bank in using its assets to generate profit. It is calculated by dividing the net income of the bank by its total assets. A higher return on assets indicates that the bank is more efficiently managing its assets to produce income.
Loan to Deposit Ratio: Calculated by dividing the total loans and net leases of the bank by its total deposits. A higher ratio indicates that the bank is lending out more of its deposits, which can lead to higher profitability. However, a higher ratio also indicates that the bank has less liquidity to meet its obligations to depositors.
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Click the button below to apply for a business checking account from FirstBank, a Tennessee corporation; Member FDIC.
For more information, take a look at our article on the key benefits of business checking accounts.