Seacoast Commerce Bank Rates & Review

Seacoast Commerce Bank review

Seacoast Commerce Bank is an award-winning San Diego county bank that specializes in business banking particularly in the area of small business loans.

Established in 2003, Seacoast Commercial Bank claims to be the oldest and also the largest commercial bank headquartered in San Diego's South County. Although the bank's primary focus is on its business banking customers, it offers a limited number of personal banking products as well.

Business loans

This bank specializes in business banking with an emphasis on small business loans. These loans are available for a range of different purposes including buying business real estate, opening or expanding a business, restructuring business debt, buying machinery and accessing working capital. This bank also offers other business real estate loans and commercial loans.

Business checking

Businesses can obtain three different types of checking accounts. The first is free small business checking with a minimum opening deposit of $100. The second is commercial checking, which opens with $500. The final option is business analysis checking, which also opens with $500 but has credits that offset charges on the account for businesses with a lot of activity.

Business savings

There is not a standard business savings account or a CD option with this bank. However, businesses can save with a money market account. It opens with $25,000.

Personal accounts

Customers who are interested in personal banking at Seacoast Commerce Bank have more savings options than checking options. Savings account types include free savings, two types of money market accounts and CD accounts. There are two personal checking account options at Seacoast Commerce Bank. The first is free checking that opens with $100 and the second is high interest checking for balances over $1,500.

Awards

In 2010 the United States Small Business Administration ranked Seacoast Commerce Bank the number one provider of loans to small businesses in San Diego. The bank was ranked number four in California and number twenty-four in the nation.

Deposit insurance

Seacoast Commerce Bank has been insured by the Federal Deposit Insurance Corporation since 2003, the year of the bank's establishment. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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