Ascencia Bank, headquartered in Louisville, Kentucky, was the Internet division of Porter Bancorp (PBI Bank). PBI Bank was created in 1996, and the company launched Ascencia in 1999. Ascencia Bank offered competitive CD rates, savings rates, checking accounts, and other consumer banking products to consumers across the United States.
PBI Bank is a community lender serving the state of Kentucky. Currently, the bank operates 18 brick and mortar banking branches throughout the state. PBI offers many of the same consumer banking products as Ascencia, but it also originates auto loans and home mortgages. As a mortgage lender, PBI Bank offers consumers in Kentucky conventional mortgages, mortgage refinancing, second mortgages, and home equity loans.
Porter Bancorp created Ascencia Bank in anticipation of the growing influence of the Internet and as a way to serve customers across the nation. Though the Internet-only bank had a more limited product offering, consumers could conduct all banking via the web and mobile devices. Ascencia is no longer available, but interested customers can still do their business with PBI Bank.
Ascencia Bank did not charge a monthly fee, nor did it require a minimum balance. Internet-only banking is not for everyone. That said, it can be a great option for those who do not use brick and mortar bank branches very often and those who want higher CD rates and savings rates.
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