Aurora Bank
Encyclopedia
Aurora Bank is a federal savings bank
(FSB) headquartered in Wilmington, Delaware. It is a mid-size bank that offers full-scale banking services. Aurora Bank was founded on January 1, 1921 in Wilmington
, Delaware
under the name of Delaware Savings And Loan Association. On January 2, 1958, deposits made to the bank were first insured by the Federal Deposit Insurance Corporation (FDIC). In 1988, the bank was renamed to Delaware Savings Bank, FSB. On April 1, 2009, the bank changed its name to Aurora Bank, FSB.
Aurora Bank is regulated by the Office of Thrift Supervision
and the Federal Deposit Insurance Corporation
.
Aurora Bank has offices in California, Colorado, Indiana, Missouri, Nebraska, New Jersey and New York.
s, debit cards, mortgages
(purchase money and refinance), and money market accounts. Other consumer banking services include deposit by mail, direct deposit
, electronic transfers, refinancing
, and online banking services. Its interest rates on CDs have been competitive.
Aurora Bank FSB is chartered by the Office of Thrift Supervision and is a member of the Federal Home Loan Bank System; its deposits are insured to the extent permitted by law by the Federal Deposit Insurance Corporation
(FDIC).
Business Services that the bank offers include bond administration
, master servicing
, default
surveillance, post-closing forensic diligence, and others.
Aurora Bank Commercial Services provides loan servicing
directly to owners of commercial real estate property, as well as to third parties on a contractual basis.
Federal Savings Bank
A federal savings bank is a savings and loan association federally chartered in the United States. They are chartered and regulated by the Treasury Department's Office of Thrift Supervision....
(FSB) headquartered in Wilmington, Delaware. It is a mid-size bank that offers full-scale banking services. Aurora Bank was founded on January 1, 1921 in Wilmington
Wilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
, Delaware
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
under the name of Delaware Savings And Loan Association. On January 2, 1958, deposits made to the bank were first insured by the Federal Deposit Insurance Corporation (FDIC). In 1988, the bank was renamed to Delaware Savings Bank, FSB. On April 1, 2009, the bank changed its name to Aurora Bank, FSB.
Aurora Bank is regulated by the Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
and the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
.
Aurora Bank has offices in California, Colorado, Indiana, Missouri, Nebraska, New Jersey and New York.
Services
Aurora Bank offers retail banking and lending services in the form of CDs (certificates of deposit), checking and savings accountSavings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
s, debit cards, mortgages
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
(purchase money and refinance), and money market accounts. Other consumer banking services include deposit by mail, direct deposit
Direct deposit
Direct deposit also known as Direct credit is a banking term used to refer to certain payment systems used to transfer money where a payment is initiated by the payer not the payee, namely:* In Europe, the giro system...
, electronic transfers, refinancing
Refinancing
Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political...
, and online banking services. Its interest rates on CDs have been competitive.
Aurora Bank FSB is chartered by the Office of Thrift Supervision and is a member of the Federal Home Loan Bank System; its deposits are insured to the extent permitted by law by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC).
Business Services that the bank offers include bond administration
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
, master servicing
Loan servicing
Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers...
, default
Default (finance)
In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant of the debt contract. A default is the failure to pay back a loan. Default may occur if the debtor is either...
surveillance, post-closing forensic diligence, and others.
Aurora Bank Commercial Services provides loan servicing
Loan servicing
Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers...
directly to owners of commercial real estate property, as well as to third parties on a contractual basis.