Principal Bank · Des Moines, IA United States
Company Description
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This link will open in a new window The banking arm of investment manager Principal Financial Group , Principal Bank provides a range of services to retail customers, most of whom are also customers of its parent company (aka The Principal). Deposit products include traditional checking and savings accounts, CDs, and IRAs, as well as money market and health savings accounts. Its lending activities entail home equity and consumer loans. The bank also issues credit and debit cards and sells insurance. Principal Bank has no branches, but is accessible via the Internet, ATM, and mail, or by phone with a personal banker. Formed by The Principal in 1998, the bank has more than 190,000 customers. To read the full description, subscribe now.
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Key Principal Bank Financials
| Company Type | Subsidiary Single Location |
| Fiscal Year-End | December |
| 2007 Sales (mil.) | $107.6 |
| 2007 Employees | 147 |
Principal Bank Executives
8 executives listed for Principal Bank's Des Moines, IA location.
| Title | Name & Bio | Contact |
| Chairman | Barrie Christman | Network |
| President and CEO | Arthur Bacci | Network |
| VP and CFO | Ann Shelton | Network |
Competition
Competitive Landscape for Principal Bank
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Principal Bank Competitors
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