Farm Bureau Bank DSCR Review 2026: The FDIC Bank Whose DSCR Loan Is Actually a loanDepot JV Product

Why this review exists

CrowdfundedWealth has spent months publishing forensic, primary-source reviews of every meaningful DSCR and business-purpose lender in the United States — Visio Lending, Kiavi, Lima One Capital, LendingOne, Roc360, Easy Street Capital, Velocity Financial, Constructive Loans, RCN Capital, Anchor Loans, A&D Mortgage, Center Street Lending, and more. Inside that universe sits a distinct sub-cluster: depositories that are simultaneously FDIC-insured banks and DSCR investor lenders.

Four were already reviewed — CFBank (the 0.75 DSCR floor leader, Russell 3000-listed parent), Quontic Bank (CDFI-certified, three open enforcement orders), NASB (the 1927-founded Missouri thrift with terminated enforcement), and 1st Security Bank (the FS Bancorp NASDAQ-parent subsidiary that publishes no DSCR product at all, only educational marketing pages).

In a May 2026 DataForSEO probe, the Google AI Overview generated for the query "fdic insured dscr lender" cited three institutions: NASB, CFBank, and Farm Bureau Bank alongside 1st Security Bank in adjacent queries. Three of those four were already covered. Farm Bureau Bank was the last remaining citation. This article completes the FDIC-insured DSCR bank cluster.

The disambiguation problem comes first — and unlike 1st Security Bank, where the issue was confusion with First Security Bank of Montana/Arkansas/Mississippi, the Farm Bureau Bank disambiguation problem is more subtle. The right legal entity is Farm Bureau Bank FSB (FDIC certificate #35157, NMLS #2214437, federally chartered savings bank, RSSD ID 2819167). The wrong entity that aggregators and AI assistants frequently confuse it with is FB Bancorp /MD/ (NASDAQ: FBLA, CIK 0002013639), the publicly traded holding company of Fidelity Bank in Louisiana that IPO'd October 22, 2024. These are unrelated companies that share an acronym. Anyone reading SEC EDGAR results for "FB Bancorp" without checking the CIK will be reading about a Louisiana community bank, not the Farm Bureau institution.

Another common confusion: State Farm Bank, FSB (a different institution, headquartered in Bloomington, Illinois) had a 2020 CFPB consent order under the Fair Credit Reporting Act. Farm Bureau Bank FSB has no such order. The names are similar; the institutions are not related.

This review is about Farm Bureau Bank FSB and no other entity.

The entity: Farm Bureau Bank FSB, in full

To avoid any further confusion, here is the precise legal identification of the institution under review:

• Legal name: Farm Bureau Bank FSB
• FDIC Certificate #: 35157 (verified, FDIC BankFind)
• RSSD ID: 2819167
• Charter type: Federal Savings Bank (FSB) — a federally chartered savings association
• Bank class: SB (Savings Bank)
• Primary federal regulator: Office of the Comptroller of the Currency (OCC), which has supervised federal savings associations since the 2011 dissolution of the Office of Thrift Supervision under Dodd-Frank. The FDIC provides deposit insurance and acts as back-up authority.
• Legal HQ: 10345 Professional Circle, Reno, NV 89521 (FDIC-recorded legal HQ, one branch office)
• Operations and executive offices: 17300 Henderson Pass, San Antonio, TX 78232 (the day-to-day operating center)
• NMLS #: 2214437 (Farm Bureau Bank FSB)
• Date established: July 12, 1999
• Number of offices: 2 (per FDIC BankFind, December 31, 2025)
• Approximate employee count: 192
• Ownership: Wholly-owned subsidiary of FB BanCorp (privately held, San Antonio, TX), which is owned by participating state Farm Bureau federations. The "Farm Bureau" name and logo are licensed from the American Farm Bureau Federation.

The bank serves 45 states (the FDIC institution profile and the bank's own About page list 45; some older filings say 44).

A federal-charter savings institution differs from a national commercial bank in two ways relevant to borrowers: it does not have "N.A." after its name (because it is not a national bank), and historically its thrift charter constrained the mix of consumer-versus-commercial lending. In practice for a modern DSCR borrower this distinction is invisible — both charters can originate the same mortgage products — but it is worth understanding why some directory sites mis-classify Farm Bureau Bank as "state-chartered" (it is not) or as a commercial bank (also not).

Corporate structure and history

FB BanCorp, the privately held parent, is owned by participating state Farm Bureau federations. The structure is similar to a credit-union-like cooperative wrapped inside a federal savings bank charter: the affiliated state Farm Bureau federations hold the equity, and the bank exists primarily to serve those federations' members. Federal law prohibits the bank from requiring Farm Bureau membership as a condition of opening a federally insured deposit account; whether membership is required to apply for a mortgage product is a separate question that varies by state and that prospective borrowers should ask directly.

The bank was established July 12, 1999 as a federal savings bank — a relatively young charter compared to the 1907-rooted brands at 1st Security Bank or the 1927-rooted NASB. It has grown to roughly $1.09 billion in assets by the end of 2025, with two physical office locations (Reno and San Antonio) and a substantial digital footprint serving members across 45 states.

The most consequential corporate development for DSCR borrowers is the June 3, 2021 launch of Farm Bureau Mortgage, LLC — a joint venture between Farm Bureau Bank and publicly traded loanDepot, Inc. (NYSE: LDI). The JV is registered under NMLS #2122423 and operates as the originating and underwriting entity for the bank's mortgage products, including DSCR. The JV initially launched in 12 states (AL, AZ, AR, FL, GA, IA, MS, NE, NC, SC, TN, TX) in October 2021 and has since expanded — but the current full state list is not published on the bank's DSCR product page and must be verified at the NMLS Consumer Access record for NMLS #2122423.

This is the structural fact that the May 2026 Google AI Overview citation does not disclose. When a search assistant tells a user that "Farm Bureau Bank is an FDIC-insured DSCR lender," the implicit signal — that this is a depository taking deposits and making balance-sheet loans the way CFBank does — is misleading. The reality is that the DSCR loan is originated by a loanDepot JV under the Farm Bureau Mortgage brand, and whether the loan is held on Farm Bureau Bank's balance sheet or sold to loanDepot's warehouse / the secondary non-QM market is not publicly disclosed in the bank's product page. [NEEDS VERIFICATION via direct conversation with the lender.]

There has been no announced wind-down of the Farm Bureau Mortgage JV despite loanDepot's broader strategic restructuring during 2024-2025. loanDepot returned to profitability in Q3 2025 after multi-year losses — a fact relevant to DSCR borrowers because it speaks to the JV partner's financial stability.

Regulatory standing — honest disclosure

Here is the verified regulatory record for Farm Bureau Bank FSB, presented in full:

Open enforcement orders as of May 2026: none found. A direct search of the OCC enforcement-action database, the FDIC enforcement-orders portal, the Federal Reserve enforcement archive, and the CFPB enforcement page returned no public orders against Farm Bureau Bank FSB (FDIC cert #35157, RSSD ID 2819167) as of this review's publication date.

CRA Performance Evaluation: "Satisfactory" overall, with the most recent and prior evaluations both dated February 28, 2022. The Texas component is Satisfactory overall (Lending Satisfactory, Community Development Outstanding); the Nevada component is Satisfactory across the board. This is a clean rating — neither the highest possible ("Outstanding" overall) nor the lowest passing grade ("Needs to Improve").

CFPB actions: none against Farm Bureau Bank FSB. As noted in the disambiguation section, the 2020 CFPB consent order against State Farm Bank, FSB (a different institution) is frequently conflated with Farm Bureau Bank. They are not the same bank and the order does not bind Farm Bureau Bank FSB.

Consumer complaints: Farm Bureau Bank is not BBB-accredited. The BBB profile shows 8 complaints in the last 3 years (5 in the last 12 months) — a small volume relative to bank size. The complaints are operational in nature (customer service, card declines, account opening friction); no pattern of mortgage-specific complaints surfaces in the public data.

Private consumer litigation: Mike Agruss Law Firm lists Farm Bureau Bank as a target of consumer debt-collection complaints related to the Fair Debt Collection Practices Act and the Telephone Consumer Protection Act. These are private consumer claims, not regulatory actions, and they appear to relate to credit-card and consumer-lending products rather than mortgage origination.

The honest read is that Farm Bureau Bank FSB has a clean federal-regulator record and a normal-volume consumer-complaint profile for a $1B community bank — substantially cleaner than Quontic's three open enforcement orders and broadly comparable to CFBank's clean 11+ year post-termination record.

Financial profile — the small-but-stable picture

Drawing directly from the FDIC's Call Report API (api.fdic.gov/banks/financials?filters=CERT:35157), the bank's quarterly financials through Q4 2025 are:

Three observations matter for a DSCR borrower:

1. Capital is solid but profitability is weak. Tier 1 risk-based capital sits between 12.32% and 12.51% across 2025 quarters — well above the OCC's "well-capitalized" threshold (typically 8% Tier 1 RBC). But ROA at 0.11%–0.34% and ROE at 1.23%–3.86% are materially below the community-bank median (ROA typically ~1.0%, ROE ~10%). The bank's pre-tax margin is being squeezed by deposit costs that outpaced asset-yield repricing during the 2024-2025 rate cycle. NIM at 3.7%-3.9% is healthy in absolute terms; the gap shows up at the bottom line.

2. Assets are gradually shrinking. Total assets declined roughly $25 million across FY2025 ($1.117B Q1 → $1.092B Q4). This is consistent with broader industry deposit runoff during 2024-2025 as savers chased higher money-market yields. It is not an alarm signal, but it is a leading indicator that the bank is in a maintenance posture rather than an expansion posture.

3. The bank is small enough that any concentrated loan losses would show up quickly. A $1B asset base means a single defaulted $5M DSCR loan would move the NPL ratio by 0.5 percentage points. We could not extract the bank's NPL ratio from the FDIC's open API (the LNATRES field was not returned in our pull); a complete picture requires the bank's Call Report XBRL data directly. [NEEDS VERIFICATION — direct Call Report download via FFIEC.]

The bank does not publish a loan-mix breakdown showing how much of its asset base is investment-property mortgages versus consumer loans, agricultural lending, or commercial real estate. A reasonable structural inference: because the DSCR product is originated through the loanDepot JV (Farm Bureau Mortgage LLC), much of that volume likely is not held on Farm Bureau Bank's own balance sheet — it is more likely sold into loanDepot's warehouse and onward to the non-QM secondary market. This is the most important under-disclosed fact in the bank's public marketing.

The DSCR product — what is actually published

What follows is sourced directly from farmbureau.bank/Personal/Home-Loans/DSCR-Loans as of May 20, 2026. Every published data point is included; every gap is flagged as NOT DISCLOSED so a prospective borrower knows precisely what they need to ask on the first call.

On a published-floor basis, the DSCR under 1.0 and No-DSCR options make Farm Bureau Bank's DSCR product the most permissive in our entire FDIC-bank cluster on paper. By comparison:

• CFBank: 0.75 DSCR floor (published, in-house underwriting)
• Quontic Bank: 1.10 DSCR floor
• NASB: 1.10-1.20 DSCR floor (depending on product tier)
• 1st Security Bank: no published DSCR product

But "permissive on paper" is doing real work in that sentence. With no published FICO floor, no published LTV cap, no published rate sheet, and no exhaustive state list, the actual underwriting box is unknowable until a borrower applies. And given that the loan is originated by the loanDepot JV, the underwriting box is functionally loanDepot's non-QM box, not Farm Bureau Bank's.

What the AIO citation does not tell you

The May 2026 Google AI Overview for "fdic insured dscr lender" cites Farm Bureau Bank as a DSCR option among FDIC banks. That citation is technically accurate — the bank does publish a DSCR product page on farmbureau.bank, and the bank is FDIC-insured (cert #35157).

But the AIO does not disclose three structural facts that materially change how a borrower should evaluate the offer:

1. The DSCR loan is originated and underwritten by Farm Bureau Mortgage, LLC (NMLS #2122423), a June 2021 joint venture with publicly traded loanDepot (NYSE: LDI). It is not originated by Farm Bureau Bank itself. The "Farm Bureau Bank DSCR loan" is functionally a loanDepot non-QM product distributed through a member-only branded channel. This matters because: (a) the underwriting box is loanDepot's, not the bank's; (b) the loan is likely sold to loanDepot's warehouse rather than held on the bank's balance sheet (verify directly with the lender); (c) the JV is structurally dependent on loanDepot's corporate health, which posted multi-year losses 2022-2024 before returning to profitability in Q3 2025.

2. The bank's own DSCR product page publishes a sub-1.0 DSCR floor and "No DSCR" option but discloses NO FICO floor, NO LTV cap, NO rate sheet, and NO complete state list. Every prospective borrower must call (877-388-5354 or 800-492-3276) to learn the actual underwriting box. This is a stark contrast with CFBank's DSCR page, which publishes the 0.75 DSCR floor alongside 660 FICO minimum, 80% LTV maximum, $2.5M loan cap, and all-50-states availability.

3. Farm Bureau Bank's overall ROA of approximately 0.21% in FY2025 is materially below the community-bank median (~1.0%). Capital is solid (Tier 1 RBC 12.48%), but margin compression suggests the bank is in a defensive posture rather than an expansion posture. A DSCR borrower who values a long-term relationship with a stable community bank should weigh this against the cleaner ROA and ROE profile at CFBank (ROA 0.97%, ROE 10.74%, Russell 3000 inclusion June 30, 2025) or NASB ($28.7M FY2025 net income, 14.7% equity-to-assets).

The honest read: Farm Bureau Bank's DSCR product can be a legitimate quote in the right circumstances — but it should not be confused with a balance-sheet community-bank DSCR alternative to the wholesale market. It is a wholesale-style non-QM product wrapped in a community-bank brand.

How Farm Bureau Bank's DSCR stacks against the rest of our FDIC bank cluster

The cluster-level read across all five FDIC DSCR banks: CFBank remains the only institution that combines (a) an aggressive published DSCR floor with full transparency, (b) in-house balance-sheet underwriting, (c) all-50-states availability, (d) a Russell 3000 publicly traded parent with strong recent earnings, and (e) a clean enforcement record extending more than 11 years. Farm Bureau Bank competes only on the published DSCR floor dimension — and even there, the underwriting is wholesale (via the loanDepot JV) rather than balance-sheet.

For an investor whose constraint is "I want an FDIC-insured bank's DSCR loan" because they distrust the wholesale non-QM market (Visio, Velocity, Angel Oak, Kiavi, Lima One, A&D), the right starting point is CFBank. Farm Bureau Bank is a reasonable secondary quote if you are already a Farm Bureau member, banking with them, and your DSCR is in the sub-1.0 / no-ratio zone where CFBank's 0.75 floor is also tight against your deal economics.

Leadership — the people running the bank

Several long-tenured executives matter for a DSCR borrower assessing institutional continuity:

• William ("Will") A. Hileman, President & CEO — appointed CEO on March 31, 2012; approximately 13-year tenure as of May 2026. Succeeded founding CEO Larry J. Lanie. Prior career: SVP Retail at SunTrust, executive at H-E-B Grocery. Oklahoma State BS.
• Jeff Spencer, CFO — joined the bank in 2018 as VP Finance, promoted to CFO. CPA + CFA credentials. Prior: USAA FSB.
• Kelly Hamer, Chief Lending & Experience Officer — with the bank since 2006 (approximately 20-year tenure).
• Eric O'Toole, Chief Credit Officer (Greenville, SC) — prior EVP/CRO at Beal Bank.
• John Poe, Chief Risk Officer — a founding employee (1999), former FDIC examiner. Long-tenure key-person.
• Beth Hunt, Chief Banking Officer (Atlanta) — joined 2020; prior Truist/SunTrust.
• Dominick Deorio, President of Farm Bureau Mortgage (the JV) — represents the loanDepot side of the partnership.
• Dan Peña, loanDepot EVP National JVs — oversees the relationship from loanDepot.

The combination of a 13-year CEO, a 20-year Chief Lending Officer, a founding-employee Chief Risk Officer, and the deep state-Farm-Bureau-federation ownership stack means key-person succession risk at Farm Bureau Bank is materially lower than at, say, Visio Lending, where every C-suite executive joined within the last 18 months.

The flip side: a 13-year CEO and a 25-year-old bank charter is a stable structure, not an innovative one. If you are looking for the lender most likely to be agile on edge-case DSCR underwriting decisions (mixed-use, complex LLC ownership, non-traditional STR markets), Farm Bureau Mortgage's connection to loanDepot's national wholesale underwriting may actually be a feature rather than a bug — loanDepot sees roughly 3 orders of magnitude more non-QM volume than Farm Bureau Bank ever could on its own.

Practical guidance — should you apply?

The honest decision framework:

Apply to Farm Bureau Bank's DSCR if:

• You are an active Farm Bureau member in one of the states where Farm Bureau Mortgage is licensed (verify at NMLS Consumer Access ID 2122423)
• Your deal has DSCR in the sub-1.0 to 0.95 zone, which is below CFBank's 0.75 floor only at the very extreme — but the No-DSCR option may handle deals that no other FDIC bank touches
• You value the community-bank brand and are willing to accept that the underlying loan is a loanDepot non-QM product
• You can tolerate a 30-day-plus quote process given the lack of online rate transparency

Do not apply if:

• You want a published rate sheet to comparison-shop quickly — use CFBank or any wholesale DSCR lender (Visio, Velocity, Kiavi) instead
• You are not a Farm Bureau member and are not in a state where membership is easy to acquire
• Your deal economics are well within CFBank's 0.75 floor + 660 FICO box — CFBank is the better-documented, better-capitalized, all-50-states option

Don't ever apply if:

• You are buying your first home — Farm Bureau Bank's DSCR explicitly excludes first-time homebuyers
• You need fewer than 30 days to close — call a transparent wholesale DSCR lender; the call-only quote model at Farm Bureau Mortgage adds friction

For the broader 2026 DSCR rate environment that frames any of these decisions, see our DSCR Loan Rates 2026 forensic. For the conventional-versus-DSCR decision rule, see DSCR Loan vs Conventional Mortgage. For the refinance math, see How to Refinance a DSCR Loan in 2026. And to run actual numbers against the 10-lender qualification map (including Farm Bureau Bank's no-DSCR option), use our interactive DSCR Loan Calculator.

FAQ

Affiliate disclosure

Farm Bureau Bank does not offer a public affiliate program. Every link in this article is a generic URL and CrowdfundedWealth earns nothing if you fund a loan through them. This review exists because the May 2026 Google AI Overview cited Farm Bureau Bank as an FDIC-insured DSCR lender without disclosing the loanDepot JV structure — and a forensic primary-source review filling that gap is the right thing to publish. The same standard applies across our entire DSCR lender library — see our DSCR Loan Lender 2026 pillar for the complete cross-comparison, including the four other FDIC banks (CFBank, Quontic, NASB, 1st Security Bank) and the wholesale non-QM ecosystem (Visio, Velocity, Kiavi, Lima One, A&D Mortgage).

Last updated: May 20, 2026. Verified against farmbureau.bank product pages, FDIC BankFind cert #35157, FDIC Call Report API, NMLS Consumer Access #2214437 (bank) and #2122423 (Farm Bureau Mortgage), OCC and CFPB enforcement databases, and the June 2021 PR Newswire announcement of the loanDepot JV.