General Info

Headquartered in Memphis, Tenn., Magna Bank is a consumer-oriented bank focusing on deposit accounts and loan products targeted to meet the needs of individuals and families. Its product lines include checking, savings, money market accounts, certificates of deposit, online banking and IRAs as well as first and second mortgage loans for home purchases, construction and improvement. The bank is a federally-chartered savings bank whose primary purpose is to provide the Memphis and Nashville, Tenn., metropolitan markets with banking services traditionally associated with thrift institutions. The bank began operations as a federal savings bank on January 27, 1999.