It's a bank, and a rather old at that. I fully expect them to store the password in cleartext. (hence the security theatre qualification)

Banks are notorious for taking security as a strict cost/savings measure. I would not be surprised if they enforce weak passwords stored in cleartext on purpose to save on support agents for the people that forget/lose their password. Imagine the customer service reviews: "they were able to find my password back, 5/5". Probably enough savings to offset the cost of refunding people that got their account pwnd. Cost of doing business.