3 starsAverage User Rating:

Bank Gloucester

160 Main St
Gloucester, MA 01930-5732
978-283-8200
www.bankgloucester.com
 

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Competitive CD Rates at BankGloucester in MA - Local Only - 1/27/2010

BankGloucester is offering two competitive CD rates. The most competitive is the 18-month CD which has a 2.30% APY. Minimum deposit is $500. The 5-year CD is also not bad with a 3.34% APY. However, t ...

4.01% Reward Checking Account at Bank of Gloucester in Massachusetts - 12/22/2008

Update 10/24/09: The top rate is scheduled to fall to 4.01% APY after 10/24/09. Refer to the bottom of the post for the rate history.Bank Gloucester is offering a reward checking account that pays 4.01% APY on balances up to $25,000 (1.01% for above) and...

4.32% 6-Month CD at Gloucester Bank in Massachusetts - 12/22/2008

Update 12/24/08: It has been reported that this CD special has ended.Bank Gloucester is offering a grand opening special 6-month CD with an APY of 4.32%. Minimum deposit is $50,000. An APY of 4.06% is available with a $2,500 minimum deposit. The special...


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See Rates for: Checking | Savings | Money Market | CD | IRA

Checking Accounts

ApyMinMaxProduct
3.01%-$25kReward Checking
1.00%$2,500-Platinum Interest Checking
0.25%--50 + Free Interest Checking
0.25%--Advantage Free Checking

Savings Accounts

ApyMinMaxProduct
0.75%--Statement Savings
0.75%--IRA Statement Savings
0.50%--Passbook Savings
0.50%--Christmas Club Account

Money Market Accounts

ApyMinMaxProduct
1.26%$50k-Premier Plus Money Market
0.75%$25k-Premier Money Market
0.50%--Personal Money Market

Certificates of Deposit

ApyMinMaxProduct
2.56%$50k-60 Month CD
2.30%$50k-48 Month CD
1.79%$50k-36 Month CD
1.53%$50k-30 Month CD
1.27%$50k-24 Month CD
1.02%$50k-12 Month CD
1.02%$50k-18 Month CD
0.76%$50k-9 Month CD
0.75%$50k-6 Month CD

IRA Accounts

ApyMinMaxProduct
2.30%$50k-48 Month IRA
1.79%$50k-36 Month IRA
1.53%$50k-30 Month IRA
1.27%$50k-24 Month IRA
1.02%$50k-12 Month IRA
1.02%$50k-18 Month IRA

Institution Statistics


FDIC Certificate #26536
CCBSIF #Member
BankRate ReportView
Year Established1887
Employees28
Primary RegulatorFDIC

Assets and Liabilities

Assets$170.72 million
Loans$126.84 million
Deposits$132.56 million
Equity Capital$13.63 million
Loan Loss Allowance$1.15 million
Unbacked Noncurrent Loans$1.44 million
Real Estate Owned$128,000

Historic Data - March 2009

Assets$164.34 million
Equity Capital$13.20 million
Loan Loss Allowance$1.15 million
Unbacked Noncurrent Loans$3.79 million
Real Estate Owned$128,000

Profit Margin - Quarterly

Net Interest Margin3.41%
Return on Assets0.46%
Return on Equity5.76%
Interest Income$2.00 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio5
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of March 31, 2010 Bank Gloucester had $1.57 million in non-current loans and owned real-estate with $14.78 million in equity and loan loss allowances on hand to cover it. This gives Bank Gloucester a Texas Ratio of 10.59% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend5
The Texas Ratio for Bank Gloucester decreased significantly from 27.28% as of March 31, 2009 to 10.59% as of March 31, 2010, resulting in a positive change of 61.17%.This indicates that the balance sheet and financial strength for Bank Gloucester has improved significantly in recent periods.
Deposit Growth3
In the past year, Bank Gloucester has increased it's total deposits by $32,000, resulting in 0.02% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Bank Gloucester has shown is average.
Capitalization2
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Bank Gloucester has $170.72 million in assets with $14.78 million in equity, resulting in a capitalization level of 8.66%, which is below average.
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Local Bank Review: BankGloucester (Mass)
- 51hh - Saturday, June 19, 2010 - 8:13 PM

We had to travel 1.5 hours in Mass to reach their main branch in Gloucester.  At that time the RCA rate was 4.51%.  They changed rate to 4.01% ($25K) one month after we opened three accounts (limit to three accounts per household).  It is a small bank with personal customer service.  Even though they have a small asset size ($171M), they are not picky at all about their debit card transactions (not like some banks).  One of our favorite is that they give out a free set of (150) checks.  We decided to keep our three accounts open due to their excellent customer service and free checks.  Who knows, they may be the first to increase their rate one of these days.

Pros:

Easiness to open accounts

Free checks

Small debit transactions are ok (ten is the requirement)

Famous site for the Movie "Perfect Storm":-)

Cons:

Branch visit necessary

Local to Mass

There are only three CSRs, thus sometimes it will take longer to get service 

2
 

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