Average User Rating:
3 star rating based on 1 review.

Bank Gloucester

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

FDIC

OverView
Rates
Health
Reviews

Bank Gloucester is headquartered in Gloucester and is the 117^st largest bank in the state of Massachusetts. It is also the 3,200^th largest bank in the nation. It was established in 1887 and as of December of 2012, it had grown to 33 employees at 1 location. Bank Gloucester has a 3-star health rating.

Bank Gloucester (Mass) Dropped Their Reward Checking Rate... (Forum) - 8/6/2010

from 4.01% to 3.01%.

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 ...

High-Yield 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...

Report an Issue

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

Bank Gloucester Checking Account Rates

Apy	Min	Max	Product
1.51%	-	$25k	Reward Checking
0.25%	$2,500	-	Platinum Interest Checking
0.05%	-	-	50 + Free Interest Checking
0.05%	-	-	Advantage Free Checking

Bank Gloucester Savings Account Rates

Apy	Min	Max	Product
0.50%	-	-	IRA Statement Savings
0.50%	-	-	Roth IRA Statement Savings
0.25%	-	-	Passbook Savings
0.25%	-	-	Statement Savings
0.25%	-	-	Christmas Club Account

Bank Gloucester Money Market Rates

Apy	Min	Max	Product
0.50%	$100k	-	Premier Plus Money Market
0.35%	$10k	-	Premier Money Market
0.35%	$1k	-	Personal Money Market

Bank Gloucester CD Rates

Apy	Min	Max	Product
1.53%	$50k	-	60 Month CD
1.38%	$50k	-	48 Month CD
1.22%	$50k	-	36 Month CD
1.02%	$50k	-	30 Month CD
0.81%	$50k	-	24 Month CD
0.61%	$50k	-	18 Month CD
0.46%	$500	-	12 Month CD
0.41%	$500	-	9 Month CD
0.35%	$2,500	-	6 Month CD

Bank Gloucester IRA Rates

Apy	Min	Max	Product
1.38%	$50k	-	48 Month IRA
1.38%	$50k	-	48 Month Roth IRA
1.22%	$50k	-	36 Month IRA
1.22%	$50k	-	36 Month Roth IRA
1.02%	$50k	-	30 Month IRA
1.02%	$50k	-	30 Month Roth IRA
0.81%	$50k	-	24 Month IRA
0.81%	$50k	-	24 Month Roth IRA
0.61%	$50k	-	18 Month IRA
0.61%	$50k	-	18 Month Roth IRA
0.46%	$500	-	12 Month IRA
0.46%	$500	-	12 Month Roth IRA

Rates updated: 5/23/2013

Data for Q4 2012

Institution Statistics

BankGloucester
FDIC Certificate #	26536
BankRate Report	View
Year Established	1887
Employees	33
Primary Regulator	FDIC
Assets and Liabilities
Assets	$191.75 million
Loans	$160.27 million
Deposits	$158.16 million
Equity Capital	$15.95 million
Loan Loss Allowance	$1.72 million
Unbacked Noncurrent Loans	$7.22 million
Historic Data - December 2011
Assets	$179.59 million
Equity Capital	$15.18 million
Loan Loss Allowance	$1.48 million
Unbacked Noncurrent Loans	$5.59 million
Profit Margin - Quarterly
Net Interest Margin	3.44%
Return on Assets	0.42%
Return on Equity	5.15%
Interest Income	$8.20 million

Institution Health

Overall Score:

3 out of 5

Texas Ratio
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 December 31, 2012 Bank Gloucester had $7.22 million in non-current loans and owned real-estate with $17.67 million in equity and loan loss allowances on hand to cover it. This gives Bank Gloucester a Texas Ratio of 40.84% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Bank Gloucester increased slightly from 33.58% as of December 31, 2011 to 40.84% as of December 31, 2012, resulting in a negative change of 21.63%. This indicates that the balance sheet and financial strength for Bank Gloucester has declined slightly in recent periods.
Deposit Growth
In the past year, Bank Gloucester has increased its total deposits by $19.59 million, resulting in 14.13% 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 excellent.
Capitalization
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 $191.75 million in assets with $17.67 million in equity, resulting in a capitalization level of 9.21%, which is average.

Local Bank Review: BankGloucester (Mass)
3 stars

- 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

Bank Gloucester

Related Posts