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Overview / Commentary
160 Main Street
Gloucester, MA 01930

BankGloucester is headquartered in Gloucester and is the 119st largest bank in the state of Massachusetts. It is also the 3,161st largest bank in the nation. It was established in 1887 and as of March of 2014, it had grown to 38 employees at 1 location. BankGloucester has a C+ health rating.

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Reviews (2)

Completely Inefficient

Opening an account with this bank has been a complete hassle. I waited over a week for a debit card, then another 5 days for the PIN to arrive. Still waiting for online banking to be approved after 6 days. Paid a visit to the bank for help but got no assistance...they have my money but I can't pay any bills. How does that make sense?

Local Bank Review: BankGloucester (Mass)

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.


Easiness to open accounts

Free checks

Small debit transactions are ok (ten is the requirement)

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


Branch visit necessary

Local to Mass

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


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 BankGloucester had $5.97 million in non-current loans and owned real-estate with $18.84 million in equity and loan loss allowances on hand to cover it. This gives BankGloucester a Texas Ratio of 31.71% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for BankGloucester decreased slightly from 42.41% as of March 31, 2013 to 31.71% as of March 31, 2014, resulting in a positive change of 25.23%.This indicates that the balance sheet and financial strength for BankGloucester has improved slightly in recent periods.

Deposit Growth


In the past year, BankGloucester has decreased its total deposits by -$2.4 million, resulting in -1.5% 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 BankGloucester has shown is average.



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. BankGloucester has $191.09 million in assets with $18.84 million in equity, resulting in a capitalization level of 9.86%, which is above average.

Institution Statistics

FDIC Certificate #26536
Year Established1887
Primary RegulatorFDIC
Assets and Liabilities
Assets$191.09 million
Loans$155.04 million
Deposits$157.97 million
Equity Capital$16.92 million
Loan Loss Allowance$1.92 million
Unbacked Noncurrent Loans$5.97 million
Real Estate Owned$0
Historic Data - March 2013
Assets$193.98 million
Equity Capital$16.19 million
Loan Loss Allowance$1.79 million
Unbacked Noncurrent Loans$5.97 million
Real Estate Owned$0
Profit Margin - Quarterly
Return on Assets0.47%
Return on Equity5.32%
Interest Income$1.98 million

Always verify rates and promotions with the bank or credit union. We are not BankGloucester, we are a rate comparison website and can not provide official rates or promotions.

BankGloucester Savings Account Rates

0.50%--IRA Statement Savings
0.50%--Roth IRA Statement Savings
0.25%--Passbook Savings
0.25%--Statement Savings
0.25%--Christmas Club Account

BankGloucester Money Market Rates

0.35%$100k-Premier Plus Money Market
0.25%$10k-Premier Money Market
0.25%$1k-Personal Money Market

BankGloucester Checking Account Rates

1.51%-$25kReward Checking - Qualifying
0.25%$2,500-Platinum Interest Checking
0.10%--Reward Checking - Non Qualifying
0.05%--50 + Free Interest Checking
0.05%--Advantage Free Checking

BankGloucester CD Rates

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

BankGloucester IRA Rates

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

BankGloucester Locations
Bankgloucester160 Main StreetGloucester, MA 1930