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774-888-6100
79 North Main Street
Fall River, MA 02720

BankFive is headquartered in Fall River and is the 40th largest bank in the state of Massachusetts. It is also the 899th largest bank in the nation. It was established in 1855 and as of March of 2014, it had grown to 182 employees at 13 locations. BankFive has a B+ health rating.

Reviews (2)

ACH Services

My company provides a consulting service that we charge a monthly fee for, these fee's are deducted once a month. We signed up with Bank 5 for this service we have over 600 people we help and that pay us every month. Our business depends on our bank drafting service. Bank Five on December 31st writes us a letter telling us they are revoking our ACH account. That the termination is effective Jan 17th.
They couldn't even give us 30 days.
I am so upset right now this could ruin our business.

Dear Mr. Pepi,

BankFive conducts annual reviews of all companies who initiate ACH and/or Wire transactions using our Cash Management/Business Banking online system. After completing the most recent review of Strategic Transitions, a decision has been made by BankFive to revoke the ACH services for Strategic Transitions effective January 17, 2014. After this date, Strategic Transitions will no longer have the ability to initiate ACH transactions via BankFive’s Cash Management/Business Banking online system. In order to avoid a $50.00 fee, please return the security tokens used for approving ACH transactions to BankFive either in person by bringing them to any BankFive office, or mailing them to:



BankFive

Attn: Customer Contact Center

79 North Main Street

Fall River MA 02720

An Ok Bank

This bank is mostly located in Southern MA.  I only use it basically because of its convience.  The bank is just like all the other banks in the area like Webster, Bank of America and so on.  The only down side is I dont consider them a big enough bank. 



Health

Data for Q1 2014

Institution Health

B+

Texas Ratio

GRADE:
A

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 BankFive had $7.1 million in non-current loans and owned real-estate with $82.28 million in equity and loan loss allowances on hand to cover it. This gives BankFive a Texas Ratio of 8.63% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for BankFive experienced no significant changes from 5.93% as of March 31, 2013 to 8.63% as of March 31, 2014, resulting in a negative change of 45.38%. This indicates that the balance sheet and financial strength for BankFive has had no significant changes in recent periods.

Deposit Growth

GRADE:
A

In the past year, BankFive has increased its total deposits by $28.82 million, resulting in 4.61% 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 BankFive has shown is excellent.

Capitalization

GRADE:
B+

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. BankFive has $759.2 million in assets with $82.28 million in equity, resulting in a capitalization level of 10.84%, which is above average.

Institution Statistics

Overall
FDIC Certificate #23286
Year Established1855
Employees182
Primary RegulatorFDIC
Assets and Liabilities
Assets$759.20 million
Loans$509.62 million
Deposits$653.83 million
Equity Capital$76.33 million
Loan Loss Allowance$5.95 million
Unbacked Noncurrent Loans$6.91 million
Real Estate Owned$186,000
Historic Data - March 2013
Assets$736.64 million
Equity Capital$72.82 million
Loan Loss Allowance$6.70 million
Unbacked Noncurrent Loans$6.91 million
Real Estate Owned$935,000
Profit Margin - Quarterly
Net Interest Margin3.54%
Return on Assets0.4%
Return on Equity4%
Interest Income$6.90 million
Rates

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

BankFive Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.05%--Regular Passbook Savings Account
0.05%--Regular Statement Savings Account

BankFive Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$50k-High Option Money Market Account (statement)

BankFive Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.10%$10k-Five Star Checking Account

BankFive CD Rates

DetailsAPYMINMAXPRODUCT
1.25%$500-5 Year CD
1.15%$500-4 Year CD
0.80%$500-3 Year CD
0.65%$500-30 Month Bump-up CD
0.50%$500-18 Month CD
0.40%$500-1 Year CD
0.25%$500-6 Month CD
0.15%$500-3 Month CD
Locations

BankFive has 12 locations. Click to view all BankFive locations.