BankFive is headquartered in Fall River and is the 40th largest bank in the state of Massachusetts. It is also the 898th largest bank in the nation. It was established in 1855 and as of December of 2013, it had grown to 182 employees at 13 locations. BankFive has a B+ health rating.
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:
Attn: Customer Contact Center
79 North Main Street
Fall River MA 02720
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.
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, 2013 BankFive had $7.38 million in non-current loans and owned real-estate with $80.86 million in equity and loan loss allowances on hand to cover it. This gives BankFive a Texas Ratio of 9.12% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for BankFive held steady from 7.00% as of December 31, 2012 to 9.12% as of December 31, 2013, resulting in a negative change of 30.28%. This indicates that the balance sheet and financial strength for BankFive has held steady in recent periods.
In the past year, BankFive has increased its total deposits by $25.17 million, resulting in 4.08% 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.
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 $749.32 million in assets with $80.86 million in equity, resulting in a capitalization level of 10.79%, which is above average.
|FDIC Certificate #||23286|
|Assets and Liabilities|
|Equity Capital||$75.02 million|
|Loan Loss Allowance||$5.85 million|
|Unbacked Noncurrent Loans||$6.65 million|
|Real Estate Owned||$729,000|
|Historic Data - December 2012|
|Equity Capital||$72.04 million|
|Loan Loss Allowance||$6.80 million|
|Unbacked Noncurrent Loans||$6.65 million|
|Real Estate Owned||$950,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.6%|
|Return on Assets||0.5%|
|Return on Equity||5.05%|
|Interest Income||$28.04 million|
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|0.05%||-||-||Regular Passbook Savings Account|
|0.05%||-||-||Regular Statement Savings Account|
|0.15%||$50k||-||High Option Money Market Account (statement)|
|0.10%||$10k||-||Five Star Checking Account|
|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|