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28 Franklin Street
Worcester, MA 01608

Bay State Savings Bank is headquartered in Worcester and is the 95th largest bank in the state of Massachusetts. It is also the 2,248th largest bank in the nation. It was established in 1895 and as of December of 2013, it had grown to 70 employees at 8 locations. Bay State Savings Bank's money market rates are 59% higher than the national average, and it has a B+ health rating.

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Data for Q4 2013

Institution Health


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, 2013 Bay State Savings Bank had $4.78 million in non-current loans and owned real-estate with $32.17 million in equity and loan loss allowances on hand to cover it. This gives Bay State Savings Bank a Texas Ratio of 14.87% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Bay State Savings Bank decreased slightly from 19.65% as of December 31, 2012 to 14.87% as of December 31, 2013, resulting in a positive change of 24.34%.This indicates that the balance sheet and financial strength for Bay State Savings Bank has improved slightly in recent periods.

Deposit Growth


In the past year, Bay State Savings Bank has increased its total deposits by $11.33 million, resulting in 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 Bay State Savings Bank 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. Bay State Savings Bank has $286.85 million in assets with $32.17 million in equity, resulting in a capitalization level of 11.22%, which is excellent.

Institution Statistics

FDIC Certificate #90311
Year Established1895
Primary RegulatorFDIC
Assets and Liabilities
Assets$286.85 million
Loans$228.15 million
Deposits$237.98 million
Equity Capital$29.37 million
Loan Loss Allowance$2.80 million
Unbacked Noncurrent Loans$4.64 million
Real Estate Owned$148,000
Historic Data - December 2012
Assets$278.72 million
Equity Capital$28.29 million
Loan Loss Allowance$2.90 million
Unbacked Noncurrent Loans$4.64 million
Real Estate Owned$693,000
Profit Margin - Quarterly
Net Interest Margin3.77%
Return on Assets0.26%
Return on Equity2.59%
Interest Income$11.47 million

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Bay State Savings Bank Savings Account Rates

0.30%$75k$250kGold Rewards Savings Account
0.15%--Statement Savings
0.15%--Passbook Savings
0.15%--Basic Savings
0.15%--Smart Saver Account
0.15%--Holiday Club Account

Bay State Savings Bank Money Market Rates

0.70%$250k-Commercial Money Market
0.30%$75k$250keMoney Market Account
0.15%$25k$500kBay State Bank Money Market
0.15%$500-Minuteman Money Manager

Bay State Savings Bank Checking Account Rates

0.10%--NOW Checking
0.10%--IOLTA Checking

Bay State Savings Bank CD Rates

1.40%$1k-60 Month CD
1.10%$1k-48 Month CD
0.90%$1k-36 Month CD
0.70%$1k-24 Month CD
0.50%$1k-18 Month CD
0.40%$1k-12 Month CD
0.25%$1k-6 Month CD
0.20%$5k-3 Month CD

Bay State Savings Bank IRA Rates

1.40%$500-60 Month IRA (Traditional,Roth,SEP,CESA)
1.10%$500-48 Month IRA (Traditional,Roth,SEP,CESA)
0.90%$500-36 Month IRA (Traditional,Roth,SEP,CESA)
0.70%$500-24 Month IRA (Traditional,Roth,SEP,CESA)
0.50%$500-18 Month IRA (Traditional,Roth,SEP,CESA)
0.40%$500-12 Month IRA (Traditional,Roth,SEP,CESA)
0.25%$500-6 Month IRA (Traditional,Roth,SEP,CESA)
0.20%$500-3 Month IRA (Traditional,Roth,SEP,CESA)

Bay State Savings Bank Locations
Minuteman Plaza Branch123 Auburn StreetAuburn, MA 1501
Eastern Avenue Branch2 Eastern AvenueWorcester, MA 1608
Mill Street Branch275 Mill StreetWorcester, MA 1602
Bay State Savings Bank28 Franklin StreetWorcester, MA 1608
Burncoat Street Branch374-378 Burncoat StreetWorcester, MA 1606
Holden Branch628 Main StreetHolden, MA 1520
Grafton Street Branch799 Grafton StreeetWorcester, MA 1608
Auburn High School Branch99 Auburn StreetAuburn, MA 1501