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201-939-5000
25 Orient Way
Rutherford, NJ 07070

At Boiling Springs Savings Bank, they believe that true community banking means providing their customers with the best solutions to their financial needs through superior personal and professional service provided by a staff of dedicated people. It also means being a part of the community. They strive to support their communities by making a positive impact on the organizations and neighborhoods within their market.

Reviews (2)

My Rating For This Bank Is A Zero

My rating for this bank is a zero.  I approached the mortgage department asking for a reprieve for 2 months because I have a seasonal business.  I paid my mortage promptly for 15 years but had a rough patch.  They treated me like shit and were anxious to trash my credit.  They keep sending me late fees for a balance of $3,000.  Go to Wachovia in Rutherford  and ask for Lina.  This is the best bank and they care about their customers.  Boiling Springs Savings Bank rates a zero in my book.  I will tell all my friends.

NO STAR RATING

I went to Boiling Springs last year to close out a CD that was set up almost 20 yrs ago when my great-grandmother passed away. Since it was the last day of the period allowed, and we did not have a passbook, we were told that we could close the account and pay $10 for the account not having a passbook or they would put a note in the system and next year we would not have any problems. Well, guess what....

Passbooks were not issued because of how the account was opened and when I went to get the money this year, again same issue with the passbooks. The only note put on the account last year was that we came to take it out of a dormant state. They will not let me close the account without a passbook and are going to charge me $10 because I "lost" a passbook that was never issued! First off, to charge me a $10 fee for a passbook is ABSURD and then to make me have one to close the account is even more ridiculous! THIS BANK IS CRAP. I have 4 other accounts in this bank and they are all being closed.

Do yourself a favor, find another bank before they find some reason to charge you for ridiculous things.



Health

Data for Q4 2013

Institution Health

B

Texas Ratio

GRADE:
C+

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 Boiling Springs Savings Bank had $46.49 million in non-current loans and owned real-estate with $201.28 million in equity and loan loss allowances on hand to cover it. This gives Boiling Springs Savings Bank a Texas Ratio of 23.10% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Boiling Springs Savings Bank experienced no significant changes from 22.51% as of December 31, 2012 to 23.10% as of December 31, 2013, resulting in a negative change of 2.59%. This indicates that the balance sheet and financial strength for Boiling Springs Savings Bank has had no significant changes in recent periods.

Deposit Growth

GRADE:
B+

In the past year, Boiling Springs Savings Bank has increased its total deposits by $13.54 million, resulting in 1.22% 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 Boiling Springs Savings Bank has shown is above average.

Capitalization

GRADE:
A+

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. Boiling Springs Savings Bank has $1.39 billion in assets with $201.28 million in equity, resulting in a capitalization level of 14.44%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #30052
Year Established1939
Employees185
Primary RegulatorFDIC
Assets and Liabilities
Assets$1.39 billion
Loans$1.07 billion
Deposits$1.13 billion
Equity Capital$186.43 million
Loan Loss Allowance$14.86 million
Unbacked Noncurrent Loans$27.12 million
Real Estate Owned$19.37 million
Historic Data - December 2012
Assets$1.36 billion
Equity Capital$184.15 million
Loan Loss Allowance$15.30 million
Unbacked Noncurrent Loans$27.12 million
Real Estate Owned$3.77 million
Profit Margin - Quarterly
Net Interest Margin3.27%
Return on Assets0.48%
Return on Equity3.57%
Interest Income$51.44 million
Rates

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

Boiling Springs Savings Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.00%--IOLTA Fund
0.30%$50k-Statement Savings
0.25%$25k-IRA Asset Builder
0.25%--Boiling Bucks Youth Savings
0.15%--Passbook Savings
0.15%--Holiday Savings Club
0.15%--Special Occasion Savings

Boiling Springs Savings Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.25%$25k-Money Market Checking

Boiling Springs Savings Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$50k-Premium Checking
0.10%$100-NOW Checking
0.10%$100-Direct Deposit Checking
0.10%$100-Classic Checking
0.10%--Student Checking

Boiling Springs Savings Bank CD Rates

DetailsAPYMINMAXPRODUCT
2.50%$1k-75 Month CD Special
1.75%$1k-5 Year CD
1.75%$1k-39 Month CD Special
1.25%$1k-19 Month CD Special
1.20%$1k-3 Year CD
0.75%$1k-2 Year CD
0.65%$1k-18 Month CD
0.45%$1k-12 Month CD
0.45%$1k-15 Month CD
0.30%$1k-182 Day CD
0.30%$1k-7 Month CD
0.20%$1k-91 Day CD

Boiling Springs Savings Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.75%$1k-5 Year IRA (Traditional,Roth,SEP)
1.20%$1k-3 Year IRA (Traditional,Roth,SEP)
0.75%$1k-2 Year IRA (Traditional,Roth,SEP)
0.65%$1k-18 Month IRA (Traditional,Roth,SEP)
0.45%$1k-12 Month IRA (Traditional,Roth,SEP)
0.33%$250-18 Month Variable IRA (Traditional,Roth,SEP)
0.30%$1k-182 Day IRA (Traditional,Roth,SEP)
Locations

Boiling Springs Savings Bank has 18 locations. Click to view all Boiling Springs Savings Bank locations.