Domestic Bank was founded in 1967 to provide a full line of exceptional services to businesses and consumers, borrowers and savers.
For over 40 years, they've grown by honoring a tradition of service, prudent lending and an overall conservative approach to finance. At the same time, they've expanded their services to offer comprehensive programs to meet the complete banking needs of their customers.
Very bad customer service. They closed my local branch and lied about opening a new one. They later closed my account with only 29 days notice and did not give me an extension when I asked for one to notify all my automatic depositers and payees. I never overdrew or did anything negative but they must have decided I was too small for them so they dropped me.
When they took over Domestic Bank we became stuck with them, We would send our mortgage payments overnight as a certified check ,certified mail with signature required. Admirals Bank takes excessive amounts of time to credit payments received in the mail. For example,someone would sign for our letter on the 4th at1012 am and our payment would get credited to our account on the 17th. Meanwhile late fees and interest keeps racking up. Once again, this month, we received a late payment letter 6 days after our payment was received. This is not an isolated incident. It has been happening 70% of the time since they took over our original lender.
I read good things about their walk-in banking services, I read about how they have a beautiful office but that does not make up for the incompetence of their loan servicing department. Maybe they are just a great place for cashing a check or opening a savings account. They really need to revamp how they process payments to them.
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 Admirals Bank had $11.49 million in non-current loans and owned real-estate with $59.4 million in equity and loan loss allowances on hand to cover it. This gives Admirals Bank a Texas Ratio of 19.35% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Admirals Bank decreased dramatically from 38.44% as of March 31, 2013 to 19.35% as of March 31, 2014, resulting in a positive change of 49.67%.This indicates that the balance sheet and financial strength for Admirals Bank has improved dramatically in recent periods.
In the past year, Admirals Bank has decreased its total deposits by -$115.75 million, resulting in -18.97% 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 Admirals Bank has shown is poor.
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. Admirals Bank has $559.26 million in assets with $59.4 million in equity, resulting in a capitalization level of 10.62%, which is above average.
|FDIC Certificate #||27015|
|Assets and Liabilities|
|Equity Capital||$56.57 million|
|Loan Loss Allowance||$2.83 million|
|Unbacked Noncurrent Loans||$10.85 million|
|Real Estate Owned||$642,000|
|Historic Data - March 2013|
|Equity Capital||$56.90 million|
|Loan Loss Allowance||$3.55 million|
|Unbacked Noncurrent Loans||$10.85 million|
|Real Estate Owned||$5.35 million|
|Profit Margin - Quarterly|
|Net Interest Margin||6.1%|
|Return on Assets||-0.95%|
|Return on Equity||-9.4%|
|Interest Income||$9.55 million|
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|0.75%||$20k||-||Anchor Companion Money Market|
|2.00%||-||$10k||Advantage Checking - Qualifying|
|0.10%||$500||-||Anchor Companion Checking|
|0.60%||$500||-||60 Month CD|
|0.40%||$500||-||48 Month CD|
|0.30%||$500||-||36 Month CD|
|0.20%||$500||-||24 Month CD|
|0.15%||$500||-||18 Month CD|
|0.10%||$500||-||12 Month CD|
|0.05%||$500||-||3 Month CD|
|0.05%||$500||-||6 Month CD|
|0.60%||$500||-||60 Month IRA|
|0.40%||$500||-||48 Month IRA|
|0.30%||$500||-||36 Month IRA|
|0.20%||$500||-||24 Month IRA|
|0.15%||$500||-||18 Month IRA|
|0.10%||$500||-||12 Month IRA|
|0.05%||$500||-||3 Month IRA|
|0.05%||$500||-||6 Month IRA|
|Admirals Bank Locations|
|Bespoke Banking Center Providence Branch||15 Park Row West||Providence, RI 2903|
|E. Street Branch||40 East Street||Ludlow, MA 1056|
|Admirals Bank||579 Boylston Street||Boston, MA 2116|