Florence Savings Bank

85 Main Street
Florence, MA 01062
413-586-1300
www.florencesavings.com

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Florence Savings Bank is headquartered in Florence and is the 24^th largest bank in the state of Massachusetts. It is also the 611^st largest bank in the nation. It was established in 1873 and as of September of 2011, it had grown to 184 employees at 10 locations. Florence Savings Bank has a 4-star health rating.

2.40% Rewards Checking at a Massachusetts Bank (Florence Savings) - 4/10/2007

Update 8/08/09: The top yield has increased to 2.40% APY, but the rate cap has fallen to $25K. Refer to the bottom of the post for the rate history.Florence Savings Bank is offering a rewards checking account that pays 2.40% APY on balances up to $25,000...

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See Rates for: Checking | Savings | Money Market | CD | IRA

Florence Savings Bank Checking Account Rates

Apy	Min	Max	Product
1.75%	-	-	Cash Management Checking
1.27%	-	$25k	Reward Checking
1.00%	-	-	Client Escrow Checking
1.00%	-	-	IOLTA Checking
0.05%	-	-	Interest Checking

Florence Savings Bank Savings Account Rates

Apy	Min	Max	Product
0.25%	-	-	School Savings
0.15%	-	-	Variable IRA Savings
0.15%	-	-	Performance Package Savings
0.15%	-	-	EZ Savings
0.15%	-	-	Personal Savings
0.15%	-	-	Club Savings
0.15%	-	-	Variable Roth IRA Savings
0.15%	-	-	Variable CESA Savings
0.15%	$100	-	Client Escrow Savings

Florence Savings Bank Money Market Rates

Apy	Min	Max	Product
0.25%	$50k	-	Performance Package Money Market
0.25%	$100k	-	Business Money Market
0.15%	-	-	Money Market Deposit Account

Florence Savings Bank CD Rates

Apy	Min	Max	Product
1.75%	$500	-	48 Month CD
1.75%	$500	-	48 Month Business CD
1.45%	$500	-	36 Month CD
1.45%	$500	-	36 Month Business CD
1.10%	$500	-	30 Month CD
1.10%	$500	-	30 Month Business CD
1.00%	$500	-	24 Month CD
1.00%	$500	-	24 Month Business CD
0.75%	$500	-	18 Month CD
0.75%	$500	-	18 Month Business CD
0.55%	$500	-	12 Month CD
0.55%	$500	-	12 Month Business CD
0.50%	$500	-	5 Month CD
0.50%	$500	-	5 Month Business CD
0.35%	$500	-	6 Month CD
0.35%	$500	-	6 Month Business CD
0.30%	$5k	-	7 Month Easy-Out CD
0.30%	$500	-	17 Month Easy-Out CD
0.30%	$5k	-	7 Month Easy-Out Business CD
0.30%	$500	-	17 Month Easy-Out Business CD
0.15%	$500	-	3 Month CD
0.15%	$500	-	3 Month Business CD

Florence Savings Bank IRA Rates

Apy	Min	Max	Product
2.00%	$500	-	60 Month IRA
2.00%	$500	-	60 Month Roth IRA
2.00%	$500	-	60 Month CESA
1.45%	$500	-	36 Month IRA
1.45%	$500	-	36 Month Roth IRA
1.45%	$500	-	36 Month CESA
0.75%	$500	-	18 Month IRA
0.75%	$500	-	18 Month Roth IRA
0.75%	$500	-	18 Month CESA
0.55%	$500	-	12 Month IRA
0.55%	$500	-	12 Month Roth IRA
0.55%	$500	-	12 Month CESA

Rates updated: 1/25/2012

Data for Q3 2011

Institution Statistics

Florence Savings Bank
FDIC Certificate #	23293
BankRate Report	View
Year Established	1873
Employees	184
Primary Regulator	FDIC
Assets and Liabilities
Assets	$1.09 billion
Loans	$685.74 million
Deposits	$813.90 million
Equity Capital	$90.64 million
Loan Loss Allowance	$5.58 million
Unbacked Noncurrent Loans	$9.94 million
Real Estate Owned	$177,000
Historic Data - September 2010
Assets	$1.07 billion
Equity Capital	$86.37 million
Loan Loss Allowance	$5.02 million
Unbacked Noncurrent Loans	$6.44 million
Real Estate Owned	$145,000
Profit Margin - Quarterly
Net Interest Margin	3.15%
Return on Assets	0.57%
Return on Equity	6.87%
Interest Income	$32.92 million

Institution Health

Overall Score:

4 out of 5

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 September 30, 2011 Florence Savings Bank had $10.12 million in non-current loans and owned real-estate with $96.22 million in equity and loan loss allowances on hand to cover it. This gives Florence Savings Bank a Texas Ratio of 10.52% 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 Florence Savings Bank held steady from 6.90% as of September 30, 2010 to 10.52% as of September 30, 2011, resulting in a negative change of 52.33%. This indicates that the balance sheet and financial strength for Florence Savings Bank has held steady in recent periods.
Deposit Growth
In the past year, Florence Savings Bank has increased its total deposits by $23.49 million, resulting in 2.97% 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 Florence Savings Bank has shown is above average.
Capitalization
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. Florence Savings Bank has $1.09 billion in assets with $96.22 million in equity, resulting in a capitalization level of 8.84%, which is average.

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Florence Savings Bank

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