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Overview / Commentary
304-823-1531
315 Crim Avenue
Belington, WV 26250

Freedom Bank, Inc. is headquartered in Belington and is the 34th largest bank in the state of West Virginia. It is also the 3,712st largest bank in the nation. It was established in 1939 and as of March of 2014, it had grown to 51 employees at 5 locations. Freedom Bank, Inc. has a C+ health rating.

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Health

Data for Q1 2014

Institution Health

C+

Texas Ratio

GRADE:
C

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 Freedom Bank, Inc. had $6 million in non-current loans and owned real-estate with $17.79 million in equity and loan loss allowances on hand to cover it. This gives Freedom Bank, Inc. a Texas Ratio of 33.76% 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 Freedom Bank, Inc. experienced no significant changes from 31.41% as of March 31, 2013 to 33.76% as of March 31, 2014, resulting in a negative change of 7.49%. This indicates that the balance sheet and financial strength for Freedom Bank, Inc. has had no significant changes in recent periods.

Deposit Growth

GRADE:
C

In the past year, Freedom Bank, Inc. has decreased its total deposits by -$1.74 million, resulting in -1.28% 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 Freedom Bank, Inc. has shown is 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. Freedom Bank, Inc. has $150.18 million in assets with $17.79 million in equity, resulting in a capitalization level of 11.84%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #15664
Year Established1939
Employees51
Primary RegulatorFDIC
Assets and Liabilities
Assets$150.18 million
Loans$89.43 million
Deposits$134.51 million
Equity Capital$14.46 million
Loan Loss Allowance$3.33 million
Unbacked Noncurrent Loans$3.82 million
Real Estate Owned$2.19 million
Historic Data - March 2013
Assets$151.29 million
Equity Capital$13.72 million
Loan Loss Allowance$2.75 million
Unbacked Noncurrent Loans$3.82 million
Real Estate Owned$2.11 million
Profit Margin - Quarterly
Net Interest Margin3.6%
Return on Assets0.44%
Return on Equity4.48%
Interest Income$1.34 million
Rates
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Freedom Bank, Inc. Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.45%$50-IRA Statement Savings
0.15%$25k-Savings Account
0.12%$10k-Freedom Plus Account

Freedom Bank, Inc. Money Market Rates

DetailsAPYMINMAXPRODUCT
0.20%$25k-Freedom Money Market Deposit Account

Freedom Bank, Inc. CD Rates

DetailsAPYMINMAXPRODUCT
1.10%$1k-60 Month CD
0.75%$1k-48 Month CD
0.71%$10k-30 Month Freedom CD
0.60%$500-36 Month CD
0.50%$1k-23 Month CD Special
0.40%$500-24 Month CD
0.35%$1k-15 Month CD Special
0.30%$500-12 to 18 Month CD
0.15%$500-181 to 364 Day CD
0.12%$500-91 to 180 Day CD
0.10%$500-10 to 90 Day CD

Freedom Bank, Inc. IRA Rates

DetailsAPYMINMAXPRODUCT
1.10%$1k-60 Month IRA
0.75%$1k-48 Month IRA
0.71%$10k-30 Month Freedom IRA
0.60%$500-36 Month IRA
0.50%$1k-23 Month IRA Special
0.50%$1k-15 Month Roth IRA Special
0.40%$500-24 Month IRA
0.35%$1k-15 Month IRA Special
0.30%$500-12 to 18 Month IRA
0.15%$500-181 to 364 Day IRA
0.12%$500-91 to 180 Day IRA
0.10%$500-10 to 90 Day IRA
Locations


Freedom Bank, Inc. Locations
Phillipi Branch124 South Main StreetPhilippi, WV 26416
Freedom Bank, Inc.315 Crim AvenueBelington, WV 26250
Bridgeport Branch625 West Main StreetBridgeport, WV 26330
Elkins BranchEast U.S. Routes 219 and 250Elkins, WV 26241
Buckhannon BranchRoute 20 SouthBuckhannon, WV 26201