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.
Data for Q1 2014
Institution Health
Texas Ratio
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
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
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
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 Established | 1939 |
| Employees | 51 |
| Primary Regulator | FDIC |
| 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 Margin | 3.6% |
| Return on Assets | 0.44% |
| Return on Equity | 4.48% |
| Interest Income | $1.34 million |
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Freedom Bank, Inc. Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.45% | $50 | - | IRA Statement Savings | |
| 0.15% | $25k | - | Savings Account | |
| 0.12% | $10k | - | Freedom Plus Account |
Freedom Bank, Inc. Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $25k | - | Freedom Money Market Deposit Account |
Freedom Bank, Inc. CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 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
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 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 |
| Freedom Bank, Inc. Locations | ||
|---|---|---|
| Phillipi Branch | 124 South Main Street | Philippi, WV 26416 |
| Freedom Bank, Inc. | 315 Crim Avenue | Belington, WV 26250 |
| Bridgeport Branch | 625 West Main Street | Bridgeport, WV 26330 |
| Elkins Branch | East U.S. Routes 219 and 250 | Elkins, WV 26241 |
| Buckhannon Branch | Route 20 South | Buckhannon, WV 26201 |