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Overview / Commentary
401-949-1600
584 Putnam Pike
Greenville, RI 02828

Freedom National Bank is headquartered in Greenville and is the 9th largest bank in the state of Rhode Island. It is also the 4,747th largest bank in the nation. It was established in 2001 and as of December of 2013, it had grown to 19 employees at 2 locations. Freedom National Bank's savings rates are 92% higher than the national average, and it has a B+ health rating.

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Health

Data for Q4 2013

Institution Health

B+

Texas Ratio

GRADE:
B+

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 Freedom National Bank had $1.23 million in non-current loans and owned real-estate with $10.48 million in equity and loan loss allowances on hand to cover it. This gives Freedom National Bank a Texas Ratio of 11.77% which is above 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 National Bank experienced no significant changes from 11.67% as of December 31, 2012 to 11.77% as of December 31, 2013, resulting in a negative change of 0.91%. This indicates that the balance sheet and financial strength for Freedom National Bank has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Freedom National Bank has increased its total deposits by $13.54 million, resulting in 20% 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 National Bank has shown is excellent.

Capitalization

GRADE:
B+

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 National Bank has $100.49 million in assets with $10.48 million in equity, resulting in a capitalization level of 10.43%, which is above average.

Institution Statistics

Overall
FDIC Certificate #57254
Year Established2001
Employees19
Primary RegulatorOCC
Assets and Liabilities
Assets$100.49 million
Loans$72.32 million
Deposits$81.24 million
Equity Capital$9.27 million
Loan Loss Allowance$1.21 million
Unbacked Noncurrent Loans$1.23 million
Real Estate Owned$0
Historic Data - December 2012
Assets$86.57 million
Equity Capital$9.17 million
Loan Loss Allowance$1.42 million
Unbacked Noncurrent Loans$1.23 million
Real Estate Owned$145,000
Profit Margin - Quarterly
Net Interest Margin3.19%
Return on Assets-0.73%
Return on Equity-7.81%
Interest Income$3.63 million
Rates

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

Freedom National Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.00%-$50kReal Saver
0.20%--Basic Savings
0.05%--Real Saver

Freedom National Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.35%$100k$998kBusiness Money Market Account
0.30%$50k-Personal Money Market Account

Freedom National Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
2.50%-$25kReward Checking
0.05%--Reward Checking

Freedom National Bank CD Rates

DetailsAPYMINMAXPRODUCT
1.45%$1k-60 Month Certificate
1.05%$1k-48 Month Certificate
0.75%$1k-36 Month Certificate
0.65%$1k-30 Month Certificate
0.55%$1k-24 Month Certificate
0.35%$1k-12 Month Certificate
0.35%$1k-15 Month Certificate
0.25%$1k-6 Month Certificate
0.25%$1k-8 Month Certificate

Freedom National Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.45%$1k-60 Month IRA Certificate (Traditional,Roth)
1.05%$1k-48 Month IRA Certificate (Traditional,Roth)
0.75%$1k-36 Month IRA Certificate (Traditional,Roth)
0.65%$1k-30 Month IRA Certificate (Traditional,Roth)
0.55%$1k-24 Month IRA Certificate (Traditional,Roth)
0.35%$1k-12 Month IRA Certificate (Traditional,Roth)
0.35%$1k-15 Month IRA Certificate (Traditional,Roth)
0.25%$1k-6 Month IRA Certificate (Traditional,Roth)
0.25%$1k-8 Month IRA Certificate (Traditional,Roth)
Locations


Freedom National Bank Locations
Cumberland Branch2150 Mendon RoadCumberland, RI 2864
Freedom National Bank584 Putnam PikeGreenville, RI 2828