Granite Savings Bank

Granite Savings Bank Locations
247 Main Street
Rockport, MA 1966
(978) 546-7185
www.granitesavingsbank.com

Granite Savings Bank is headquartered in Rockport and is the 152nd largest bank in the state of Massachusetts. It is also the 5,757th largest bank in the nation. It was established in 1884 and as of March of 2012, it had grown to 15 employees at 1 location. Granite Savings Bank has a 5-star health rating.



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

Granite Savings Bank Checking Account Rates

ApyMinMaxProduct
0.10%--NOW Checking
0.10%--Granite Account

Granite Savings Bank Savings Account Rates

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0.15%--Passbook Savings
0.15%--Statement Savings
0.15%--IRA Passbook Savings
0.15%--Christmas Club
0.15%--Roth IRA Passbook Savings
0.15%--Educational IRA Passbook Savings

Granite Savings Bank Money Market Rates

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0.15%$2,500-Money Market Account

Granite Savings Bank CD Rates

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1.50%$1k-4 Year CD
1.50%$1k-5 Year CD
1.25%$1k-3 Year CD
0.75%$1k-2 Year CD
0.75%$1k-2 ½ Year CD
0.50%$1k-182 Day CD
0.50%$1k-9 Month CD
0.50%$1k-1 Year CD
0.50%$1k-1 ½ Year CD
0.15%$1k-3 Month CD

Granite Savings Bank IRA Rates

ApyMinMaxProduct
1.50%$1k-4 Year IRA
1.50%$1k-5 Year IRA
1.50%$1k-4 Year Roth IRA
1.50%$1k-5 Year Roth IRA
1.50%$1k-4 Year Educational IRA
1.50%$1k-5 Year Educational IRA
1.25%$1k-3 Year IRA
1.25%$1k-3 Year Roth IRA
1.25%$1k-3 Year Educational IRA
0.75%$1k-2 Year IRA
0.75%$1k-2 ½ Year IRA
0.75%$1k-2 Year Roth IRA
0.75%$1k-2 ½ Year Roth IRA
0.75%$1k-2 Year Educational IRA
0.75%$1k-2 ½ Year Educational IRA
0.50%$1k-182 Day IRA
0.50%$1k-9 Month IRA
0.50%$1k-1 Year IRA
0.50%$1k-1 ½ Year IRA
0.50%$1k-182 Day Roth IRA
0.50%$1k-9 Month Roth IRA
0.50%$1k-1 Year Roth IRA
0.50%$1k-1 ½ Year Roth IRA
0.50%$1k-182 Day Educational IRA
0.50%$1k-9 Month Educational IRA
0.50%$1k-1 Year Educational IRA
0.50%$1k-1 ½ Year Educational IRA
0.15%$1k-3 Month IRA
0.15%$1k-3 Month Roth IRA
0.15%$1k-3 Month Educational IRA

Rates updated: 5/25/2012

Data for Q1 2012


Institution Statistics


Granite Savings Bank
FDIC Certificate #90273
BankRate ReportView
Year Established1884
Employees15
Primary RegulatorFDIC

Assets and Liabilities

Assets$70.86 million
Loans$40.45 million
Deposits$56.64 million
Equity Capital$9.75 million
Loan Loss Allowance$625,000
Unbacked Noncurrent Loans$511,000

Historic Data - March 2011

Assets$70.53 million
Equity Capital$9.66 million
Loan Loss Allowance$564,000

Profit Margin - Quarterly

Net Interest Margin2.84%
Return on Assets0.06%
Return on Equity0.45%
Interest Income$587,000

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
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 March 31, 2012 Granite Savings Bank had $511,000 in non-current loans and owned real-estate with $10.37 million in equity and loan loss allowances on hand to cover it. This gives Granite Savings Bank a Texas Ratio of 4.93% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Deposit Growth2
In the past year, Granite Savings Bank has decreased its total deposits by -$2.21 million, resulting in -3.75% 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 Granite Savings Bank has shown is below average.
Capitalization5
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. Granite Savings Bank has $70.86 million in assets with $10.37 million in equity, resulting in a capitalization level of 14.64%, which is excellent.
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