Merrimac Savings Bank is headquartered in Merrimac and is the 144th largest bank in the state of Massachusetts. It is also the 5,457th largest bank in the nation. It was established in 1871 and as of December of 2013, it had grown to 20 employees at 2 locations. Merrimac Savings Bank has a C+ health rating.
No bail out money needed here! These guys provide all the services of a big bank with the kindness and personality of working with real members of the community. It's a classic old bank that's been serving the community for over 100 years. They offer good credit and rates and have all the bells and whistles of a big bank like online banking and bill pay and mobile banking. They're there for you for loans, CD's, savings accounts, checking accounts, etc. And best of all they're like family.
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 Merrimac Savings Bank had $978,000 in non-current loans and owned real-estate with $4.18 million in equity and loan loss allowances on hand to cover it. This gives Merrimac Savings Bank a Texas Ratio of 23.40% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Merrimac Savings Bank experienced no significant changes from 19.60% as of December 31, 2012 to 23.40% as of December 31, 2013, resulting in a negative change of 19.34%. This indicates that the balance sheet and financial strength for Merrimac Savings Bank has had no significant changes in recent periods.
In the past year, Merrimac Savings Bank has increased its total deposits by $1.89 million, resulting in 3% 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 Merrimac Savings Bank has shown is excellent.
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. Merrimac Savings Bank has $70.56 million in assets with $4.18 million in equity, resulting in a capitalization level of 5.92%, which is below average.
|FDIC Certificate #||90240|
|Assets and Liabilities|
|Equity Capital||$3.73 million|
|Loan Loss Allowance||$452,000|
|Unbacked Noncurrent Loans||$884,000|
|Real Estate Owned||$94,000|
|Historic Data - December 2012|
|Equity Capital||$4.74 million|
|Loan Loss Allowance||$426,000|
|Unbacked Noncurrent Loans||$884,000|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||3.22%|
|Return on Assets||0.13%|
|Return on Equity||2.16%|
|Interest Income||$2.39 million|
Always verify rates and promotions with the bank or credit union. We are not Merrimac Savings Bank, we are a rate comparison website and can not provide official rates or promotions.
|0.35%||$500k||-||Tiered Rate Money Market|
|0.20%||$150k||-||Tiered Rate Business Checking|
|1.50%||$500||-||60 Month CD|
|1.25%||$500||-||48 Month CD|
|1.00%||$500||-||36 Month CD|
|0.80%||$500||-||30 Month CD|
|0.75%||$500||-||24 Month CD|
|0.45%||$500||-||18 Month CD|
|0.30%||$500||-||12 Month CD|
|0.20%||$500||-||6 Month CD|
|0.20%||$500||-||9 Month CD|
|0.10%||$500||-||3 Month CD|
|1.50%||$200||-||60 Month IRA (Traditional,Roth)|
|1.25%||$200||-||48 Month IRA (Traditional,Roth)|
|1.00%||$200||-||36 Month IRA (Traditional,Roth)|
|0.75%||$200||-||24 Month IRA (Traditional,Roth)|
|0.45%||$200||-||18 Month IRA (Traditional,Roth)|
|0.30%||$200||-||12 Month IRA (Traditional,Roth)|
|Merrimac Savings Bank Locations|
|Merrimac Savings Bank||1 West Main Street||Merrimac, MA 1860|
|Newton Nh Branch||29 South Main Street||Newton, NH 3858|