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Overview / Commentary
978-346-8661
1 West Main Street
Merrimac, MA 01860

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.

Reviews (1)

“Extremely Friendly Staff Has Helped Me To Move All My Acocunts To 1 Provider And Offer All The Benefits Of A Large Bank”

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.



Health

Data for Q4 2013

Institution Health

C+
Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. Merrimac Savings Bank has a relatively low asset base.

Texas Ratio

GRADE:
C+

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.

Texas Ratio Trend

GRADE:
C+

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.

Deposit Growth

GRADE:
A

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.

Capitalization

GRADE:
C-

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.

Institution Statistics

Overall
FDIC Certificate #90240
Year Established1871
Employees20
Primary RegulatorFDIC
Assets and Liabilities
Assets$70.56 million
Loans$41.02 million
Deposits$64.66 million
Equity Capital$3.73 million
Loan Loss Allowance$452,000
Unbacked Noncurrent Loans$884,000
Real Estate Owned$94,000
Historic Data - December 2012
Assets$70.84 million
Equity Capital$4.74 million
Loan Loss Allowance$426,000
Unbacked Noncurrent Loans$884,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin3.22%
Return on Assets0.13%
Return on Equity2.16%
Interest Income$2.39 million
Rates

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.

Merrimac Savings Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.10%--Club Savings
0.05%--Passbook Savings
0.05%--Statement Savings

Merrimac Savings Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.35%$500k-Tiered Rate Money Market

Merrimac Savings Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.20%$150k-Tiered Rate Business Checking
0.05%$100-N.O.W Checking
0.00%$25-Basic Checking

Merrimac Savings Bank CD Rates

DetailsAPYMINMAXPRODUCT
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

Merrimac Savings Bank IRA Rates

DetailsAPYMINMAXPRODUCT
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)
Locations


Merrimac Savings Bank Locations
Merrimac Savings Bank1 West Main StreetMerrimac, MA 1860
Newton Nh Branch29 South Main StreetNewton, NH 3858