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Overview / Commentary
5 East 42nd Street
New York, NY 10017

MySavingsDirect is headquartered in New York and is the 17st largest bank in the state of New York. It is also the 152nd largest bank in the nation. It was established in 1850 and as of December of 2013, it had grown to 571 employees at 4 locations. MySavingsDirect's savings rates are 92% higher than the national average, and it has a C+ health rating.

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Health

Data for Q4 2013

Institution Health

C+

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 MySavingsDirect had $431.57 million in non-current loans and owned real-estate with $1.06 billion in equity and loan loss allowances on hand to cover it. This gives MySavingsDirect a Texas Ratio of 40.89% 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 MySavingsDirect experienced no significant changes from 36.36% as of December 31, 2012 to 40.89% as of December 31, 2013, resulting in a negative change of 12.44%. This indicates that the balance sheet and financial strength for MySavingsDirect has had no significant changes in recent periods.

Deposit Growth

GRADE:
F

In the past year, MySavingsDirect has decreased its total deposits by -$3.58 billion, resulting in -42.44% 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 MySavingsDirect has shown is poor.

Capitalization

GRADE:
A+

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. MySavingsDirect has $6.44 billion in assets with $1.06 billion in equity, resulting in a capitalization level of 16.40%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #12054
Year Established1850
Employees571
Primary RegulatorFDIC
Assets and Liabilities
Assets$6.44 billion
Loans$3.88 billion
Deposits$4.85 billion
Equity Capital$969.37 million
Loan Loss Allowance$86.13 million
Unbacked Noncurrent Loans$378.08 million
Real Estate Owned$53.49 million
Historic Data - December 2012
Assets$9.94 billion
Equity Capital$1.34 billion
Loan Loss Allowance$89.05 million
Unbacked Noncurrent Loans$378.08 million
Real Estate Owned$57.65 million
Profit Margin - Quarterly
Net Interest Margin3.04%
Return on Assets1.32%
Return on Equity8.48%
Interest Income$268.03 million
Rates
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MySavingsDirect Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.00%--MySavings Account
Locations

MySavingsDirect is an Internet only bank and does not have branch locations. Its headquarters is located at 5 East 42nd Street - New York, NY 10017