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888-725-2207
261 Main Street
Norway, ME 04268

Norway Savings Bank is headquartered in Norway and is the 7th largest bank in the state of Maine. It is also the 685th largest bank in the nation. It was established in 1866 and as of March of 2014, it had grown to 250 employees at 22 locations. Norway Savings Bank has a A+ health rating.

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Reviews (1)

Refi Takes Forever And A Day

Incredibly slow turnaround.  They never get back to you.  I have to do all the follow up. What should have been simple takes them twice as long as the local credit union.  I thought because I financed with them the first time that a refi would be simpler to stay with them.... wrong.  It was like starting from scratch and they asked me to provide paperwork that they already had.



Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Norway Savings Bank had $6.38 million in non-current loans and owned real-estate with $136.61 million in equity and loan loss allowances on hand to cover it. This gives Norway Savings Bank a Texas Ratio of 4.67% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Norway Savings Bank decreased slightly from 5.93% as of March 31, 2013 to 4.67% as of March 31, 2014, resulting in a positive change of 21.23%.This indicates that the balance sheet and financial strength for Norway Savings Bank has improved slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Norway Savings Bank has increased its total deposits by $47.98 million, resulting in 6.44% 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 Norway Savings Bank has shown is excellent.

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. Norway Savings Bank has $981.74 million in assets with $136.61 million in equity, resulting in a capitalization level of 13.91%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #17658
Year Established1866
Employees250
Primary RegulatorFDIC
Assets and Liabilities
Assets$981.74 million
Loans$758.99 million
Deposits$793.38 million
Equity Capital$128.39 million
Loan Loss Allowance$8.22 million
Unbacked Noncurrent Loans$5.92 million
Real Estate Owned$460,000
Historic Data - March 2013
Assets$985.70 million
Equity Capital$117.44 million
Loan Loss Allowance$8.53 million
Unbacked Noncurrent Loans$5.92 million
Real Estate Owned$430,000
Profit Margin - Quarterly
Net Interest Margin4.13%
Return on Assets1.07%
Return on Equity8.24%
Interest Income$9.88 million
Rates

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

Norway Savings Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.50%$50k-Health Savings Account
0.35%$25-IRA Savings
0.35%$25-Roth IRA Savings
0.30%$100k-Savings Solutions Relationship Account
0.10%$25k-inBusiness Premium Savings Relationship Account
0.05%$25-Holiday Club
0.05%$25-Statement Savings
0.05%$25-Passbook Savings

Norway Savings Bank Money Market Rates

DetailsAPYMINMAXPRODUCT
0.15%$100k-Personal Money Market
0.15%$250k-inBusiness MMDA

Norway Savings Bank Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.75%$2,500$25kFull Solutions Checking
0.30%$250k-Flexible Solutions Checking

Norway Savings Bank CD Rates

DetailsAPYMINMAXPRODUCT
1.11%$500-5 Year Premium CD
0.95%$500-5 Year Basic CD
0.70%$500-4 Year Premium CD
0.65%$500-4 Year Basic CD
0.60%$500-3 Year Premium CD
0.50%$500-3 Year Basic CD
0.40%$500-2 Year Premium CD
0.30%$500-1 1/2 Year Premium CD
0.30%$500-2 Year Basic CD
0.25%$500-1 Year Premium CD
0.25%$500-1 1/2 Year Basic CD
0.20%$500-6 Month Premium CD
0.20%$500-1 Year Basic CD
0.15%$500-91 Day Premium CD
0.15%$500-6 Month Basic CD
0.10%$500-91 Day Basic CD

Norway Savings Bank IRA Rates

DetailsAPYMINMAXPRODUCT
1.11%$500-5 Year Premium IRA
0.95%$500-5 Year Basic IRA
0.70%$500-4 Year Premium IRA
0.65%$500-4 Year Basic IRA
0.60%$500-3 Year Premium IRA
0.50%$500-3 Year Basic IRA
0.40%$500-2 Year Premium IRA
0.30%$500-18 Month Premium IRA
0.30%$500-2 Year Basic IRA
0.25%$500-1 Year Premium IRA
0.25%$500-18 Month Basic IRA
0.25%$500-18 Month Variable IRA
0.20%$500-1 Year Basic IRA
Locations

Norway Savings Bank has 22 locations. Click to view all Norway Savings Bank locations.