Nuvo Bank & Trust Company is headquartered in Springfield and is the 131st largest bank in the state of Massachusetts. It is also the 4,038th largest bank in the nation. It was established in 2008 and as of September of 2013, it had grown to 16 employees at 1 location. Nuvo Bank & Trust Company has a A+ health rating.
My wife and I are taking our 50k from ING Direct's 1% savings acount and driving 100 miles to double our paltry interest rate to 2% at Nuvo. No catches-no debit card transactions or autopays-you just must open the savings account in person. 25k per person max at 2% Rate in effect since last October. Account may be funded via mail after opening in person. You can live in any state to open this.
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 September 30, 2013 Nuvo Bank & Trust Company had $279,000 in non-current loans and owned real-estate with $15.86 million in equity and loan loss allowances on hand to cover it. This gives Nuvo Bank & Trust Company a Texas Ratio of 1.76% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Nuvo Bank & Trust Company increased slightly from 0.00% as of September 30, 2012 to 1.76% as of September 30, 2013, resulting in a negative change of Infinity%. This indicates that the balance sheet and financial strength for Nuvo Bank & Trust Company has declined slightly in recent periods.
In the past year, Nuvo Bank & Trust Company has increased its total deposits by $20.14 million, resulting in 21.45% 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 Nuvo Bank & Trust Company 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. Nuvo Bank & Trust Company has $133.08 million in assets with $15.86 million in equity, resulting in a capitalization level of 11.92%, which is excellent.
|FDIC Certificate #||58621|
|Assets and Liabilities|
|Equity Capital||$14.46 million|
|Loan Loss Allowance||$1.40 million|
|Unbacked Noncurrent Loans||$279,000|
|Real Estate Owned||$0|
|Historic Data - September 2012|
|Equity Capital||$8.35 million|
|Loan Loss Allowance||$1.14 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||3.67%|
|Return on Assets||2.49%|
|Return on Equity||25.15%|
|Interest Income||$3.87 million|
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|Nuvo Bank & Trust Company Locations|
|Nuvo Bank & Trust Company||1500 Main Street||Springfield, MA 1115|