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Overview / Commentary
413-787-2700
1500 Main Street
Springfield, MA 01115

Nuvo Bank & Trust Company is headquartered in Springfield and is the 128th largest bank in the state of Massachusetts. It is also the 3,799th largest bank in the nation. It was established in 2008 and as of March of 2014, it had grown to 17 employees at 1 location. Nuvo Bank & Trust Company's savings rates are 3X the national average, and it boasts a A+ health rating.

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Reviews (1)

Live Near Springfield MA?

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.



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 Nuvo Bank & Trust Company had $918,000 in non-current loans and owned real-estate with $16.4 million in equity and loan loss allowances on hand to cover it. This gives Nuvo Bank & Trust Company a Texas Ratio of 5.60% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Nuvo Bank & Trust Company experienced no significant changes from 1.27% as of March 31, 2013 to 5.60% as of March 31, 2014, resulting in a negative change of 342.19%. This indicates that the balance sheet and financial strength for Nuvo Bank & Trust Company has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Nuvo Bank & Trust Company has increased its total deposits by $21.41 million, resulting in 20.49% 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.

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. Nuvo Bank & Trust Company has $144.99 million in assets with $16.4 million in equity, resulting in a capitalization level of 11.31%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #58621
Year Established2008
Employees17
Primary RegulatorFDIC
Assets and Liabilities
Assets$144.99 million
Loans$125.33 million
Deposits$125.87 million
Equity Capital$14.73 million
Loan Loss Allowance$1.67 million
Unbacked Noncurrent Loans$918,000
Real Estate Owned$0
Historic Data - March 2013
Assets$117.44 million
Equity Capital$10.65 million
Loan Loss Allowance$1.28 million
Unbacked Noncurrent Loans$918,000
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin3.73%
Return on Assets0.19%
Return on Equity1.83%
Interest Income$1.47 million
Rates

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

Nuvo Bank & Trust Company Savings Account Rates

DetailsAPYMINMAXPRODUCT
1.51%-$50kBizSavings+ (with remote deposit capture)
1.01%-$50kBizSavings
1.01%-$25kGrowth Savings Account
0.35%--Business Savings Account
0.35%--Statement Savings Account

Nuvo Bank & Trust Company Money Market Rates

DetailsAPYMINMAXPRODUCT
0.50%$250k-Business Money Market Account
0.35%$100k-Money Market Account

Nuvo Bank & Trust Company Checking Account Rates

DetailsAPYMINMAXPRODUCT
1.01%--IOLTA Account
0.35%$25k-No-Catch Checking

Nuvo Bank & Trust Company CD Rates

DetailsAPYMINMAXPRODUCT
1.66%$1k$250k5 Year CD
1.66%$1k-Business 5 Year CD
1.31%$1k$250k3 Year CD
1.31%$1k$250k36 Month Growth CD
1.31%$1k-Business 3 Year CD
1.21%$1k$250k18 Month CD
1.21%$1k-18 Month Growth CD
1.21%$1k-Business 18 Month CD
1.21%$1k$250k13 Month CD
1.21%$1k$250kBusiness 13 Month CD
1.11%$1k$250k2 Year CD
1.11%$1k$250k24 Month Growth CD
1.11%$1k-Business 2 Year CD
1.01%$1k$250k1 Year CD
1.01%$1k-Business 1 Year CD
0.50%$1k$250k6 Month CD
0.50%$1k-Business 6 Month CD
0.30%$1k$250k3 Month CD
0.30%$1k-Business 3 Month CD
Locations


Nuvo Bank & Trust Company Locations
Nuvo Bank & Trust Company1500 Main StreetSpringfield, MA 1115