4.5 star ratingAverage User Rating:
4.5 star rating based on 3 reviews.

Westfield Bank FSB

Westfield Bank FSB Locations
Two Park Circle
Westfield Center, OH 44251
800-368-8930
www.westfield-bank.com

FDIC


Westfield Bank FSB is headquartered in Westfield Center and is the 23rd largest bank in the state of Ohio. It is also the 843rd largest bank in the nation. It was established in 2001 and as of December of 2012, it had grown to 114 employees at 8 locations. Westfield Bank FSB's savings rates are 94% higher than the national average, and it boasts a 5-star health rating.

Related Posts

Westfield Bank Drops Rate (Forum) - 1/25/2011

3.01% APY interest rate on balances up to $25,000. Also I got a letter in the mail to start making bigger purchases and make them my primary account or my account will be closed!

Westfield Bank's 3.50% Reward Checking Account Is No Longer Nationwide (Forum) - 11/1/2010

Westfield Bank's 3.50% reward checking account used to be the best nationwide reward checking account. However, I just noticed that they're now restricting new accounts to primarily Ohio residents. Here is what its online applications state: Westfield Ban

Newly Updated List of the 5 Best Reward Checking Accounts Available Nationwide - 9/8/2010

I last reviewed the 5 best reward checking accounts in July . Since that time, 2 of the 5 banks have fallen off the list. I thought it would be useful to update the list with the ones that still have ...

2010




See Rates for: Checking | Savings | Money Market | CD | IRA

Westfield Bank FSB Checking Account Rates

ApyMinMaxProduct
2.01%-$15kDream Big Checking
0.35%$50k-IOLTA Checking
0.25%--Business Advantage Checking
0.25%$100-Reserve Checking

Westfield Bank FSB Savings Account Rates

ApyMinMaxProduct
1.01%-$25kDream Big Savings
0.35%$50k-Business Relationship Savings
0.30%$50k-Personal Relationship Savings
0.30%--IRA Savings
0.30%--SEP IRA Savings
0.25%--Escrow Savings
0.15%--Personal Savings

Westfield Bank FSB Money Market Rates

ApyMinMaxProduct
0.75%-$1mAgency Partner Money Market
0.40%$50k-Personal Signature Money Market
0.40%$50k-Business Signature Money Market
0.40%$50k-Agency Rewards Money Market
0.35%$50k-Personal Relationship Money Market
0.35%$50k-Business Relationship Money Market
0.25%--Escrow Money Market
0.10%--Public Funds Money Market

Westfield Bank FSB CD Rates

ApyMinMaxProduct
1.11%$5k-5 Year Time Deposit
1.11%$5k-Business 5 Year Time Deposit
0.85%$5k-4 Year Time Deposit
0.85%$5k-Business 4 Year Time Deposit
0.77%$2,500$50kBetter Together 7 Month CD Special
0.60%$5k-3 Year Time Deposit
0.60%$5k-Business 3 Year Time Deposit
0.45%$5k-2 Year Time Deposit
0.45%$5k-Business 2 Year Time Deposit
0.31%$5k-1 Year Time Deposit
0.31%$5k-Business 1 Year Time Deposit
0.21%$5k-6 Month Time Deposit
0.21%$5k-Business 6 Month Time Deposit
0.18%$5k-3 Month Time Deposit
0.18%$5k-Business 3 Month Time Deposit
0.12%$5k-1 Month Time Deposit
0.12%$5k-Business 1 Month Time Deposit

Westfield Bank FSB IRA Rates

ApyMinMaxProduct
1.11%$2k-5 Year IRA Time Deposit
1.11%$2k-5 Year SEP IRA Time Deposit
0.85%$2k-4 Year IRA Time Deposit
0.85%$2k-4 Year SEP IRA Time Deposit
0.60%$2k-3 Year IRA Time Deposit
0.60%$2k-3 Year SEP IRA Time Deposit
0.45%$2k-2 Year IRA Time Deposit
0.45%$2k-2 Year SEP IRA Time Deposit
0.31%$2k-1 Year IRA Time Deposit
0.31%$2k-1 Year SEP IRA Time Deposit
0.21%$2k-6 Month IRA Time Deposit
0.21%$2k-6 Month SEP IRA Time Deposit
0.18%$2k-3 Month IRA Time Deposit
0.18%$2k-3 Month SEP IRA Time Deposit
0.12%$2k-1 Month IRA Time Deposit
0.12%$2k-1 Month SEP IRA Time Deposit

Rates updated: 5/25/2013 * Not all products updated

Data for Q4 2012


Institution Statistics


Westfield Bank, FSB
OTS #16697
FDIC Certificate #57077
BankRate ReportView
Year Established2001
Employees114
Primary RegulatorOCC

Assets and Liabilities

Assets$789.93 million
Loans$543.71 million
Deposits$654.93 million
Equity Capital$84.63 million
Loan Loss Allowance$7.07 million
Unbacked Noncurrent Loans$7.70 million
Real Estate Owned$1.28 million

Historic Data - December 2011

Assets$583.35 million
Equity Capital$52.98 million
Loan Loss Allowance$6.92 million
Unbacked Noncurrent Loans$7.86 million
Real Estate Owned$221,000

Profit Margin - Quarterly

Net Interest Margin3.04%
Return on Assets0.51%
Return on Equity5.27%
Interest Income$24.21 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio4
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, 2012 Westfield Bank FSB had $8.98 million in non-current loans and owned real-estate with $91.7 million in equity and loan loss allowances on hand to cover it. This gives Westfield Bank FSB a Texas Ratio of 9.79% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend4
The Texas Ratio for Westfield Bank FSB decreased slightly from 13.49% as of December 31, 2011 to 9.79% as of December 31, 2012, resulting in a positive change of 27.43%.This indicates that the balance sheet and financial strength for Westfield Bank FSB has improved slightly in recent periods.
Deposit Growth5
In the past year, Westfield Bank FSB has increased its total deposits by $190.5 million, resulting in 41.02% 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 Westfield Bank FSB has shown is excellent.
Capitalization4
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. Westfield Bank FSB has $789.92 million in assets with $91.7 million in equity, resulting in a capitalization level of 11.61%, which is above average.
Write Review

Recently Opened High Yield Checking Account. Very Easy. Customer Service Excellent!
5 stars - KDock - Wednesday, October 13, 2010 - 12:12 PM

I have family that works for another bank, so, I've done all of my personally banking through them my entire life. I was excited to finally start an account with another bank, but was worried about moving my money into another account that I'm unfamiliar with.

The customer service representative at Westfield Bank was able to clearly answer all of my questions (I had to call in a few times to ease my nerve of moving money out of my old bank) and I've never had any trouble filling the requirements to receive 3.5% interest on my rewards checking account.

Although I have a pretty basic account, I still felt that they took the time to listen and care about my concerns. If you like making money just for having money, I highly recommend starting a checking account with Westfield Bank.

10

FYI: Not Available To Non-US Citizens
3 stars - sandipbapat - Wednesday, January 5, 2011 - 10:30 AM

I am an Ohio resident but not a US citizen and I was able to successfully complete the application process on CheckingFinder even though I stated that I was a non-US citizen. The next morning I received an email from the bank stating that it is their policy to not open accounts for non-US citizens. I wish they had simply not allowed non-US citizens to go through on the CheckingFinder application so that I don't have to worry now about whether my personal information will be destroyed properly by CheckingFinder or the Bank.

-Sandy

5

Great Service At Westfield
5 stars - barrytuneup - Tuesday, October 19, 2010 - 1:36 PM

i also opened a Big dream Checking acct with them 2 weeks ago thanks to banking Guy. ( I live in upstate NY) . Easy and professianal, and did all online, except they called me immediately to state that they couldn't read the faxed D.L> I sent it from a dfiferent machine at work and all approved within 2 hours. So far so great!!!

4