BankGloucester is headquartered in Gloucester and is the 109th largest bank in the state of Massachusetts. It is also the 2,676th largest bank in the nation. It was established in 1887 and as of December of 2016, it had grown to 43 employees at 2 locations. BankGloucester has a B+ health rating.
We had to travel 1.5 hours in Mass to reach their main branch in Gloucester. At that time the RCA rate was 4.51%. They changed rate to 4.01% ($25K) one month after we opened three accounts (limit to three accounts per household). It is a small bank with personal customer service. Even though they have a small asset size ($171M), they are not picky at all about their debit card transactions (not like some banks). One of our favorite is that they give out a free set of (150) checks. We decided to keep our three accounts open due to their excellent customer service and free checks. Who knows, they may be the first to increase their rate one of these days.
Easiness to open accounts
Small debit transactions are ok (ten is the requirement)
Famous site for the Movie "Perfect Storm":-)
Branch visit necessary
Local to Mass
There are only three CSRs, thus sometimes it will take longer to get service
Opening an account with this bank has been a complete hassle. I waited over a week for a debit card, then another 5 days for the PIN to arrive. Still waiting for online banking to be approved after 6 days. Paid a visit to the bank for help but got no assistance...they have my money but I can't pay any bills. How does that make sense?
|FDIC Certificate #||26536|
|Return on Assets - YTD||0.47%|
|Return on Equity - YTD||5.71%|
|Annual Interest Income||$9.3MM|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$234.5MM$220.4MM|
|Loans||Q4 2016vs Q4 2015||$196.8MM$183.7MM|
|Deposits||Q4 2016vs Q4 2015||$201.5MM$175.3MM|
|Equity Capital||Q4 2016vs Q4 2015||$19.3MM$18.3MM|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$1.5MM$1.5MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$2.9MM$3.7MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$0$0|
Rates for BankGloucester are currently being reviewed.
|Bankgloucester||160 Main Street||Gloucester, MA 01930|
|Essex Branch||15 Martin Street||Essex, MA 01929|