BankGloucester is headquartered in Gloucester and is the 87th largest bank in the state of Massachusetts. It is also the 2,265th largest bank in the nation. It was established in 1887 and as of June of 2022, it had grown to 56 employees at 3 locations. BankGloucester has a B health rating.
Local Bank Review: BankGloucester (Mass)
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.
Pros:
Easiness to open accounts
Free checks
Small debit transactions are ok (ten is the requirement)
Famous site for the Movie "Perfect Storm":-)
Cons:
Branch visit necessary
Local to Mass
There are only three CSRs, thus sometimes it will take longer to get service
Completely Inefficient
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?
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 26536 |
| Year Established | 1887 |
| Employees | 56 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.68% |
| Return on Equity - YTD | 8.65% |
| Annual Interest Income | $6.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $344.9MM$336.9MM |
| Loans | Q2 2022vs Q2 2021 | $276.7MM$259.6MM |
| Deposits | Q2 2022vs Q2 2021 | $311.6MM$300.5MM |
| Equity Capital | Q2 2022vs Q2 2021 | $27.0MM$26.4MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $2.6MM$2.2MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $6.6MM$5.3MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$0 |