Reviews (2)

Local Bank Review: BankGloucester (Mass)

Posted by: |

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

Free checks

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 

Completely Inefficient

Posted by: |

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?


Health Grade Components

FDIC Certificate #26536
Year Established1887
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.16%
Return on Equity - YTD2.13%
Annual Interest Income$4.2MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$385.9MM$341.6MM
LoansQ1 2023vs Q1 2022$331.1MM$266.2MM
DepositsQ1 2023vs Q1 2022$335.5MM$308.3MM
Equity CapitalQ1 2023vs Q1 2022$27.7MM$26.8MM
Loan Loss AllowanceQ1 2023vs Q1 2022$3.1MM$2.5MM
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$3.9MM$6.4MM
Real Estate OwnedQ1 2023vs Q1 2022$0$0

Rates for BankGloucester are currently being reviewed.


BankGloucester Locations
Bankgloucester160 Main StGloucester, MA 01930
Essex Branch15 Martin StreetEssex, MA 01929
Ipswich Branch143 High StreetIpswich, MA 01938

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