Bay State Savings Bank is headquartered in Worcester and is the 81st largest bank in the state of Massachusetts. It is also the 1,648th largest bank in the nation. It was established in 1895 and as of December of 2019, it had grown to 67 employees at 7 locations. Bay State Savings Bank has an A health rating.
In general, I find loan originators and loan officers have "can't do" attitudes and are far too cautious and require hours of chasing paper work. After some attempts to refinance my mortgage on my home and getting no where, I finally spoke with Mark Sanguinetti at Bay State Bank in Worcester, MA. We had conversation before I started the paper work and came up with an understanding of what was expected of me. His words were upheld with no " I need one more thing" routine. He is a man of his word with no nonsense. You can find him at 1-800-244-8161 and is readily available to contact without first going to voice mail.
I give Mark five stars.
Unfortunately I called and tried to open a Smile Worcester County Commercial Money Market, but the bank requires business customers to open the account in-person at a bank branch. As I live out of state it's not a feasible option for me to visit a local bank branch :-\
Consumer accounts can be opened online however.
"we take banking personally" is their motto and it is a lie. This bank is as greedy as the rest, but pretends not to be. Mediocre customer service by phone. Mediocre service on location. Their lines don't always work correctly by phone leaving you unable to contact them during business hours. In person, they ignore the personal touch that they claim they have. If you're going to hand over your money to a greedy establishment, I suggest bringing it to a bank that doesn't pretend to care about you. At least you know you're screwed before it's too late. Bay State let's your guard down, then steals money. Do not open an account there. Maybe they do loans alright, but I wouldn't know and I won't find out. Pathetic bank.
|FDIC Certificate #||90311|
|Return on Assets - YTD||0.38%|
|Return on Equity - YTD||4.11%|
|Annual Interest Income||$17.1MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$437.7MM$418.1MM|
|Loans||Q4 2019vs Q4 2018||$396.4MM$368.7MM|
|Deposits||Q4 2019vs Q4 2018||$369.3MM$328.9MM|
|Equity Capital||Q4 2019vs Q4 2018||$39.6MM$37.7MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$5.1MM$4.8MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$3.5MM$3.1MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$395.00K|
Rates for Bay State Savings Bank are currently being reviewed.
|Bay State Savings Bank Locations|
|Minuteman Plaza Branch||123 Auburn Street||Auburn, MA 01501|
|Mill Street Branch||275 Mill Street||Worcester, MA 01602|
|Bay State Savings Bank||28 Franklin Street||Worcester, MA 01608|
|Burncoat Street Branch||374-378 Burncoat Street||Worcester, MA 01606|
|Holden Branch||628 Main Street||Holden, MA 01520|
|Grafton Street Branch||799 Grafton Streeet||Worcester, MA 01608|
|Auburn High School Branch||99 Auburn Street||Auburn, MA 01501|