Bay State Savings Bank is headquartered in Worcester and is the 80th largest bank in the state of Massachusetts. It is also the 1,766th largest bank in the nation. It was established in 1895 and as of June of 2021, it had grown to 73 employees at 7 locations. Bay State Savings Bank has a B+ health rating.
Mortgage Department .....Mark Sanguinetti
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.
No Longer Nationwide
I love this bank but they are no longer offering their accounts to people who live out of the area. Very disappointing!
Smile Worcester County Commercial Money Market
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.
False Advertising
"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.
48 Month CD Capped At 10K
Tried to open acct on line at Bay State Saving Bank and something popped up that I could not open that CD for more than $10K. Nowhere on their web site did they reveal this in advance
Data as of Q2 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 90311 |
| Year Established | 1895 |
| Employees | 73 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.91% |
| Return on Equity - YTD | 10.14% |
| Annual Interest Income | $8.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2021vs Q2 2020 | $486.3MM$467.2MM |
| Loans | Q2 2021vs Q2 2020 | $391.2MM$420.8MM |
| Deposits | Q2 2021vs Q2 2020 | $426.2MM$402.5MM |
| Equity Capital | Q2 2021vs Q2 2020 | $44.1MM$40.9MM |
| Loan Loss Allowance | Q2 2021vs Q2 2020 | $5.6MM$5.2MM |
| Unbacked Noncurrent Loans | Q2 2021vs Q2 2020 | $6.1MM$3.4MM |
| Real Estate Owned | Q2 2021vs Q2 2020 | $170.00K$0 |