Liberty Bank is headquartered in Middletown and is the 3rd largest bank in the state of Connecticut. It is also the 205th largest bank in the nation. It was established in 1825 and as of December of 2019, it had grown to 759 employees at 60 locations. Liberty Bank has an A+ health rating.
Liberty Bank is a great bank. The best thing about them is that they don't charge ATM fees and also they reimburse the ATM fees of other banks. There is also no monthly fee if you go paperless. They send instructions if you have transactions with a company who has been breached and have sometimes automatically sent new debit cards in these circumstances. Their in bank customer service is most excellent. They have convenient branches and the ATMs feel like they are in safe locations. I have used them exclusively for over ten years and I have no intention of switching of changing. I don't have credit cards or loans so I can't speak to those products personally. I have never heard anything bad about them from anybody else. They did once have an employee steal but they were very open about that.
I have been a customer at Liberty Bank since I started working in my 20's. That relationship spans a time period of over 30 years. I have expanded my transactions at this bank to include checking, CD's, home equity loans, personal loans, and have included my expanded family with this institution. The services that they offer are extremely competitive with the larger banks and credit unions in the area. Their services are also all inclusive and I have never had to go outside their institution to find a service that I have needed. The tellers and loan officers are more like family than business associates. They are aware of my growing family and even provided my daughter with her first college debit/credit card with no hassle. One teller also caught an error that had a deceased relative still as an active co-signer on an account and provided the necessary information that I needed to correct the situation. They recognize me by name, ask about my family, and offer great suggestions to whatever questions or problems that I have encountered. I continually receive offers from other banks thru the mail but I just rip up the mail and continue having confidence and trust in the Liberty Bank institution. Opps, forgot, they have branches throughout the area in which I live, so add convenience to all the other complements.
Liberty had a first class online banking site and a usable mobile app. They recently went to an "improved" system that doesn't have the functionallity you expect. Fore example:
You cannot see a list of unpaid ebills. If you do pay one, the site doesn't "mark it paid" like it used to.
We expect to migrate to another bank is the old system is not put back in place.
We have been a significant customer for 30 years and it is sad to see a great bank fail so badly.
This was my first ever bank when I started working in the dinosaur age. I have never left this bank for another. I have my savings, checking, and home equity (for tuition of children) accounts housed here. The tellers and administrators are all on a first name basis with me and really care about my financial well being. I would like to say that they are willing to help with problems but there are no problems that have occurred. Interest rates on savings are competitive, check fees are non-existent, new products are introduced and explained if tellers think these products would work for my household.
Recently a teller discovered that my deceased mother's name (that happens to be the same as one of my children's name) was popping up when said child was opening an account. Promptly, we resolved the problem and I was grateful that the teller caught the error. This is a local bank with branches throughout the state but they are my bank and deserve my thanks for having full trust in this institution.
|FDIC Certificate #||17943|
|Return on Assets - YTD||1.23%|
|Return on Equity - YTD||8.44%|
|Annual Interest Income||$203.1MM|
|Assets and Liabilities|
|Assets||Q4 2019vs Q4 2018||$5.81B$5.09B|
|Loans||Q4 2019vs Q4 2018||$4.20B$3.86B|
|Deposits||Q4 2019vs Q4 2018||$4.48B$3.70B|
|Equity Capital||Q4 2019vs Q4 2018||$799.8MM$738.9MM|
|Loan Loss Allowance||Q4 2019vs Q4 2018||$37.0MM$34.5MM|
|Unbacked Noncurrent Loans||Q4 2019vs Q4 2018||$10.6MM$13.2MM|
|Real Estate Owned||Q4 2019vs Q4 2018||$0$459.00K|
Rates for Liberty Bank are currently being reviewed.