Norway Savings Bank is headquartered in Norway and is the 7th largest bank in the state of Maine. It is also the 646th largest bank in the nation. It was established in 1866 and as of December of 2020, it had grown to 290 employees at 24 locations. Norway Savings Bank has an A+ health rating.
A Different Kind Of Bank
The individualized service and professionalism we've experienced at Norway Savings just can't be matched at other banks. They know you by name and are always happy to help. After many mortgages, refi's and daily transactions, we couldn't be happier.
Customer Service With Norway Bank
I think the Norway Bank customer service reps. are excellent. They are very responsive. One time I was locked out of the online access and the representative called me back after they had worked with me to get access just to make sure I got into my accounts since it was a Saturday. I think they are great!
Norway Savings Should Show More Concern For The Welfare Of Their Clients
A while back, I deposited some checks into Norway Savings that brought my balance up into the six digit figures.
Like many others, I do not have experience at handling this much money so I asked them if they could put me in contact with a financial advisor or a trustee for clients estates.
They told me I had to have at least $250,000 in order for them to help me with investing and protecting my money. I think this approach is cold and heartless.
They showed a blatant lack of concern about the huge amount of money I had in savings. I know now that having tens of thousands of dollars in a savings account is dangerous unless it's only there for a short span of time.
After the first time I asked, I brought it up again and begged and pleaded with them to help me in some way. They still reminded me that I did not have enough money for them to offer up any protection.
I have a whole history of financial abuse. I do not think I should have to beg them for guidance.
They really need to create a list of resources that clients like me could tap into.
I also think they should offer classes on financial management and should also try to think with you instead of being indifferent.
They never offered up any assistance outside of a CD that does not even keep pace with inflation.
I have been banking with them for several years and almost everyone working at the counter was always friendly and helpful. I can see now that I should not have taken this at face value.
I think Norway Savings Bank should go out of their way to protect their clients. I do not think anyone should need to have money in the six-digit figures to get some form of protection from them.
They really need to change their attitude toward clients who ask them for help.
Software Engineer
First) I moved to Maine and opened a checking account at Norway as part of that move.
It took 2 weeks to get checks and the debit card, I had no access to my money for 2 weeks, except by going to the bank and getting cash.
Second) After 4 weeks of having account, I was stranded, low on fuel and bank computers were down, couldn't get gas.
Third) Needed a new laptop for my work, purchase was declined, plenty of funds. Don't know why???
Forth) Can't get access to my on line account, and no help on this over the weekends.
This has been, by far, the worst banking experience I have ever had.
Refi Takes Forever And A Day
Incredibly slow turnaround. They never get back to you. I have to do all the follow up. What should have been simple takes them twice as long as the local credit union. I thought because I financed with them the first time that a refi would be simpler to stay with them.... wrong. It was like starting from scratch and they asked me to provide paperwork that they already had.
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 17658 |
| Year Established | 1866 |
| Employees | 290 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.18% |
| Return on Equity - YTD | 8.16% |
| Annual Interest Income | $54.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $1.52B$1.24B |
| Loans | Q4 2020vs Q4 2019 | $1.11B$1.02B |
| Deposits | Q4 2020vs Q4 2019 | $1.28B$1.01B |
| Equity Capital | Q4 2020vs Q4 2019 | $211.8MM$195.1MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $9.8MM$8.0MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $7.6MM$1.8MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$0 |
