Savings Bank of Danbury is headquartered in Danbury and is the 12th largest bank in the state of Connecticut. It is also the 715th largest bank in the nation. It was established in 1849 and as of June of 2022, it had grown to 185 employees at 16 locations. Savings Bank of Danbury has an A health rating.
Love SBD
Been using this bank since I got my first checking account when I was around 12. Since then, I've had a bunch of different part time jobs on top of being a student, and they've always been reliable. My only gripe about them for a long time was that they didn't have a mobile check deposit feature, but they've fixed that in the past year or so, so no real complaints anymore. Their mobile app is great, makes transfers in seconds and has up to the minute account activity and balances. Customer service is great too, every time I've been into any of their branches they've been very helpful and friendly, and I know most of the staff by name at this point. Great bank.
Would Not Recommend.
The initial transfer of their services to "digital" was a nightmare. I went literal weeks with no account access when that happened. Now? I've moved out of state, to GA and am trying to buy a house but have been told I am not eligible to perform a wire transfer unless I come into the branch to process it. This is super time sensitive and I am not driving 16 hours to resolve this. You really have NO WAY to verify me by email, phone or video chat? I have every identifying document you could ever need to ID me. How does seeing me in person make that different? The IRS can verify me on a video chat and you can't? It's 2022, your policies are outdated and clearly do not benefit your members. I have been told I would be eligible to transfer my funds out were I to close my account and open another one in my name. I do have another account in my name, actually.. I found out (with zero direction from any of your reps) that I AM able to link my account and request the ability to then transfer funds between them. Could no one have informed me? You made me want to outright close my account. Shame on the lot of you for not knowing the options available to you and not being willing to look for a solution.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 15912 |
| Year Established | 1849 |
| Employees | 185 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.94% |
| Return on Equity - YTD | 8.27% |
| Annual Interest Income | $23.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $1.45B$1.36B |
| Loans | Q2 2022vs Q2 2021 | $1.02B$1.04B |
| Deposits | Q2 2022vs Q2 2021 | $1.22B$1.14B |
| Equity Capital | Q2 2022vs Q2 2021 | $164.1MM$152.5MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $16.0MM$13.3MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $21.7MM$30.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$194.00K |
