Union Savings Bank (CT) is headquartered in DANBURY and is the 4th largest bank in the state of Connecticut. It is also the 389th largest bank in the nation. It was established in 1866 and as of March of 2023, it had grown to 345 employees at 25 locations. Union Savings Bank (CT)'s savings rates are 44% higher than the national average, and it has a B health rating.
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I've been banking with Union Savings since I was old enough to have a banking account!
I first opened an account with Union Saving Bank when I was a teenager and have been with them ever since. Union Savings was there to help me start a vacation fund when I found out I'd be going to Germany for vacation and I wanted to save. Later in life, they helped me with a loan with my first car and now I am working with them for a first time home buyers loan.
The employees at the bank are friendly and have always been available to me. Several times in the past few years they have got out of their way to assist me when I was having issues or complications.
I will say that Union Savings Bank could use some work developing a better app for their online banking. The one they currently have is easy enough to navigate but loading errors are frequent.
USB has been my bank since I was old enough for an account
I opened my first account with my mom at my side at the age of 15. We chose USB because she had been banking with them for many years and they were close by our home. I quickly took notice to the fact that they would always greet her by name growing up, and as I continued to go their myself, they knew my name as well. They were personable at this bank to the point where I would bring them small gifts for Christmas (such as baked bread and cookies) and they would be delighted and thankful. As a young girl, I set up both a checking and savings account with USB.
My family moved to another down when I was in my early twenties, and luckily there was a USB branch within a mile of our new home. I was sad that we wouldn't be as close to the bankers we new in my old town, but was happy to see that there was no difference in the overwhelming amount of friendliness. My first time there, I met the bank manager and she invited me into the office to see if she could help me any further with my finances. I opened up a shared account for my boyfriend and I, and they walked me through a vacation fund, which would take a percentage of my income and put it away for vacations or gifts to purchase for the holidays. When my nephew was born, I set up a CD for him with USB as a gift to him and his family. The woman I set this up with was the same bank manager I had previously met with and she made the experience very easy, leaving me with little to worry about or do.
It has been a pleasure being a client with USB. I use their online banking services frequently and the app is so easy to navigate. Any time I have ever had an issue with anything, their customer service has been on top of it and communicated well with me. It seems that every time I enter the bank, they are telling me about new services they offer and easier ways to bank with them.
Data as of Q1 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 18190 |
| Year Established | 1866 |
| Employees | 345 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.66% |
| Return on Equity - YTD | 8.6% |
| Annual Interest Income | $25.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2023vs Q1 2022 | $3.02B$3.12B |
| Loans | Q1 2023vs Q1 2022 | $1.80B$1.71B |
| Deposits | Q1 2023vs Q1 2022 | $2.28B$2.55B |
| Equity Capital | Q1 2023vs Q1 2022 | $236.6MM$272.2MM |
| Loan Loss Allowance | Q1 2023vs Q1 2022 | $23.1MM$18.3MM |
| Unbacked Noncurrent Loans | Q1 2023vs Q1 2022 | $10.9MM$21.0MM |
| Real Estate Owned | Q1 2023vs Q1 2022 | $0$119.00K |
