Bank of Akron

Headquarters

46 Main Street
Akron, NY 14001
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.40% →
1-Year CD 0.30% 1.15% →
2-Year CD 0.45% 1.26% →
5-Year CD 0.75% 1.56% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Bank of Akron is an FDIC insured institution located in Akron, NY. It was founded in 1900 and has approximately $0.41 billion in assets. Customers can open an account at one of its 5 branches.

FDIC Insured Yes
FDIC Certificate # 13290
Date Established 1900
Assets $ 406.49 million
Loans $ 322.18 million
Deposits $ 360.76 million
Capital $ 39.55 million
 

For a more detailed analysis of Bank of Akron's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - July 13, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $1 $24,999 Learn More
Money Market
0.10% $1 $9,999 Learn More
Money Market
0.15% $10,000 $24,999 Learn More
Money Market
0.20% $25,000 $99,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.20% $500 - Learn More
12 Mo CD
0.30% $500 - Learn More
18 Mo CD
0.40% $500 - Learn More
24 Mo CD
0.45% $500 - Learn More
36 Mo CD
0.50% $500 - Learn More
48 Mo CD
0.60% $500 - Learn More
60 Mo CD
0.70% $500 - Learn More
Special: 60 Mo CD
0.75% $10,000 - Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 - Learn MoreShow Less

Loan Rates - July 13, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Bank of Akron

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.746% 3.625% 1.00 $3,750 $1,141 Learn More
Rocket Mortgage
NMLS ID: 3030
3.494% 3.375% 1.00 $3,750 $1,106 Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.951% 2.875% 1.00 $2,445 $1,038 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
2.990 %
$0 Learn More
More Info
PenFed Credit Union
PenFed Credit Union
3.750 %
$0 Learn More
More Info

Note to Bank of Akron
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Branches

Bank of Akron branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Ashburn,Virginia


Bank of Akron Locations


Financial Details

Bank of Akron Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank of Akron. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Bank of Akron U.S. Bank Average
7.51% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Bank of Akron had $3,350,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $39,550,000 in equity and $5,078,000 in loans loss reserves. That gives it a Texas Ratio of 7.51%.

Return on Equity
Bank of Akron U.S. Bank Average
6.76% 7.80%

Bank of Akron has a Return on Equity of 6.76% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Bank of Akron U.S. Bank Average
9.73% 12.68%

Bank of Akron has a Capitalization of 9.73% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Bank of Akron Balance Sheet Analysis

As of March 31, 2020, Bank of Akron had assets of $406,490,000, loans of $322,180,000, and deposits of $360,758,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 31.08 million
Interest-bearing balances $ 24.88 million
Total securities $ 35.60 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 322.18 million
Loan loss allowance $ 5.08 million
Trading account assets $ 0.76 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 11.97 million
     Total Assets $ 366.94 million
LIABILITIES
Total deposits $ 360.76 million
      Interest-bearing deposits $ 270.67 million
      Deposits held in domestic offices $ 360.76 million
      % insured (estimated) 79.06%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.21 million
Subordinated debt N.A.
All other liabilities $ 1.98 million
      Total Liabilities $ 366.94 million
      Shareholders’ Equity $ 39.55 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 4.45 million
Total Interest Expense $ 0.87 million
Net interest income $ 3.58 million
Provision for loan and lease losses $ 0.12 million
Total non interest income $ 0.33 million
Total non interest expense $ 2.96 million
Pre-tax Net Operating Income $ 0.84 million

Bank Loan Profile?

The top three loan types in Bank of Akron’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Commercial and Industrial Loans.

Compared to other banks, Bank of Akron’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 40.69
Multifamily
Mortgages
3.25
Credit Card Loans 0.27
Consumer Auto Loans 0.03
Small Business Loans 0.00
Construction and Development Loans 7.87
Commercial Real Estate 38.71
Commercial and Industrial Loans 10.48
Farm Loans 0.00

Frequently Asked Questions About Bank Of Akron

Branches and Savings

Is Bank Of Akron FDIC insured?

Yes. It is covered under FDIC Certificate #13290.

Why does Bank Of Akron pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Bank Of Akron CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Bank Of Akron a commercial bank?

Yes

Where are Bank Of Akron locations?

See branch locations nearby.

Is Bank Of Akron open on Saturdays?

Is Bank Of Akron open on Sundays?

What time does Bank Of Akron open?

What time does Bank Of Akron close?

Are Bank Of Akron ATMs Open 24/7?

Do Bank Of Akron ATMs accept cash deposits?

Can Bank Of Akron customers use other ATMs?

Do Bank Of Akron branches have notaries?

Will Bank Of Akron notarize my document?

What address for Bank Of Akron should I put for incoming ACH transfers?

Will the Bank Of Akron branch print checks?

Do Bank Of Akron checks expire?

Does Bank Of Akron require US citizenship to open account?

Can Bank Of Akron close my account?

Does Bank Of Akron Report to credit bureaus?

Does Bank Of Akron Use Equifax?

What is Bank Of Akron's ACH Routing Number?

What is Bank Of Akron's SWIFT code?

Products

Does Bank Of Akron offer mortgages?

Compare mortgage rates here.

Does Bank Of Akron offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bank Of Akron offer personal loans?

Compare personal loan rates here.

Does Bank Of Akron offer student loans?

Will Bank Of Akron cash a check?

Will Bank Of Akron redeem a savings bond?

Does Bank Of Akron cash savings bonds?

Will Bank Of Akron cash money orders?

Can Bank Of Akron issue a money order?

Does Bank Of Akron do currency exchange?

Background on The Bank

Who owns Bank Of Akron?

How long has Bank Of Akron been around?

Can Bank Of Akron transfer to other banks?

Does Bank Of Akron have quick pay?

Does Bank Of Akron accept rolled coins?

Will Bank Of Akron accept loose change?

Where is Bank Of Akron headquarters?

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