Bank of the Commonwealth

Headquarters

Boush And Freemason Streets
Norfolk, VA 23510
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.95% →
1-Year CD N.A. 1.01% →
2-Year CD N.A. 0.95% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Bank of the Commonwealth is an FDIC insured institution located in Norfolk, VA. It was founded in 1971 and has approximately $0.99 billion in assets.

Closed by FDIC on September 23, 2011 and assets transferred to Southern Bank and Trust Company.

FDIC Insured Yes
FDIC Certificate # 20408
Date Established 1971
Assets $ 985.10 million
Loans $ 780.02 million
Deposits $ 901.85 million
Capital $ 16.72 million
 

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

Deposit Rates - October 25, 2020

Your Current Location: Washington, WA 98109


Loan Rates - October 25, 2020

Your Current Location: Washington, WA 98109

There are currently no loan rates available for Bank of the Commonwealth

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




Featured - Washington 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
Rocket Mortgage
NMLS ID: 3030
3.746% 3.625% 1.00 $3,750 $1,141 Learn More
Cascadia Mortgage
NMLS ID: 1505422
License#: NMLS #1505422
2.830% 2.750% 0.63 $2,622 $1,021 Learn More
AimLoan.com
NMLS ID: 2890
License#: 520-CL-25944
2.575% 2.500% 1.00 $2,470 $988 Learn More

Featured - Washington Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More

Note to Bank of the Commonwealth
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Branches

Bank of the Commonwealth 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:
Seattle,Washington


Bank of the Commonwealth Locations


Financial Details

Bank of the Commonwealth Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bank of the Commonwealth. 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 the Commonwealth U.S. Bank Average
259.17% 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 the Commonwealth had $150,978,000 in non-current loans and $46,902,000 in owned real estate. To cover these potential losses it had $16,718,000 in equity and $59,633,000 in loans loss reserves. That gives it a Texas Ratio of 259.17%.

Return on Equity
Bank of the Commonwealth U.S. Bank Average
-182.7% 7.80%

Bank of the Commonwealth has a Return on Equity of -182.7% 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 the Commonwealth U.S. Bank Average
1.7% 12.68%

Bank of the Commonwealth has a Capitalization of 1.7% 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 the Commonwealth Balance Sheet Analysis

As of June 30, 2011, Bank of the Commonwealth had assets of $985,096,000, loans of $780,021,000, and deposits of $901,845,000. 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 N.A.
Interest-bearing balances N.A.
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 780.02 million
Loan loss allowance $ 59.63 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 46.90 million
Goodwill and other intangibles N.A.
All other assets N.A.
     Total Assets N.A.
LIABILITIES
Total deposits $ 901.85 million
      Interest-bearing deposits N.A.
      Deposits held in domestic offices N.A.
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities N.A.
      Total Liabilities N.A.
      Shareholders’ Equity $ 985.10 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income N.A.
Total Interest Expense N.A.
Net interest income N.A.
Provision for loan and lease losses N.A.
Total non interest income N.A.
Total non interest expense N.A.
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in Bank of the Commonwealth’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Credit Card Loans.

Compared to other banks, Bank of the Commonwealth’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 0.00
Multifamily
Mortgages
0.00
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.00
Commercial Real Estate 0.00
Commercial and Industrial Loans 0.00
Farm Loans 0.00

Frequently Asked Questions About Bank Of The Commonwealth

Branches and Savings

Is Bank Of The Commonwealth FDIC insured?

Yes. It is covered under FDIC Certificate #20408.

Why does Bank Of The Commonwealth 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 The Commonwealth CD rates not competitive?

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

Is Bank Of The Commonwealth a commercial bank?

Yes

Where are Bank Of The Commonwealth locations?

See branch locations nearby.

Is Bank Of The Commonwealth open on Saturdays?

Is Bank Of The Commonwealth open on Sundays?

What time does Bank Of The Commonwealth open?

What time does Bank Of The Commonwealth close?

Are Bank Of The Commonwealth ATMs Open 24/7?

Do Bank Of The Commonwealth ATMs accept cash deposits?

Can Bank Of The Commonwealth customers use other ATMs?

Do Bank Of The Commonwealth branches have notaries?

Will Bank Of The Commonwealth notarize my document?

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

Will the Bank Of The Commonwealth branch print checks?

Do Bank Of The Commonwealth checks expire?

Does Bank Of The Commonwealth require US citizenship to open account?

Can Bank Of The Commonwealth close my account?

Does Bank Of The Commonwealth Report to credit bureaus?

Does Bank Of The Commonwealth Use Equifax?

What is Bank Of The Commonwealth's ACH Routing Number?

What is Bank Of The Commonwealth's SWIFT code?

Products

Does Bank Of The Commonwealth offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Bank Of The Commonwealth offer personal loans?

Compare personal loan rates here.

Does Bank Of The Commonwealth offer student loans?

Will Bank Of The Commonwealth cash a check?

Will Bank Of The Commonwealth redeem a savings bond?

Does Bank Of The Commonwealth cash savings bonds?

Will Bank Of The Commonwealth cash money orders?

Can Bank Of The Commonwealth issue a money order?

Does Bank Of The Commonwealth do currency exchange?

Background on The Bank

Who owns Bank Of The Commonwealth?

How long has Bank Of The Commonwealth been around?

Can Bank Of The Commonwealth transfer to other banks?

Does Bank Of The Commonwealth have quick pay?

Does Bank Of The Commonwealth accept rolled coins?

Will Bank Of The Commonwealth accept loose change?

Where is Bank Of The Commonwealth headquarters?

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