Bay State Savings Bank

Headquarters

28 Franklin Street
Worcester, MA 01608
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.15% 1.00% →
1-Year CD 0.60% 0.95% →
2-Year CD 0.80% 1.05% →
5-Year CD 1.10% 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

Bay State Savings Bank is an FDIC insured institution located in Worcester, MA. It was founded in 1895 and has approximately $0.44 billion in assets. Customers can open an account at one of its 8 branches.

FDIC Insured Yes
FDIC Certificate # 90311
Date Established 1895
Assets $ 443.78 million
Loans $ 397.34 million
Deposits $ 374.08 million
Capital $ 40.11 million
 

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

Deposit Rates - October 1, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.15% $1 - Learn More
Money Market
0.55% $500 - Learn More
CD Rates APY MIN MAX
3 Mo CD
0.20% $5,000 - Learn More
6 Mo CD
0.25% $1,000 - Learn More
Special: 7 Mo CD
0.55% $1,000 - Learn More
Special: 11 Mo CD
0.70% $1,000 - Learn More
12 Mo CD
0.60% $1,000 - Learn More
18 Mo CD
0.70% $1,000 - Learn More
24 Mo CD
0.80% $1,000 - Learn More
Special: 27 Mo CD
0.85% $1,000 - Learn More
36 Mo CD
0.90% $1,000 - Learn More
48 Mo CD
1.00% $1,000 - Learn More
60 Mo CD
1.10% $1,000 - Learn More

Fixed IRA Rates APY MIN MAX
Special: 11 Mo FIRA
0.70% $1,000 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.10% $1 - Learn MoreShow Less
Checking Rates APY MIN FEE
Gold Rewards Checking 0.00% $5,000 $15.00 Learn MoreShow Less
Basic Checking 0.00% $0 $3.00 Learn MoreShow Less
Choice Checking 0.00% $500 $7.00 Learn MoreShow Less

Loan Rates - October 1, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Bay State Savings Bank

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




Featured - Connecticut 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
Quicken Loans NMLS #3030
NMLS ID: 3030
4.114% 3.990% 1.00 $3,750 $1,193 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.990 %
$0 Learn More
More Info
PenFed Credit Union
PenFed Credit Union
See Table
3.750 %
$0 Learn More
More Info
People's United Bank, N.A.
People's United Bank, N.A.
See Table
4.000 %
$0 Learn More
More Info

Note to Bay State Savings Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Bay State Savings Bank 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:
Fairfield,Connecticut


Bay State Savings Bank Locations


Financial Details

Bay State Savings Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Bay State Savings Bank. 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
Bay State Savings Bank U.S. Bank Average
8.08% 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, Bay State Savings Bank had $3,655,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $40,110,000 in equity and $5,126,000 in loans loss reserves. That gives it a Texas Ratio of 8.08%.

Return on Equity
Bay State Savings Bank U.S. Bank Average
3.8% 7.80%

Bay State Savings Bank has a Return on Equity of 3.8% 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
Bay State Savings Bank U.S. Bank Average
9.04% 12.68%

Bay State Savings Bank has a Capitalization of 9.04% 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.

Bay State Savings Bank Balance Sheet Analysis

As of March 31, 2020, Bay State Savings Bank had assets of $443,779,000, loans of $397,343,000, and deposits of $374,077,000. 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 $ 13.92 million
Interest-bearing balances $ 9.82 million
Total securities $ 9.99 million
Federal funds sold and reverse repurchase $ 4.44 million
Net loans and leases $ 397.34 million
Loan loss allowance $ 5.13 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.31 million
All other assets $ 14.11 million
     Total Assets $ 403.67 million
LIABILITIES
Total deposits $ 374.08 million
      Interest-bearing deposits $ 320.35 million
      Deposits held in domestic offices $ 374.08 million
      % insured (estimated) 83.31%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 26.10 million
Subordinated debt N.A.
All other liabilities $ 3.49 million
      Total Liabilities $ 403.67 million
      Shareholders’ Equity $ 40.11 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 4.39 million
Total Interest Expense $ 1.18 million
Net interest income $ 3.21 million
Provision for loan and lease losses $ 0.06 million
Total non interest income $ 0.24 million
Total non interest expense $ 2.87 million
Pre-tax Net Operating Income $ 0.52 million

Bank Loan Profile?

The top three loan types in Bay State Savings Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial Real Estate, and Construction and Development Loans.

Compared to other banks, Bay State Savings Bank’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 68.97
Multifamily
Mortgages
4.38
Credit Card Loans 0.00
Consumer Auto Loans 0.24
Small Business Loans 0.00
Construction and Development Loans 4.93
Commercial Real Estate 18.93
Commercial and Industrial Loans 2.60
Farm Loans 0.00

Frequently Asked Questions About Bay State Savings Bank

Branches and Savings

Is Bay State Savings Bank FDIC insured?

Yes. It is covered under FDIC Certificate #90311.

Why does Bay State Savings Bank pay such low interest on savings accounts?

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

Why are Bay State Savings Bank CD rates not competitive?

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

Is Bay State Savings Bank a commercial bank?

Yes

Where are Bay State Savings Bank locations?

See branch locations nearby.

Is Bay State Savings Bank open on Saturdays?

Is Bay State Savings Bank open on Sundays?

What time does Bay State Savings Bank open?

What time does Bay State Savings Bank close?

Are Bay State Savings Bank ATMs Open 24/7?

Do Bay State Savings Bank ATMs accept cash deposits?

Can Bay State Savings Bank customers use other ATMs?

Do Bay State Savings Bank branches have notaries?

Will Bay State Savings Bank notarize my document?

What address for Bay State Savings Bank should I put for incoming ACH transfers?

Will the Bay State Savings Bank branch print checks?

Do Bay State Savings Bank checks expire?

Does Bay State Savings Bank require US citizenship to open account?

Can Bay State Savings Bank close my account?

Does Bay State Savings Bank Report to credit bureaus?

Does Bay State Savings Bank Use Equifax?

What is Bay State Savings Bank's ACH Routing Number?

What is Bay State Savings Bank's SWIFT code?

Products

Does Bay State Savings Bank offer mortgages?

Compare mortgage rates here.

Does Bay State Savings Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Bay State Savings Bank offer personal loans?

Compare personal loan rates here.

Does Bay State Savings Bank offer student loans?

Will Bay State Savings Bank cash a check?

Will Bay State Savings Bank redeem a savings bond?

Does Bay State Savings Bank cash savings bonds?

Will Bay State Savings Bank cash money orders?

Can Bay State Savings Bank issue a money order?

Does Bay State Savings Bank do currency exchange?

Background on The Bank

Who owns Bay State Savings Bank?

How long has Bay State Savings Bank been around?

Can Bay State Savings Bank transfer to other banks?

Does Bay State Savings Bank have quick pay?

Does Bay State Savings Bank accept rolled coins?

Will Bay State Savings Bank accept loose change?

Where is Bay State Savings Bank headquarters?

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