Central Savings Bank

Headquarters

511 Bingham Avenue
Sault Sainte Marie, MI 49783
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 0.95% →
1-Year CD 0.40% 1.01% →
2-Year CD 0.70% 0.95% →
5-Year CD 1.00% 1.30% →
30-Year Mortgage 3.66% 2.80% →
15-Year Mortgage 3.18% 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Central Savings Bank is an FDIC insured institution located in Sault Sainte Marie, MI. It was founded in 1902 and has approximately $0.26 billion in assets. Customers can open an account at one of its 9 branches.

FDIC Insured Yes
FDIC Certificate # 1095
Date Established 1902
Assets $ 264.41 million
Loans $ 156.56 million
Deposits $ 227.91 million
Capital $ 34.38 million
 

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

Deposit Rates - October 20, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $1 - Learn More
Money Market
0.15% $2,500 $9,999 Learn More
Money Market
0.15% $10,000 $24,999 Learn More
Money Market
0.20% $25,000 - Learn More
CD Rates APY MIN MAX
3 Mo CD
0.20% $100 - Learn More
6 Mo CD
0.30% $100 - Learn More
12 Mo CD
0.40% $100 - Learn More
18 Mo CD
0.50% $100 - Learn More
24 Mo CD
0.70% $100 - Learn More
30 Mo CD
0.70% $100 - Learn More
36 Mo CD
0.80% $100 - Learn More
48 Mo CD
0.90% $100 - Learn More
60 Mo CD
1.00% $100 - Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.20% $1 $1,999 Learn MoreShow Less
Int Ckg
0.30% $2,000 - Learn MoreShow Less

Loan Rates - October 20, 2020

Your Current Location: Connecticut, CT 06828

Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Central 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


Central Savings Bank Locations


Financial Details

Central Savings Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Central 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
Central Savings Bank U.S. Bank Average
19.74% 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, Central Savings Bank had $6,400,000 in non-current loans and $774,000 in owned real estate. To cover these potential losses it had $34,377,000 in equity and $1,969,000 in loans loss reserves. That gives it a Texas Ratio of 19.74%.

Return on Equity
Central Savings Bank U.S. Bank Average
7.33% 7.80%

Central Savings Bank has a Return on Equity of 7.33% 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
Central Savings Bank U.S. Bank Average
13% 12.68%

Central Savings Bank has a Capitalization of 13% 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.

Central Savings Bank Balance Sheet Analysis

As of March 31, 2020, Central Savings Bank had assets of $264,409,000, loans of $156,557,000, and deposits of $227,908,000. 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 $ 19.52 million
Interest-bearing balances $ 11.14 million
Total securities $ 69.55 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 156.56 million
Loan loss allowance $ 1.97 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.77 million
Goodwill and other intangibles $ 0.50 million
All other assets $ 13.34 million
     Total Assets $ 230.03 million
LIABILITIES
Total deposits $ 227.91 million
      Interest-bearing deposits $ 164.66 million
      Deposits held in domestic offices $ 227.91 million
      % insured (estimated) 93.97%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 2.12 million
      Total Liabilities $ 230.03 million
      Shareholders’ Equity $ 34.38 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 2.57 million
Total Interest Expense $ 0.32 million
Net interest income $ 2.24 million
Provision for loan and lease losses $ 0.09 million
Total non interest income $ 0.54 million
Total non interest expense $ 1.76 million
Pre-tax Net Operating Income $ 0.93 million

Bank Loan Profile?

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

Compared to other banks in Michigan, Central Savings Bank has a significantly higher percent of Credit Card Loans on its balance sheet, potentially indicating a specialty in that lending area.

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 37.55
Multifamily
Mortgages
0.23
Credit Card Loans 0.19
Consumer Auto Loans 4.82
Small Business Loans 0.00
Construction and Development Loans 2.59
Commercial Real Estate 34.96
Commercial and Industrial Loans 13.96
Farm Loans 0.00

Frequently Asked Questions About Central Savings Bank

Branches and Savings

Is Central Savings Bank FDIC insured?

Yes. It is covered under FDIC Certificate #1095.

Why does Central 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 Central Savings Bank CD rates not competitive?

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

Is Central Savings Bank a commercial bank?

Yes

Where are Central Savings Bank locations?

See branch locations nearby.

Is Central Savings Bank open on Saturdays?

Is Central Savings Bank open on Sundays?

What time does Central Savings Bank open?

What time does Central Savings Bank close?

Are Central Savings Bank ATMs Open 24/7?

Do Central Savings Bank ATMs accept cash deposits?

Can Central Savings Bank customers use other ATMs?

Do Central Savings Bank branches have notaries?

Will Central Savings Bank notarize my document?

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

Will the Central Savings Bank branch print checks?

Do Central Savings Bank checks expire?

Does Central Savings Bank require US citizenship to open account?

Can Central Savings Bank close my account?

Does Central Savings Bank Report to credit bureaus?

Does Central Savings Bank Use Equifax?

What is Central Savings Bank's ACH Routing Number?

What is Central Savings Bank's SWIFT code?

Products

Does Central Savings Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Central Savings Bank offer personal loans?

Compare personal loan rates here.

Does Central Savings Bank offer student loans?

Will Central Savings Bank cash a check?

Will Central Savings Bank redeem a savings bond?

Does Central Savings Bank cash savings bonds?

Will Central Savings Bank cash money orders?

Can Central Savings Bank issue a money order?

Does Central Savings Bank do currency exchange?

Background on The Bank

Who owns Central Savings Bank?

How long has Central Savings Bank been around?

Can Central Savings Bank transfer to other banks?

Does Central Savings Bank have quick pay?

Does Central Savings Bank accept rolled coins?

Will Central Savings Bank accept loose change?

Where is Central Savings Bank headquarters?

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