First Progressive Bank


St. Nichols Avenue And Sowell Street
Brewton, AL 36426
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Notable Rates APY Vs.Others
Savings 0.10% 0.70% →
1-Year CD N.A. 0.75% →
2-Year CD 0.25% 0.81% →
5-Year CD N.A. 1.15% →
30-Year Mortgage N.A. 2.61% →
15-Year Mortgage N.A. 2.31% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

First Progressive Bank is an FDIC insured institution located in Brewton, AL. It was founded in 1977 and has approximately $0.03 billion in assets.

FDIC Insured Yes
FDIC Certificate # 22549
Date Established 1977
Assets $ 29.81 million
Loans $ 9.60 million
Deposits $ 21.34 million
Capital $ 8.46 million

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

Deposit Rates - January 17, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
0.10% $2,500 $4,999 Learn More
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
24 Mo CD
0.25% $10,000 $14,999 Learn More
24 Mo CD
0.25% $100,000 $199,999 Learn More


Loan Rates - January 17, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for First Progressive 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 2021

Lender APR Rate (%) Points Fees Monthly
Learn More
Rocket Mortgage
NMLS ID: 3030
3.243% 3.125% 1.00 $3,750 $1,071 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.620% 3.500% 1.00 $3,750 $1,123 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
People's United Bank, N.A.
People's United Bank, N.A.
See Table
4.000 %
$0 Learn More
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Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to First Progressive Bank
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Financial Details

First Progressive Bank Ratio Analysis

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

Texas Ratio
First Progressive Bank U.S. Bank Average
0% 6.14%

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 September 30, 2020, First Progressive Bank had $0 in non-current loans and $0 in owned real estate. To cover these potential losses it had $8,463,000 in equity and $92,000 in loans loss reserves. That gives it a Texas Ratio of 0%.

Return on Equity
First Progressive Bank U.S. Bank Average
1.36% 9.23%

First Progressive Bank has a Return on Equity of 1.36% versus the BestCashCow average of 9.23%. 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.

First Progressive Bank U.S. Bank Average
28.39% 12.07%

First Progressive Bank has a Capitalization of 28.39% versus the BestCashCow average of 12.07. 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.

First Progressive Bank Balance Sheet Analysis

As of September 30, 2020, First Progressive Bank had assets of $29,812,000, loans of $9,603,000, and deposits of $21,341,000. 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

September 30, 2020
Cash & Balances due from depository institutions $ 2.31 million
Interest-bearing balances N.A.
Total securities $ 16.78 million
Federal funds sold and reverse repurchase $ 0.89 million
Net loans and leases $ 9.60 million
Loan loss allowance $ 0.09 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 0.15 million
     Total Assets $ 21.35 million
Total deposits $ 21.34 million
      Interest-bearing deposits $ 8.60 million
      Deposits held in domestic offices $ 21.34 million
      % insured (estimated) 49.40%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.01 million
      Total Liabilities $ 21.35 million
      Shareholders’ Equity $ 8.46 million

Summary Income Statement

September 30, 2020
Total Interest Income $ 0.60 million
Total Interest Expense $ 0.02 million
Net interest income $ 0.58 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.01 million
Total non interest expense $ 0.49 million
Pre-tax Net Operating Income $ 0.10 million

Bank Loan Profile?

The top three loan types in First Progressive Bank’s loan portfolio are 1-4 Family Residential Loans, Commercial and Industrial Loans, and Construction and Development Loans.

Compared to other banks in Alabama, First Progressive Bank has a significantly higher percent of 1-4 Family Residential 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 45.04
Credit Card Loans 0.00
Consumer Auto Loans 1.59
Small Business Loans 0.00
Construction and Development Loans 11.27
Commercial Real Estate 3.28
Commercial and Industrial Loans 29.37
Farm Loans 0.94

Frequently Asked Questions About First Progressive Bank

Branches and Savings

Is First Progressive Bank FDIC insured?

Yes. It is covered under FDIC Certificate #22549.

Why does First Progressive Bank pay such low interest on savings accounts?

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

Why are First Progressive Bank CD rates not competitive?

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

Is First Progressive Bank a commercial bank?


Where are First Progressive Bank locations?

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Is First Progressive Bank open on Saturdays?

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Does First Progressive Bank require US citizenship to open account?

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Does First Progressive Bank offer mortgages?

Compare mortgage rates here.

Does First Progressive Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does First Progressive Bank offer personal loans?

Compare personal loan rates here.

Does First Progressive Bank offer student loans?

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Background on The Bank

Who owns First Progressive Bank?

How long has First Progressive Bank been around?

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