Gogebic Range Bank

Headquarters

155 East Cloverland Drive
Ironwood, MI 49938
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 1.05% →
1-Year CD 0.75% 0.95% →
2-Year CD 1.05% 1.05% →
5-Year CD 1.40% 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

Gogebic Range Bank is an FDIC insured institution located in Ironwood, MI. It was founded in 2002 and has approximately $0.12 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 57192
Date Established 2002
Assets $ 123.86 million
Loans $ 71.55 million
Deposits $ 109.70 million
Capital $ 13.72 million
 

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

Deposit Rates - September 18, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $2,500 $4,999 Learn More
Money Market
0.10% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.15% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.55% $10,000 $14,999 Learn More
6 Mo CD
0.55% $100,000 $199,999 Learn More
12 Mo CD
0.75% $10,000 $14,999 Learn More
12 Mo CD
0.75% $100,000 $199,999 Learn More
24 Mo CD
1.05% $10,000 $14,999 Learn More
24 Mo CD
1.05% $100,000 $199,999 Learn More
36 Mo CD
1.20% $10,000 $14,999 Learn More
36 Mo CD
1.20% $100,000 $199,999 Learn More
48 Mo CD
1.30% $10,000 $14,999 Learn More
48 Mo CD
1.30% $100,000 $199,999 Learn More
60 Mo CD
1.40% $10,000 $14,999 Learn More
60 Mo CD
1.40% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.10% $2,500 $3,499 Learn MoreShow Less

Loan Rates - September 18, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Gogebic Range 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
AimLoan.com
NMLS ID: 2890
License#: 13256
2.815% 2.750% 0.88 $2,118 $1,021 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

Note to Gogebic Range Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Gogebic Range 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


Gogebic Range Bank Locations


Financial Details

Gogebic Range Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Gogebic Range 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
Gogebic Range Bank U.S. Bank Average
8.76% 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, Gogebic Range Bank had $1,127,000 in non-current loans and $166,000 in owned real estate. To cover these potential losses it had $13,724,000 in equity and $1,043,000 in loans loss reserves. That gives it a Texas Ratio of 8.76%.

Return on Equity
Gogebic Range Bank U.S. Bank Average
8.5% 7.80%

Gogebic Range Bank has a Return on Equity of 8.5% 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
Gogebic Range Bank U.S. Bank Average
11.08% 12.68%

Gogebic Range Bank has a Capitalization of 11.08% 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.

Gogebic Range Bank Balance Sheet Analysis

As of March 31, 2020, Gogebic Range Bank had assets of $123,859,000, loans of $71,546,000, and deposits of $109,697,000. 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 $ 18.76 million
Interest-bearing balances $ 6.33 million
Total securities $ 26.47 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 71.55 million
Loan loss allowance $ 1.04 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.17 million
Goodwill and other intangibles $ 0.66 million
All other assets $ 2.72 million
     Total Assets $ 110.14 million
LIABILITIES
Total deposits $ 109.70 million
      Interest-bearing deposits $ 89.71 million
      Deposits held in domestic offices $ 109.70 million
      % insured (estimated) 95.63%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.44 million
      Total Liabilities $ 110.14 million
      Shareholders’ Equity $ 13.72 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 1.33 million
Total Interest Expense $ 0.15 million
Net interest income $ 1.18 million
Provision for loan and lease losses $ 0.06 million
Total non interest income $ 0.10 million
Total non interest expense $ 0.88 million
Pre-tax Net Operating Income $ 0.34 million

Bank Loan Profile?

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

Compared to other banks in Michigan, Gogebic Range Bank has a significantly higher percent of Commercial and Industrial 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 22.44
Multifamily
Mortgages
0.43
Credit Card Loans 0.02
Consumer Auto Loans 6.79
Small Business Loans 0.00
Construction and Development Loans 6.59
Commercial Real Estate 33.34
Commercial and Industrial Loans 28.18
Farm Loans 0.00

Frequently Asked Questions About Gogebic Range Bank

Branches and Savings

Is Gogebic Range Bank FDIC insured?

Yes. It is covered under FDIC Certificate #57192.

Why does Gogebic Range Bank pay such low interest on savings accounts?

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

Why are Gogebic Range Bank CD rates not competitive?

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

Is Gogebic Range Bank a commercial bank?

Yes

Where are Gogebic Range Bank locations?

See branch locations nearby.

Is Gogebic Range Bank open on Saturdays?

Is Gogebic Range Bank open on Sundays?

What time does Gogebic Range Bank open?

What time does Gogebic Range Bank close?

Are Gogebic Range Bank ATMs Open 24/7?

Do Gogebic Range Bank ATMs accept cash deposits?

Can Gogebic Range Bank customers use other ATMs?

Do Gogebic Range Bank branches have notaries?

Will Gogebic Range Bank notarize my document?

What address for Gogebic Range Bank should I put for incoming ACH transfers?

Will the Gogebic Range Bank branch print checks?

Do Gogebic Range Bank checks expire?

Does Gogebic Range Bank require US citizenship to open account?

Can Gogebic Range Bank close my account?

Does Gogebic Range Bank Report to credit bureaus?

Does Gogebic Range Bank Use Equifax?

What is Gogebic Range Bank's ACH Routing Number?

What is Gogebic Range Bank's SWIFT code?

Products

Does Gogebic Range Bank offer mortgages?

Compare mortgage rates here.

Does Gogebic Range Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Gogebic Range Bank offer personal loans?

Compare personal loan rates here.

Does Gogebic Range Bank offer student loans?

Will Gogebic Range Bank cash a check?

Will Gogebic Range Bank redeem a savings bond?

Does Gogebic Range Bank cash savings bonds?

Will Gogebic Range Bank cash money orders?

Can Gogebic Range Bank issue a money order?

Does Gogebic Range Bank do currency exchange?

Background on The Bank

Who owns Gogebic Range Bank?

How long has Gogebic Range Bank been around?

Can Gogebic Range Bank transfer to other banks?

Does Gogebic Range Bank have quick pay?

Does Gogebic Range Bank accept rolled coins?

Will Gogebic Range Bank accept loose change?

Where is Gogebic Range Bank headquarters?

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