Grove Bank & Trust

Headquarters

2701 South Bayshore Drive
Miami, FL 33133
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 0.91% →
1-Year CD 0.40% 0.85% →
2-Year CD 0.50% 0.95% →
5-Year CD 0.95% 1.30% →
30-Year Mortgage N.A. 2.61% →
15-Year Mortgage N.A. 2.31% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Grove Bank & Trust is an FDIC insured institution located in Miami, FL. It was founded in 1926 and has approximately $0.77 billion in assets. Customers can open an account at one of its 5 branches.

FDIC Insured Yes
FDIC Certificate # 8018
Date Established 1926
Assets $ 770.24 million
Loans $ 351.65 million
Deposits $ 610.22 million
Capital $ 118.12 million
 

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

Deposit Rates - November 29, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $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
0.10% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $10,000 $14,999 Learn More
3 Mo CD
0.10% $100,000 $199,999 Learn More
6 Mo CD
0.25% $10,000 $14,999 Learn More
6 Mo CD
0.25% $100,000 $199,999 Learn More
12 Mo CD
0.40% $10,000 $14,999 Learn More
12 Mo CD
0.40% $100,000 $199,999 Learn More
18 Mo CD
0.45% $10,000 $14,999 Learn More
18 Mo CD
0.45% $100,000 $199,999 Learn More
24 Mo CD
0.50% $10,000 $14,999 Learn More
24 Mo CD
0.50% $100,000 $199,999 Learn More
30 Mo CD
0.70% $10,000 $14,999 Learn More
30 Mo CD
0.70% $100,000 $199,999 Learn More
36 Mo CD
0.65% $10,000 $14,999 Learn More
36 Mo CD
0.65% $100,000 $199,999 Learn More
60 Mo CD
0.95% $10,000 $14,999 Learn More
60 Mo CD
0.95% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.01% $2,500 $3,499 Learn MoreShow Less
 

Loan Rates - November 29, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Grove Bank & Trust

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
AmeriSave Mortgage Corporation
NMLS ID: 1168
2.687% 2.625% 0.63 $2,015 $1,005 Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.557% 2.500% 0.75 $1,880 $988 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
2.240 %
$0 Learn More
More Info

Note to Grove Bank & Trust
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Branches

Grove Bank & Trust 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


Grove Bank & Trust Locations


Financial Details

Grove Bank & Trust Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Grove Bank & Trust. 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
Grove Bank & Trust U.S. Bank Average
1.44% 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, Grove Bank & Trust had $237,000 in non-current loans and $1,574,000 in owned real estate. To cover these potential losses it had $118,121,000 in equity and $7,726,000 in loans loss reserves. That gives it a Texas Ratio of 1.44%.

Return on Equity
Grove Bank & Trust U.S. Bank Average
2.07% 7.80%

Grove Bank & Trust has a Return on Equity of 2.07% 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
Grove Bank & Trust U.S. Bank Average
15.34% 12.68%

Grove Bank & Trust has a Capitalization of 15.34% 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.

Grove Bank & Trust Balance Sheet Analysis

As of March 31, 2020, Grove Bank & Trust had assets of $770,237,000, loans of $351,654,000, and deposits of $610,219,000. 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 $ 123.46 million
Interest-bearing balances $ 90.66 million
Total securities $ 247.36 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 351.65 million
Loan loss allowance $ 7.73 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.57 million
Goodwill and other intangibles N.A.
All other assets $ 29.59 million
     Total Assets $ 652.12 million
LIABILITIES
Total deposits $ 610.22 million
      Interest-bearing deposits $ 390.69 million
      Deposits held in domestic offices $ 610.22 million
      % insured (estimated) 57.45%
Federal funds purchased and repurchase agreements $ 3.02 million
Trading liabilities N.A.
Other borrowed funds $ 35.00 million
Subordinated debt N.A.
All other liabilities $ 3.88 million
      Total Liabilities $ 652.12 million
      Shareholders’ Equity $ 118.12 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 5.52 million
Total Interest Expense $ 0.88 million
Net interest income $ 4.64 million
Provision for loan and lease losses N.A.
Total non interest income $ 1.97 million
Total non interest expense $ 6.02 million
Pre-tax Net Operating Income $ 0.59 million

Bank Loan Profile?

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

Compared to other banks in Florida, Grove Bank & Trust has a significantly higher percent of Commercial Real Estate 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 16.02
Multifamily
Mortgages
6.58
Credit Card Loans 0.00
Consumer Auto Loans 0.02
Small Business Loans 7.63
Construction and Development Loans 0.70
Commercial Real Estate 60.41
Commercial and Industrial Loans 16.92
Farm Loans 0.00

Frequently Asked Questions About Grove Bank & Trust

Branches and Savings

Is Grove Bank & Trust FDIC insured?

Yes. It is covered under FDIC Certificate #8018.

Why does Grove Bank & Trust pay such low interest on savings accounts?

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

Why are Grove Bank & Trust CD rates not competitive?

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

Is Grove Bank & Trust a commercial bank?

Yes

Where are Grove Bank & Trust locations?

See branch locations nearby.

Is Grove Bank & Trust open on Saturdays?

Is Grove Bank & Trust open on Sundays?

What time does Grove Bank & Trust open?

What time does Grove Bank & Trust close?

Are Grove Bank & Trust ATMs Open 24/7?

Do Grove Bank & Trust ATMs accept cash deposits?

Can Grove Bank & Trust customers use other ATMs?

Do Grove Bank & Trust branches have notaries?

Will Grove Bank & Trust notarize my document?

What address for Grove Bank & Trust should I put for incoming ACH transfers?

Will the Grove Bank & Trust branch print checks?

Do Grove Bank & Trust checks expire?

Does Grove Bank & Trust require US citizenship to open account?

Can Grove Bank & Trust close my account?

Does Grove Bank & Trust Report to credit bureaus?

Does Grove Bank & Trust Use Equifax?

What is Grove Bank & Trust's ACH Routing Number?

What is Grove Bank & Trust's SWIFT code?

Products

Does Grove Bank & Trust offer mortgages?

Compare mortgage rates here.

Does Grove Bank & Trust offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Grove Bank & Trust offer personal loans?

Compare personal loan rates here.

Does Grove Bank & Trust offer student loans?

Will Grove Bank & Trust cash a check?

Will Grove Bank & Trust redeem a savings bond?

Does Grove Bank & Trust cash savings bonds?

Will Grove Bank & Trust cash money orders?

Can Grove Bank & Trust issue a money order?

Does Grove Bank & Trust do currency exchange?

Background on The Bank

Who owns Grove Bank & Trust?

How long has Grove Bank & Trust been around?

Can Grove Bank & Trust transfer to other banks?

Does Grove Bank & Trust have quick pay?

Does Grove Bank & Trust accept rolled coins?

Will Grove Bank & Trust accept loose change?

Where is Grove Bank & Trust headquarters?

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