Legacy Bank

Headquarters

502 8th Street, S.W.
Altoona, IA 50009
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 0.95% →
1-Year CD 1.00% 1.01% →
2-Year CD 1.15% 0.95% →
5-Year CD N.A. 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

Legacy Bank is an FDIC insured institution located in Altoona, IA. It was founded in 1904 and has approximately $0.12 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 15414
Date Established 1904
Assets $ 115.23 million
Loans $ 75.29 million
Deposits $ 106.40 million
Capital $ 8.65 million
 

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

Deposit Rates - October 22, 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
0.30% $2,500 $2,999 Learn More
Money Market
0.35% $10,000 $14,999 Learn More
Money Market
0.35% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.50% $10,000 $14,999 Learn More
6 Mo CD
0.50% $100,000 $199,999 Learn More
12 Mo CD
1.00% $10,000 $14,999 Learn More
12 Mo CD
1.00% $100,000 $199,999 Learn More
24 Mo CD
1.15% $10,000 $14,999 Learn More
24 Mo CD
1.15% $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

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

Loan Rates - October 22, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Legacy 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
3.620% 3.500% 1.00 $3,750 $1,123 Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.569% 2.500% 0.88 $2,258 $988 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

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
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to Legacy Bank
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Branches

Legacy 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


Legacy Bank Locations


Financial Details

Legacy Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Legacy 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
Legacy Bank U.S. Bank Average
22.34% 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, Legacy Bank had $2,180,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $8,647,000 in equity and $1,112,000 in loans loss reserves. That gives it a Texas Ratio of 22.34%.

Return on Equity
Legacy Bank U.S. Bank Average
11.61% 7.80%

Legacy Bank has a Return on Equity of 11.61% 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
Legacy Bank U.S. Bank Average
7.5% 12.68%

Legacy Bank has a Capitalization of 7.5% 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.

Legacy Bank Balance Sheet Analysis

As of March 31, 2020, Legacy Bank had assets of $115,226,000, loans of $75,290,000, and deposits of $106,402,000. 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 $ 16.77 million
Interest-bearing balances $ 15.16 million
Total securities $ 12.93 million
Federal funds sold and reverse repurchase $ 6.81 million
Net loans and leases $ 75.29 million
Loan loss allowance $ 1.11 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.03 million
All other assets $ 1.77 million
     Total Assets $ 106.58 million
LIABILITIES
Total deposits $ 106.40 million
      Interest-bearing deposits $ 67.93 million
      Deposits held in domestic offices $ 106.40 million
      % insured (estimated) 87.40%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 0.18 million
      Total Liabilities $ 106.58 million
      Shareholders’ Equity $ 8.65 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 1.12 million
Total Interest Expense $ 0.10 million
Net interest income $ 1.02 million
Provision for loan and lease losses $ 0.03 million
Total non interest income $ 0.53 million
Total non interest expense $ 1.25 million
Pre-tax Net Operating Income $ 0.27 million

Bank Loan Profile?

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

Compared to other banks in Iowa, Legacy Bank has a significantly higher percent of 1-4 Family Residential Loans, 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 40.31
Multifamily
Mortgages
0.00
Credit Card Loans 0.00
Consumer Auto Loans 2.12
Small Business Loans 0.00
Construction and Development Loans 5.42
Commercial Real Estate 14.63
Commercial and Industrial Loans 24.80
Farm Loans 6.70

Frequently Asked Questions About Legacy Bank

Branches and Savings

Is Legacy Bank FDIC insured?

Yes. It is covered under FDIC Certificate #15414.

Why does Legacy Bank pay such low interest on savings accounts?

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

Why are Legacy Bank CD rates not competitive?

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

Is Legacy Bank a commercial bank?

Yes

Where are Legacy Bank locations?

See branch locations nearby.

Is Legacy Bank open on Saturdays?

Is Legacy Bank open on Sundays?

What time does Legacy Bank open?

What time does Legacy Bank close?

Are Legacy Bank ATMs Open 24/7?

Do Legacy Bank ATMs accept cash deposits?

Can Legacy Bank customers use other ATMs?

Do Legacy Bank branches have notaries?

Will Legacy Bank notarize my document?

What address for Legacy Bank should I put for incoming ACH transfers?

Will the Legacy Bank branch print checks?

Do Legacy Bank checks expire?

Does Legacy Bank require US citizenship to open account?

Can Legacy Bank close my account?

Does Legacy Bank Report to credit bureaus?

Does Legacy Bank Use Equifax?

What is Legacy Bank's ACH Routing Number?

What is Legacy Bank's SWIFT code?

Products

Does Legacy Bank offer mortgages?

Compare mortgage rates here.

Does Legacy Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Legacy Bank offer personal loans?

Compare personal loan rates here.

Does Legacy Bank offer student loans?

Will Legacy Bank cash a check?

Will Legacy Bank redeem a savings bond?

Does Legacy Bank cash savings bonds?

Will Legacy Bank cash money orders?

Can Legacy Bank issue a money order?

Does Legacy Bank do currency exchange?

Background on The Bank

Who owns Legacy Bank?

How long has Legacy Bank been around?

Can Legacy Bank transfer to other banks?

Does Legacy Bank have quick pay?

Does Legacy Bank accept rolled coins?

Will Legacy Bank accept loose change?

Where is Legacy Bank headquarters?

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