Mechanics Bank

Headquarters

2 South Main Street
Mansfield, OH 44902
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.03% 1.75% →
1-Year CD 0.25% 1.55% →
2-Year CD 0.45% 1.45% →
5-Year CD 0.90% 1.66% →
30-Year Mortgage N.A. 3.08% →
15-Year Mortgage N.A. 2.65% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Mechanics Bank is an FDIC insured institution located in Mansfield, OH. It was founded in 1886 and has approximately $0.56 billion in assets. Customers can open an account at one of its 9 branches.

FDIC Insured Yes
FDIC Certificate # 29011
Date Established 1886
Assets $ 562.89 million
Loans $ 459.59 million
Deposits $ 510.17 million
Capital $ 46.20 million
 

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

Deposit Rates - May 28, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.03% $5 - Learn More
Money Market
0.05% $2,500 $49,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $500 $250,000 Learn More
6 Mo CD
0.15% $500 $250,000 Learn More
12 Mo CD
0.25% $500 $250,000 Learn More
18 Mo CD
0.35% $500 $250,000 Learn More
Special: 20 Mo CD
0.75% $500 $250,000 Learn More
24 Mo CD
0.45% $500 $250,000 Learn More
30 Mo CD
0.50% $500 $250,000 Learn More
Special: 33 Mo CD
0.85% $500 $250,000 Learn More
36 Mo CD
0.55% $500 $250,000 Learn More
48 Mo CD
0.60% $500 $250,000 Learn More
60 Mo CD
0.90% $500 $250,000 Learn More

Fixed IRA Rates APY MIN MAX
Fixed IRA
0.25% $100 $250,000 Learn MoreShow Less
Special: 20 Mo FIRA
0.75% $100 $250,000 Learn MoreShow Less
Special: 33 Mo FIRA
0.85% $100 $250,000 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.03% $25 - Learn MoreShow Less

Loan Rates - May 28, 2020

Your Current Location: Connecticut, CT 06828

Auto Loan Rates APR Rate Monthly Payment
3 Year 4.24% 4.24% $740.77
4 Year 4.24% 4.24% $567.17
5 Year 4.24% 4.24% $463.13

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

Mechanics 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


Mechanics Bank Locations


Financial Details

Mechanics Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Mechanics 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
Mechanics Bank U.S. Bank Average
3.78% 6.51%

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 December 31, 2019, Mechanics Bank had $1,921,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $46,202,000 in equity and $4,664,000 in loans loss reserves. That gives it a Texas Ratio of 3.78%.

Return on Equity
Mechanics Bank U.S. Bank Average
9.9% 9.41%

Mechanics Bank has a Return on Equity of 9.9% versus the BestCashCow average of 9.41%. 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
Mechanics Bank U.S. Bank Average
8.21% 12.82%

Mechanics Bank has a Capitalization of 8.21% versus the BestCashCow average of 12.82. 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.

Mechanics Bank Balance Sheet Analysis

As of December 31, 2019, Mechanics Bank had assets of $562,888,000, loans of $459,585,000, and deposits of $510,165,000. 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

December 31, 2019
ASSETS
Cash & Balances due from depository institutions $ 32.93 million
Interest-bearing balances $ 25.22 million
Total securities $ 52.24 million
Federal funds sold and reverse repurchase $ 0.95 million
Net loans and leases $ 459.59 million
Loan loss allowance $ 4.66 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 $ 5.00 million
     Total Assets $ 516.69 million
LIABILITIES
Total deposits $ 510.17 million
      Interest-bearing deposits $ 470.08 million
      Deposits held in domestic offices $ 510.17 million
      % insured (estimated) 92.37%
Federal funds purchased and repurchase agreements $ 4.32 million
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 2.20 million
      Total Liabilities $ 516.69 million
      Shareholders’ Equity $ 46.20 million

Summary Income Statement

December 31, 2019
INCOME AND EXPENSES
Total Interest Income $ 20.70 million
Total Interest Expense $ 2.83 million
Net interest income $ 17.87 million
Provision for loan and lease losses $ 0.17 million
Total non interest income $ 3.98 million
Total non interest expense $ 16.24 million
Pre-tax Net Operating Income $ 5.45 million

Bank Loan Profile?

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

Compared to other banks in Ohio, Mechanics 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.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 87.95
Multifamily
Mortgages
0.47
Credit Card Loans 0.00
Consumer Auto Loans 1.27
Small Business Loans 3.41
Construction and Development Loans 1.28
Commercial Real Estate 4.25
Commercial and Industrial Loans 1.66
Farm Loans 2.33

Frequently Asked Questions About Mechanics Bank

Branches and Savings

Is Mechanics Bank FDIC insured?

Yes. It is covered under FDIC Certificate #29011.

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

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

Why are Mechanics Bank CD rates not competitive?

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

Is Mechanics Bank a commercial bank?

Yes

Where are Mechanics Bank locations?

See branch locations nearby.

Is Mechanics Bank open on Saturdays?

Is Mechanics Bank open on Sundays?

What time does Mechanics Bank open?

What time does Mechanics Bank close?

Are Mechanics Bank ATMs Open 24/7?

Do Mechanics Bank ATMs accept cash deposits?

Can Mechanics Bank customers use other ATMs?

Do Mechanics Bank branches have notaries?

Will Mechanics Bank notarize my document?

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

Will the Mechanics Bank branch print checks?

Do Mechanics Bank checks expire?

Does Mechanics Bank require US citizenship to open account?

Can Mechanics Bank close my account?

Does Mechanics Bank Report to credit bureaus?

Does Mechanics Bank Use Equifax?

What is Mechanics Bank's ACH Routing Number?

What is Mechanics Bank's SWIFT code?

Products

Does Mechanics Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Mechanics Bank offer personal loans?

Compare personal loan rates here.

Does Mechanics Bank offer student loans?

Will Mechanics Bank cash a check?

Will Mechanics Bank redeem a savings bond?

Does Mechanics Bank cash savings bonds?

Will Mechanics Bank cash money orders?

Can Mechanics Bank issue a money order?

Does Mechanics Bank do currency exchange?

Background on The Bank

Who owns Mechanics Bank?

How long has Mechanics Bank been around?

Can Mechanics Bank transfer to other banks?

Does Mechanics Bank have quick pay?

Does Mechanics Bank accept rolled coins?

Will Mechanics Bank accept loose change?

Where is Mechanics Bank headquarters?

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