Mechanics Cooperative Bank

Headquarters

316 Broadway
Taunton, MA 02780
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.00% →
1-Year CD 0.40% 0.95% →
2-Year CD 0.80% 1.05% →
5-Year CD 1.00% 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

Mechanics Cooperative Bank is an FDIC insured institution located in Taunton, MA. It was founded in 1877 and has approximately $0.61 billion in assets. Customers can open an account at one of its 9 branches.

FDIC Insured Yes
FDIC Certificate # 26634
Date Established 1877
Assets $ 607.57 million
Loans $ 494.22 million
Deposits $ 455.98 million
Capital $ 63.08 million
 

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

Deposit Rates - September 30, 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
0.20% $2,500 $2,999 Learn More
Money Market
0.25% $10,000 $14,999 Learn More
Money Market
0.30% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.15% $10,000 $14,999 Learn More
3 Mo CD
0.15% $100,000 $199,999 Learn More
6 Mo CD
0.20% $10,000 $14,999 Learn More
6 Mo CD
0.20% $100,000 $199,999 Learn More
Special: 10 Mo CD
0.70% $500 - Learn More
12 Mo CD
0.40% $10,000 $14,999 Learn More
12 Mo CD
0.40% $100,000 $199,999 Learn More
Special: 14 Mo CD
0.80% $500 - Learn More
18 Mo CD
0.50% $10,000 $14,999 Learn More
18 Mo CD
0.50% $100,000 $199,999 Learn More
24 Mo CD
0.80% $10,000 $14,999 Learn More
24 Mo CD
0.80% $100,000 $199,999 Learn More
Special: 27 Mo CD
0.95% $2,500 - Learn More
30 Mo CD
0.80% $10,000 $14,999 Learn More
30 Mo CD
0.80% $100,000 $199,999 Learn More
36 Mo CD
0.90% $10,000 $14,999 Learn More
36 Mo CD
0.90% $100,000 $199,999 Learn More
48 Mo CD
0.95% $10,000 $14,999 Learn More
48 Mo CD
0.95% $100,000 $199,999 Learn More
60 Mo CD
1.00% $10,000 $14,999 Learn More
60 Mo CD
1.00% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less
Checking Rates APY MIN FEE
FREE Choice 0.00% $0 $0.00 Learn MoreShow Less
Unlimited Choice NOW 0.00% $500 $17.00 Learn MoreShow Less
Premier Choice Checking 0.00% $5,000 $27.00 Learn MoreShow Less

Loan Rates - September 30, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Mechanics Cooperative Bank

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




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 Mechanics Cooperative Bank
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Branches

Mechanics Cooperative 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 Cooperative Bank Locations


Financial Details

Mechanics Cooperative Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Mechanics Cooperative 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 Cooperative Bank U.S. Bank Average
0.2% 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, Mechanics Cooperative Bank had $134,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $63,076,000 in equity and $3,579,000 in loans loss reserves. That gives it a Texas Ratio of 0.2%.

Return on Equity
Mechanics Cooperative Bank U.S. Bank Average
11.06% 7.80%

Mechanics Cooperative Bank has a Return on Equity of 11.06% 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
Mechanics Cooperative Bank U.S. Bank Average
10.38% 12.68%

Mechanics Cooperative Bank has a Capitalization of 10.38% 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.

Mechanics Cooperative Bank Balance Sheet Analysis

As of March 31, 2020, Mechanics Cooperative Bank had assets of $607,573,000, loans of $494,218,000, and deposits of $455,982,000. 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 $ 14.51 million
Interest-bearing balances $ 7.54 million
Total securities $ 72.42 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 494.22 million
Loan loss allowance $ 3.58 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.10 million
All other assets $ 19.63 million
     Total Assets $ 544.50 million
LIABILITIES
Total deposits $ 455.98 million
      Interest-bearing deposits $ 383.39 million
      Deposits held in domestic offices $ 455.98 million
      % insured (estimated) 89.42%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 80.60 million
Subordinated debt N.A.
All other liabilities $ 7.92 million
      Total Liabilities $ 544.50 million
      Shareholders’ Equity $ 63.08 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 7.15 million
Total Interest Expense $ 1.53 million
Net interest income $ 5.62 million
Provision for loan and lease losses $ 0.05 million
Total non interest income $ 0.44 million
Total non interest expense $ 3.64 million
Pre-tax Net Operating Income $ 2.36 million

Bank Loan Profile?

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

Compared to other banks, Mechanics Cooperative Bank’s loan portfolio does not show any specific loan specialty.

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 41.81
Multifamily
Mortgages
9.47
Credit Card Loans 0.00
Consumer Auto Loans 0.65
Small Business Loans 0.00
Construction and Development Loans 7.92
Commercial Real Estate 33.42
Commercial and Industrial Loans 6.81
Farm Loans 0.00

Frequently Asked Questions About Mechanics Cooperative Bank

Branches and Savings

Is Mechanics Cooperative Bank FDIC insured?

Yes. It is covered under FDIC Certificate #26634.

Why does Mechanics Cooperative 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 Cooperative Bank CD rates not competitive?

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

Is Mechanics Cooperative Bank a commercial bank?

Yes

Where are Mechanics Cooperative Bank locations?

See branch locations nearby.

Is Mechanics Cooperative Bank open on Saturdays?

Is Mechanics Cooperative Bank open on Sundays?

What time does Mechanics Cooperative Bank open?

What time does Mechanics Cooperative Bank close?

Are Mechanics Cooperative Bank ATMs Open 24/7?

Do Mechanics Cooperative Bank ATMs accept cash deposits?

Can Mechanics Cooperative Bank customers use other ATMs?

Do Mechanics Cooperative Bank branches have notaries?

Will Mechanics Cooperative Bank notarize my document?

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

Will the Mechanics Cooperative Bank branch print checks?

Do Mechanics Cooperative Bank checks expire?

Does Mechanics Cooperative Bank require US citizenship to open account?

Can Mechanics Cooperative Bank close my account?

Does Mechanics Cooperative Bank Report to credit bureaus?

Does Mechanics Cooperative Bank Use Equifax?

What is Mechanics Cooperative Bank's ACH Routing Number?

What is Mechanics Cooperative Bank's SWIFT code?

Products

Does Mechanics Cooperative Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Mechanics Cooperative Bank offer personal loans?

Compare personal loan rates here.

Does Mechanics Cooperative Bank offer student loans?

Will Mechanics Cooperative Bank cash a check?

Will Mechanics Cooperative Bank redeem a savings bond?

Does Mechanics Cooperative Bank cash savings bonds?

Will Mechanics Cooperative Bank cash money orders?

Can Mechanics Cooperative Bank issue a money order?

Does Mechanics Cooperative Bank do currency exchange?

Background on The Bank

Who owns Mechanics Cooperative Bank?

How long has Mechanics Cooperative Bank been around?

Can Mechanics Cooperative Bank transfer to other banks?

Does Mechanics Cooperative Bank have quick pay?

Does Mechanics Cooperative Bank accept rolled coins?

Will Mechanics Cooperative Bank accept loose change?

Where is Mechanics Cooperative Bank headquarters?

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