Mechanics' Savings Bank

Headquarters

100 Minot Avenue
Auburn, ME 04210
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 1.40% →
1-Year CD N.A. 1.10% →
2-Year CD N.A. 1.26% →
5-Year CD N.A. 1.56% →
30-Year Mortgage N.A. 3.09% →
15-Year Mortgage N.A. 2.59% →
HELOC N.A. 2.77% →

2020 Overview

General Bank Information

Mechanics' Savings Bank is an FDIC insured institution located in Auburn, ME. It was founded in 1875 and has approximately $0.42 billion in assets. Customers can open an account at one of its 4 branches.

FDIC Insured Yes
FDIC Certificate # 17476
Date Established 1875
Assets $ 423.33 million
Loans $ 356.26 million
Deposits $ 321.67 million
Capital $ 55.94 million
 

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

Deposit Rates - July 15, 2020

Your Current Location: Connecticut, CT 06828


Loan Rates - July 15, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Mechanics' Savings 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
2.950% 2.875% 1.00 $2,425 $1,038 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
2.990 %
$0 Learn More
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Note to Mechanics' Savings Bank
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Branches

Mechanics' Savings 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' Savings Bank Locations


Financial Details

Mechanics' Savings Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Mechanics' Savings 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' Savings Bank U.S. Bank Average
3.11% 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' Savings Bank had $1,835,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $55,943,000 in equity and $2,993,000 in loans loss reserves. That gives it a Texas Ratio of 3.11%.

Return on Equity
Mechanics' Savings Bank U.S. Bank Average
7.19% 7.80%

Mechanics' Savings Bank has a Return on Equity of 7.19% 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' Savings Bank U.S. Bank Average
13.22% 12.68%

Mechanics' Savings Bank has a Capitalization of 13.22% 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' Savings Bank Balance Sheet Analysis

As of December 31, 2019, Mechanics' Savings Bank had assets of $424,705,000, loans of $356,258,000, and deposits of $321,672,000. 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 $ 4.93 million
Interest-bearing balances $ 1.20 million
Total securities $ 48.02 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 356.26 million
Loan loss allowance $ 2.99 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.14 million
All other assets $ 7.33 million
     Total Assets $ 368.76 million
LIABILITIES
Total deposits $ 321.67 million
      Interest-bearing deposits $ 267.92 million
      Deposits held in domestic offices $ 321.67 million
      % insured (estimated) 81.29%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 43.59 million
Subordinated debt N.A.
All other liabilities $ 3.50 million
      Total Liabilities $ 368.76 million
      Shareholders’ Equity $ 54.57 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 18.98 million
Total Interest Expense $ 4.66 million
Net interest income $ 14.32 million
Provision for loan and lease losses $ 0.23 million
Total non interest income $ 1.19 million
Total non interest expense $ 10.95 million
Pre-tax Net Operating Income $ 4.34 million

Bank Loan Profile?

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

Compared to other banks in Maine, Mechanics' Savings Bank has a significantly higher percent of Small Business 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 51.78
Multifamily
Mortgages
5.57
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 14.56
Construction and Development Loans 2.08
Commercial Real Estate 30.11
Commercial and Industrial Loans 10.02
Farm Loans 0.00

Frequently Asked Questions About Mechanics' Savings Bank

Branches and Savings

Is Mechanics' Savings Bank FDIC insured?

Yes. It is covered under FDIC Certificate #17476.

Why does Mechanics' Savings 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' Savings Bank CD rates not competitive?

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

Is Mechanics' Savings Bank a commercial bank?

Yes

Where are Mechanics' Savings Bank locations?

See branch locations nearby.

Is Mechanics' Savings Bank open on Saturdays?

Is Mechanics' Savings Bank open on Sundays?

What time does Mechanics' Savings Bank open?

What time does Mechanics' Savings Bank close?

Are Mechanics' Savings Bank ATMs Open 24/7?

Do Mechanics' Savings Bank ATMs accept cash deposits?

Can Mechanics' Savings Bank customers use other ATMs?

Do Mechanics' Savings Bank branches have notaries?

Will Mechanics' Savings Bank notarize my document?

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

Will the Mechanics' Savings Bank branch print checks?

Do Mechanics' Savings Bank checks expire?

Does Mechanics' Savings Bank require US citizenship to open account?

Can Mechanics' Savings Bank close my account?

Does Mechanics' Savings Bank Report to credit bureaus?

Does Mechanics' Savings Bank Use Equifax?

What is Mechanics' Savings Bank's ACH Routing Number?

What is Mechanics' Savings Bank's SWIFT code?

Products

Does Mechanics' Savings Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Mechanics' Savings Bank offer personal loans?

Compare personal loan rates here.

Does Mechanics' Savings Bank offer student loans?

Will Mechanics' Savings Bank cash a check?

Will Mechanics' Savings Bank redeem a savings bond?

Does Mechanics' Savings Bank cash savings bonds?

Will Mechanics' Savings Bank cash money orders?

Can Mechanics' Savings Bank issue a money order?

Does Mechanics' Savings Bank do currency exchange?

Background on The Bank

Who owns Mechanics' Savings Bank?

How long has Mechanics' Savings Bank been around?

Can Mechanics' Savings Bank transfer to other banks?

Does Mechanics' Savings Bank have quick pay?

Does Mechanics' Savings Bank accept rolled coins?

Will Mechanics' Savings Bank accept loose change?

Where is Mechanics' Savings Bank headquarters?

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