MutualOne Bank

Headquarters

828 Concord Street
Framingham, MA 01701
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.40% 0.65% →
1-Year CD 0.45% 0.67% →
2-Year CD N.A. 0.75% →
5-Year CD 0.55% 1.15% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

MutualOne Bank is an FDIC insured institution located in Framingham, MA. It was founded in 1889 and has approximately $0.99 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 26395
Date Established 1889
Assets $ 994.92 million
Loans $ 788.17 million
Deposits $ 764.48 million
Capital $ 188.14 million
 

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

Deposit Rates - May 8, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Online Savings Account
0.40% $500 - Learn More
CD Rates APY MIN MAX
1-Year CD
0.45% $500 - Learn More
5-year CD
0.55% $0 - Learn More

Checking Rates APY MIN FEE
Advantage Interest Checking 0.10% $1,000 $8.00 Learn MoreShow Less
Free Checking 0.00% $0 $0.00 Learn MoreShow Less

Bank Offers

MutualOne Lowers Online Savings rate to 0.40%
Apr 8, 2021

This tiny little Massachusetts bank which showed signs of aiming to be nationally competitive on savings and online CDs has dropped its rates again today.   Its online savings rate has fallen from 0.60% to 0.40% in two months and its short term CD rates are no longer competitive.


 

Loan Rates - May 8, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for MutualOne 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 2021

Lender APR Rate (%) Monthly
Payment
Learn More
AmeriSave Mortgage Corporation
NMLS ID: 1168
2.658% 2.625%
0.38 points
$1,090 fees
$1,005 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
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BMO Harris Bank
BMO Harris Bank
See Table
Intro APR 1.990 %
After Intro: 4.700 %
Intro Period: 12 months
$0 Learn More
More Info

Note to MutualOne Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

MutualOne 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


MutualOne Bank Locations


Financial Details

MutualOne Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of MutualOne 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
MutualOne Bank U.S. Bank Average
2.55% 5.49%

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, 2020, MutualOne Bank had $5,135,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $188,137,000 in equity and $13,276,000 in loans loss reserves. That gives it a Texas Ratio of 2.55%.

Return on Equity
MutualOne Bank U.S. Bank Average
8.33% 9.24%

MutualOne Bank has a Return on Equity of 8.33% versus the BestCashCow average of 9.24%. 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
MutualOne Bank U.S. Bank Average
18.91% 11.96%

MutualOne Bank has a Capitalization of 18.91% versus the BestCashCow average of 11.96. 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.

MutualOne Bank Balance Sheet Analysis

As of December 31, 2020, MutualOne Bank had assets of $994,921,000, loans of $788,172,000, and deposits of $764,484,000. 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, 2020
ASSETS
Cash & Balances due from depository institutions $ 91.88 million
Interest-bearing balances $ 90.60 million
Total securities $ 80.86 million
Federal funds sold and reverse repurchase $ 0.35 million
Net loans and leases $ 788.17 million
Loan loss allowance $ 13.28 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.28 million
All other assets $ 25.05 million
     Total Assets $ 806.78 million
LIABILITIES
Total deposits $ 764.48 million
      Interest-bearing deposits $ 644.26 million
      Deposits held in domestic offices $ 764.48 million
      % insured (estimated) 73.38%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 35.40 million
Subordinated debt N.A.
All other liabilities $ 6.90 million
      Total Liabilities $ 806.78 million
      Shareholders’ Equity $ 188.14 million

Summary Income Statement

December 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 43.72 million
Total Interest Expense $ 9.20 million
Net interest income $ 34.53 million
Provision for loan and lease losses $ 0.54 million
Total non interest income $ 2.18 million
Total non interest expense $ 16.65 million
Pre-tax Net Operating Income $ 19.51 million

Bank Loan Profile?

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

Compared to other banks in Massachusetts, MutualOne Bank has a significantly higher percent of Construction and Development 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 21.06
Multifamily
Mortgages
7.95
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 5.86
Construction and Development Loans 19.86
Commercial Real Estate 28.22
Commercial and Industrial Loans 23.81
Farm Loans 0.03

Frequently Asked Questions About Mutualone Bank

Branches and Savings

Is Mutualone Bank FDIC insured?

Yes. It is covered under FDIC Certificate #26395.

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

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

Why are Mutualone Bank CD rates not competitive?

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

Is Mutualone Bank a commercial bank?

Yes

Where are Mutualone Bank locations?

See branch locations nearby.

Is Mutualone Bank open on Saturdays?

Is Mutualone Bank open on Sundays?

What time does Mutualone Bank open?

What time does Mutualone Bank close?

Are Mutualone Bank ATMs Open 24/7?

Do Mutualone Bank ATMs accept cash deposits?

Can Mutualone Bank customers use other ATMs?

Do Mutualone Bank branches have notaries?

Will Mutualone Bank notarize my document?

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

Will the Mutualone Bank branch print checks?

Do Mutualone Bank checks expire?

Does Mutualone Bank require US citizenship to open account?

Can Mutualone Bank close my account?

Does Mutualone Bank Report to credit bureaus?

Does Mutualone Bank Use Equifax?

What is Mutualone Bank's ACH Routing Number?

What is Mutualone Bank's SWIFT code?

Products

Does Mutualone Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Mutualone Bank offer personal loans?

Compare personal loan rates here.

Does Mutualone Bank offer student loans?

Will Mutualone Bank cash a check?

Will Mutualone Bank redeem a savings bond?

Does Mutualone Bank cash savings bonds?

Will Mutualone Bank cash money orders?

Can Mutualone Bank issue a money order?

Does Mutualone Bank do currency exchange?

Background on The Bank

Who owns Mutualone Bank?

How long has Mutualone Bank been around?

Can Mutualone Bank transfer to other banks?

Does Mutualone Bank have quick pay?

Does Mutualone Bank accept rolled coins?

Will Mutualone Bank accept loose change?

Where is Mutualone Bank headquarters?

Customer Reviews for MutualOne Bank


  • March 25, 2021 |

    Online Savings Rates

    Completely excessive number of customer service phone calls after setting up account. Well meaning, but over the top.

  • February 15, 2021 |

    Online Savings Rates

    And, poof, just like that. After years of being competitive, they've dropped their MM rate from 0.70 to 0.45 in two weeks.

  • February 10, 2021 |

    I opened CDs with no issue, they didn't want to set me up for bank-to-bank transfer for a savings account. Someone called me several times and I would call back and get told they had everything. Not worth all the emails and phone calls.

  • February 10, 2021 |

    Online Savings Rates

    A little weak around the edges!

  • January 23, 2021 |

    Online Savings Rates

    Not the quickest experience (you'll need to wait for the mail for your acct# in order to set up your online account) and not the easiest (I had some difficulties getting online access), but customer support is great. Accounts that are at the top of this table and that have DIF insurance are made for times like these.

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