Prime Bank

Headquarters

7 Old Tavern Road
Orange, CT 06477
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.85% →
1-Year CD N.A. 0.75% →
2-Year CD N.A. 0.80% →
5-Year CD N.A. 1.25% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Prime Bank is an FDIC insured institution located in Orange, CT. It was founded in 1990 and has approximately $0.06 billion in assets.

FDIC Insured Yes
FDIC Certificate # 32836
Date Established 1990
Assets $ 68.14 million
Loans $ 22.79 million
Deposits $ 48.02 million
Capital $ 8.53 million
 

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

Deposit Rates - October 19, 2021

Your Current Location: Connecticut, CT 06828

 

Loan Rates - October 19, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Prime 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
Quicken Loans NMLS #3030
NMLS ID: 3030
3.620% 3.500%
1.00 points
$3,750 fees
$1,123 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
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
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to Prime Bank
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Branches

Prime 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


Prime Bank Locations



Climate Initiatives

Prime Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

Prime Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Prime 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
Prime Bank U.S. Bank Average
18.81% 4.78%

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 June 30, 2021, Prime Bank had $749,000 in non-current loans and $928,000 in owned real estate. To cover these potential losses it had $8,533,000 in equity and $382,000 in loans loss reserves. That gives it a Texas Ratio of 18.81%.

Return on Equity
Prime Bank U.S. Bank Average
5.07% 11.29%

Prime Bank has a Return on Equity of 5.07% versus the BestCashCow average of 11.29%. 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
Prime Bank U.S. Bank Average
12.52% 11.72%

Prime Bank has a Capitalization of 12.52% versus the BestCashCow average of 11.72. 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.

Prime Bank Balance Sheet Analysis

As of March 31, 2018, Prime Bank had assets of $64,289,000, loans of $22,785,000, and deposits of $48,022,000. 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

June 30, 2021
ASSETS
Cash & Balances due from depository institutions $ 1.02 million
Interest-bearing balances $ 0.76 million
Total securities $ 36.89 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 22.79 million
Loan loss allowance $ 0.38 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.93 million
Goodwill and other intangibles N.A.
All other assets $ 2.66 million
     Total Assets $ 55.76 million
LIABILITIES
Total deposits $ 48.02 million
      Interest-bearing deposits $ 43.72 million
      Deposits held in domestic offices $ 48.02 million
      % insured (estimated) 80.86%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 7.60 million
Subordinated debt N.A.
All other liabilities $ 0.13 million
      Total Liabilities $ 55.76 million
      Shareholders’ Equity $ 12.39 million

Summary Income Statement

June 30, 2021
INCOME AND EXPENSES
Total Interest Income $ 0.63 million
Total Interest Expense $ 0.17 million
Net interest income $ 0.46 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.01 million
Total non interest expense $ 0.30 million
Pre-tax Net Operating Income $ 0.17 million

Bank Loan Profile?

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

Compared to other banks in Connecticut, Prime Bank has a significantly higher percent of Credit Card Loans, Consumer Auto 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 5.81
Multifamily
Mortgages
3.26
Credit Card Loans 0.11
Consumer Auto Loans 4.14
Small Business Loans 0.00
Construction and Development Loans 1.64
Commercial Real Estate 24.09
Commercial and Industrial Loans 62.23
Farm Loans 0.00

Frequently Asked Questions About Prime Bank

Branches and Savings

Is Prime Bank FDIC insured?

Yes. It is covered under FDIC Certificate #32836.

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

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

Why are Prime Bank CD rates not competitive?

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

Is Prime Bank a commercial bank?

Yes

Where are Prime Bank locations?

See branch locations nearby.

Is Prime Bank open on Saturdays?

Is Prime Bank open on Sundays?

What time does Prime Bank open?

What time does Prime Bank close?

Are Prime Bank ATMs Open 24/7?

Do Prime Bank ATMs accept cash deposits?

Can Prime Bank customers use other ATMs?

Do Prime Bank branches have notaries?

Will Prime Bank notarize my document?

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

Will the Prime Bank branch print checks?

Do Prime Bank checks expire?

Does Prime Bank require US citizenship to open account?

Can Prime Bank close my account?

Does Prime Bank Report to credit bureaus?

Does Prime Bank Use Equifax?

What is Prime Bank's ACH Routing Number?

What is Prime Bank's SWIFT code?

Products

Does Prime Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Prime Bank offer personal loans?

Compare personal loan rates here.

Does Prime Bank offer student loans?

Will Prime Bank cash a check?

Will Prime Bank redeem a savings bond?

Does Prime Bank cash savings bonds?

Will Prime Bank cash money orders?

Can Prime Bank issue a money order?

Does Prime Bank do currency exchange?

Background on The Bank

Who owns Prime Bank?

How long has Prime Bank been around?

Can Prime Bank transfer to other banks?

Does Prime Bank have quick pay?

Does Prime Bank accept rolled coins?

Will Prime Bank accept loose change?

Where is Prime Bank headquarters?

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