Progressive Savings Bank


500 North Main Street
Jamestown, TN 38556
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.40% →
1-Year CD 0.75% 1.15% →
2-Year CD 0.80% 1.26% →
5-Year CD 1.15% 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

Progressive Savings Bank is an FDIC insured institution located in Jamestown, TN. It was founded in 1980 and has approximately $0.3 billion in assets. Customers can open an account at one of its 7 branches.

FDIC Insured Yes
FDIC Certificate # 32021
Date Established 1980
Assets $ 291.99 million
Loans $ 189.38 million
Deposits $ 262.32 million
Capital $ 30.32 million

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

Deposit Rates - July 10, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
0.05% $250 - Learn More
Money Market
0.01% $2,500 $9,999 Learn More
Money Market
0.03% $10,000 $24,999 Learn More
Money Market
0.05% $25,000 $49,999 Learn More
3 Mo CD
0.25% $1,000 - Learn More
6 Mo CD
0.50% $1,000 - Learn More
12 Mo CD
0.75% $1,000 - Learn More
18 Mo CD
0.75% $1,000 - Learn More
24 Mo CD
0.80% $1,000 - Learn More
36 Mo CD
1.00% $1,000 - Learn More
48 Mo CD
1.10% $1,000 - Learn More
60 Mo CD
1.15% $1,000 - Learn More

Fixed IRA
0.75% $1 - Learn MoreShow Less
Variable IRA Rates APY MIN MAX
0.25% $1 - Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.05% $1,000 - Learn MoreShow Less

Loan Rates - July 10, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Progressive Savings Bank

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

Featured - Virginia 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Learn More
NMLS ID: 2890
License#: MC-3098
2.951% 2.875% 1.00 $2,460 $1,038 Learn More

Featured - Virginia 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
More Info

Note to Progressive Savings Bank
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Financial Details

Progressive Savings Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Progressive Savings Bank. The data is provided by the FDIC. All banks listed on are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Progressive Savings Bank U.S. Bank Average
22.54% 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, Progressive Savings Bank had $2,690,000 in non-current loans and $4,708,000 in owned real estate. To cover these potential losses it had $30,315,000 in equity and $2,503,000 in loans loss reserves. That gives it a Texas Ratio of 22.54%.

Return on Equity
Progressive Savings Bank U.S. Bank Average
4.63% 9.41%

Progressive Savings Bank has a Return on Equity of 4.63% 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.

Progressive Savings Bank U.S. Bank Average
10.38% 12.82%

Progressive Savings Bank has a Capitalization of 10.38% 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.

Progressive Savings Bank Balance Sheet Analysis

As of December 31, 2019, Progressive Savings Bank had assets of $295,333,000, loans of $189,379,000, and deposits of $262,320,000. 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
Cash & Balances due from depository institutions $ 47.53 million
Interest-bearing balances $ 45.25 million
Total securities $ 29.46 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 189.38 million
Loan loss allowance $ 2.50 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 4.71 million
Goodwill and other intangibles $ 0.25 million
All other assets $ 8.25 million
     Total Assets $ 265.02 million
Total deposits $ 262.32 million
      Interest-bearing deposits $ 193.20 million
      Deposits held in domestic offices $ 262.32 million
      % insured (estimated) 86.78%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 2.70 million
      Total Liabilities $ 265.02 million
      Shareholders’ Equity $ 26.97 million

Summary Income Statement

December 31, 2019
Total Interest Income $ 12.42 million
Total Interest Expense $ 1.63 million
Net interest income $ 10.79 million
Provision for loan and lease losses $ 0.32 million
Total non interest income $ 4.25 million
Total non interest expense $ 13.18 million
Pre-tax Net Operating Income $ 1.54 million

Bank Loan Profile?

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

Compared to other banks in Tennessee, Progressive 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 39.34
Credit Card Loans 0.00
Consumer Auto Loans 0.55
Small Business Loans 21.55
Construction and Development Loans 9.04
Commercial Real Estate 36.67
Commercial and Industrial Loans 7.36
Farm Loans 0.09

Frequently Asked Questions About Progressive Savings Bank

Branches and Savings

Is Progressive Savings Bank FDIC insured?

Yes. It is covered under FDIC Certificate #32021.

Why does Progressive 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 Progressive Savings Bank CD rates not competitive?

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

Is Progressive Savings Bank a commercial bank?


Where are Progressive Savings Bank locations?

See branch locations nearby.

Is Progressive Savings Bank open on Saturdays?

Is Progressive Savings Bank open on Sundays?

What time does Progressive Savings Bank open?

What time does Progressive Savings Bank close?

Are Progressive Savings Bank ATMs Open 24/7?

Do Progressive Savings Bank ATMs accept cash deposits?

Can Progressive Savings Bank customers use other ATMs?

Do Progressive Savings Bank branches have notaries?

Will Progressive Savings Bank notarize my document?

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

Will the Progressive Savings Bank branch print checks?

Do Progressive Savings Bank checks expire?

Does Progressive Savings Bank require US citizenship to open account?

Can Progressive Savings Bank close my account?

Does Progressive Savings Bank Report to credit bureaus?

Does Progressive Savings Bank Use Equifax?

What is Progressive Savings Bank's ACH Routing Number?

What is Progressive Savings Bank's SWIFT code?


Does Progressive Savings Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Progressive Savings Bank offer personal loans?

Compare personal loan rates here.

Does Progressive Savings Bank offer student loans?

Will Progressive Savings Bank cash a check?

Will Progressive Savings Bank redeem a savings bond?

Does Progressive Savings Bank cash savings bonds?

Will Progressive Savings Bank cash money orders?

Can Progressive Savings Bank issue a money order?

Does Progressive Savings Bank do currency exchange?

Background on The Bank

Who owns Progressive Savings Bank?

How long has Progressive Savings Bank been around?

Can Progressive Savings Bank transfer to other banks?

Does Progressive Savings Bank have quick pay?

Does Progressive Savings Bank accept rolled coins?

Will Progressive Savings Bank accept loose change?

Where is Progressive Savings Bank headquarters?

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