Putnam Bank


40 Main Street
Putnam, CT 06260
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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. 1.10% →
30-Year Mortgage 4.15% 2.72% →
15-Year Mortgage 3.29% 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Putnam Bank is an FDIC insured institution located in Putnam, CT. It was founded in 1862 and has approximately $0.5 billion in assets. Customers can open an account at one of its 8 branches.

FDIC Insured Yes
FDIC Certificate # 18240
Date Established 1862
Assets $ 523.63 million
Loans $ 379.05 million
Deposits $ 376.52 million
Capital $ 73.17 million

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

Deposit Rates - October 15, 2021

Your Current Location: Connecticut, CT 06828


Loan Rates - October 15, 2021

Your Current Location: Connecticut, CT 06828

Auto Loan Rates APR Rate Monthly Payment
3 Year 1.99% 1.99% $715.96
4 Year 2.25% 2.25% $545.11
5 Year 2.75% 2.75% $446.45
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.


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Climate Initiatives

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

Financial Details

Putnam Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Putnam 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
Putnam Bank U.S. Bank Average
5.62% 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, Putnam Bank had $3,292,000 in non-current loans and $1,009,000 in owned real estate. To cover these potential losses it had $73,167,000 in equity and $3,315,000 in loans loss reserves. That gives it a Texas Ratio of 5.62%.

Return on Equity
Putnam Bank U.S. Bank Average
5.74% 11.29%

Putnam Bank has a Return on Equity of 5.74% 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.

Putnam Bank U.S. Bank Average
13.97% 11.72%

Putnam Bank has a Capitalization of 13.97% 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.

Putnam Bank Balance Sheet Analysis

As of March 31, 2020, Putnam Bank had assets of $503,466,000, loans of $379,047,000, and deposits of $376,522,000. 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
Cash & Balances due from depository institutions $ 17.75 million
Interest-bearing balances $ 14.91 million
Total securities $ 75.73 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 379.05 million
Loan loss allowance $ 3.32 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 1.01 million
Goodwill and other intangibles $ 6.98 million
All other assets $ 19.96 million
     Total Assets $ 430.30 million
Total deposits $ 376.52 million
      Interest-bearing deposits $ 300.07 million
      Deposits held in domestic offices $ 376.52 million
      % insured (estimated) 89.84%
Federal funds purchased and repurchase agreements $ 1.67 million
Trading liabilities N.A.
Other borrowed funds $ 49.14 million
Subordinated debt N.A.
All other liabilities $ 2.97 million
      Total Liabilities $ 430.30 million
      Shareholders’ Equity $ 93.33 million

Summary Income Statement

June 30, 2021
Total Interest Income $ 4.65 million
Total Interest Expense $ 0.99 million
Net interest income $ 3.66 million
Provision for loan and lease losses $ 0.15 million
Total non interest income $ 0.63 million
Total non interest expense $ 3.31 million
Pre-tax Net Operating Income $ 0.83 million

Bank Loan Profile?

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

Compared to other banks, Putnam 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 54.87
Credit Card Loans 0.00
Consumer Auto Loans 0.02
Small Business Loans 0.00
Construction and Development Loans 5.75
Commercial Real Estate 28.37
Commercial and Industrial Loans 2.41
Farm Loans 0.00

Frequently Asked Questions About Putnam Bank

Branches and Savings

Is Putnam Bank FDIC insured?

Yes. It is covered under FDIC Certificate #18240.

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

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

Why are Putnam Bank CD rates not competitive?

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

Is Putnam Bank a commercial bank?


Where are Putnam Bank locations?

See branch locations nearby.

Is Putnam Bank open on Saturdays?

Is Putnam Bank open on Sundays?

What time does Putnam Bank open?

What time does Putnam Bank close?

Are Putnam Bank ATMs Open 24/7?

Do Putnam Bank ATMs accept cash deposits?

Can Putnam Bank customers use other ATMs?

Do Putnam Bank branches have notaries?

Will Putnam Bank notarize my document?

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

Will the Putnam Bank branch print checks?

Mirandaj@27 | Mar 10, 2021

Prior to reorganizing of the bank I was receiving Senior Citizen Checks for free. Now my checks are costing 28.00. In addition there have been other fees for services that I never had to pay before. I will be switching banks.

Do Putnam Bank checks expire?

Does Putnam Bank require US citizenship to open account?

Can Putnam Bank close my account?

Does Putnam Bank Report to credit bureaus?

Does Putnam Bank Use Equifax?

What is Putnam Bank's ACH Routing Number?

What is Putnam Bank's SWIFT code?


Does Putnam Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Putnam Bank offer personal loans?

Compare personal loan rates here.

Does Putnam Bank offer student loans?

Will Putnam Bank cash a check?

Will Putnam Bank redeem a savings bond?

Does Putnam Bank cash savings bonds?

Will Putnam Bank cash money orders?

Can Putnam Bank issue a money order?

Does Putnam Bank do currency exchange?

Background on The Bank

Who owns Putnam Bank?

How long has Putnam Bank been around?

Can Putnam Bank transfer to other banks?

Does Putnam Bank have quick pay?

Does Putnam Bank accept rolled coins?

Will Putnam Bank accept loose change?

Where is Putnam Bank headquarters?

Customer Reviews for Putnam Bank

  • February 24, 2021

    I was surprised to see a five dollar fee on each of my statements ,. This amounts to 15.00 a month. I cannot find any info on Senior Checks which were offered free . Is there cost for them also? As a senior living on a fixed income my budget is tight. Can you direct me to a site where I can find info on cost of checks and fees. I have only had internet communication with the bank but find the online service is easy to access.

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