Select Bank


211 Gristmill Drive
Forest, VA 24551
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.65% →
1-Year CD N.A. 0.70% →
2-Year CD N.A. 0.75% →
5-Year CD N.A. 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

Select Bank is an FDIC insured institution located in Forest, VA. It was founded in 2007 and has approximately $0.38 billion in assets. Customers can open an account at one of its 3 branches.

FDIC Insured Yes
FDIC Certificate # 58563
Date Established 2007
Assets $ 379.79 million
Loans $ 296.82 million
Deposits $ 300.99 million
Capital $ 27.56 million

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

Deposit Rates - August 1, 2021

Your Current Location: Connecticut, CT 06828


Loan Rates - August 1, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Select 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
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CIT Bank
NMLS ID: 541760
2.812% 2.750%
0.75 points
$2,015 fees
$1,021 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
BMO Harris Bank
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4.840 %
$0 Learn More
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Third Federal Savings and Loan
Third Federal Savings and Loan
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2.240 %
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Bethpage Federal Credit Union
Bethpage Federal Credit Union
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Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
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Note to Select Bank
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Financial Details

Select Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Select 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
Select Bank U.S. Bank Average
5.32% 5.29%

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, 2021, Select Bank had $1,289,000 in non-current loans and $274,000 in owned real estate. To cover these potential losses it had $27,563,000 in equity and $1,816,000 in loans loss reserves. That gives it a Texas Ratio of 5.32%.

Return on Equity
Select Bank U.S. Bank Average
7.83% 11.43%

Select Bank has a Return on Equity of 7.83% versus the BestCashCow average of 11.43%. 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.

Select Bank U.S. Bank Average
7.26% 11.51%

Select Bank has a Capitalization of 7.26% versus the BestCashCow average of 11.51. 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.

Select Bank Balance Sheet Analysis

As of March 31, 2021, Select Bank had assets of $379,787,000, loans of $296,821,000, and deposits of $300,987,000. 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, 2021
Cash & Balances due from depository institutions $ 67.38 million
Interest-bearing balances $ 60.84 million
Total securities $ 0.95 million
Federal funds sold and reverse repurchase $ 0.25 million
Net loans and leases $ 296.82 million
Loan loss allowance $ 1.82 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.27 million
Goodwill and other intangibles N.A.
All other assets $ 9.29 million
     Total Assets $ 352.22 million
Total deposits $ 300.99 million
      Interest-bearing deposits $ 251.18 million
      Deposits held in domestic offices $ 300.99 million
      % insured (estimated) 83.60%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 48.92 million
Subordinated debt N.A.
All other liabilities $ 2.31 million
      Total Liabilities $ 352.22 million
      Shareholders’ Equity $ 27.56 million

Summary Income Statement

March 31, 2021
Total Interest Income $ 3.34 million
Total Interest Expense $ 0.75 million
Net interest income $ 2.60 million
Provision for loan and lease losses $ 0.22 million
Total non interest income $ 0.22 million
Total non interest expense $ 1.93 million
Pre-tax Net Operating Income $ 0.66 million

Bank Loan Profile?

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

Compared to other banks in Virginia, Select Bank has a significantly higher percent of 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 32.00
Credit Card Loans 0.00
Consumer Auto Loans 1.04
Small Business Loans 0.00
Construction and Development Loans 7.62
Commercial Real Estate 17.33
Commercial and Industrial Loans 39.71
Farm Loans 0.00

Frequently Asked Questions About Select Bank

Branches and Savings

Is Select Bank FDIC insured?

Yes. It is covered under FDIC Certificate #58563.

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

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

Why are Select Bank CD rates not competitive?

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

Is Select Bank a commercial bank?


Where are Select Bank locations?

See branch locations nearby.

Is Select Bank open on Saturdays?

Is Select Bank open on Sundays?

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What time does Select Bank close?

Are Select Bank ATMs Open 24/7?

Do Select Bank ATMs accept cash deposits?

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Do Select Bank branches have notaries?

Will Select Bank notarize my document?

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

Will the Select Bank branch print checks?

Do Select Bank checks expire?

Does Select Bank require US citizenship to open account?

Can Select Bank close my account?

Does Select Bank Report to credit bureaus?

Does Select Bank Use Equifax?

What is Select Bank's ACH Routing Number?

What is Select Bank's SWIFT code?


Does Select Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Select Bank offer personal loans?

Compare personal loan rates here.

Does Select Bank offer student loans?

Will Select Bank cash a check?

Will Select Bank redeem a savings bond?

Does Select Bank cash savings bonds?

Will Select Bank cash money orders?

Can Select Bank issue a money order?

Does Select Bank do currency exchange?

Background on The Bank

Who owns Select Bank?

How long has Select Bank been around?

Can Select Bank transfer to other banks?

Does Select Bank have quick pay?

Does Select Bank accept rolled coins?

Will Select Bank accept loose change?

Where is Select Bank headquarters?

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