Union Bank

Headquarters

20 Main St
Morrisville, VT 05661
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 0.65% →
1-Year CD 0.30% 0.70% →
2-Year CD 0.40% 0.75% →
5-Year CD 0.85% 1.15% →
30-Year Mortgage 5.32% 2.72% →
15-Year Mortgage 4.71% 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Union Bank is an FDIC insured institution located in Morrisville, VT. It was founded in 1891 and has approximately $1.1 billion in assets. Customers can open an account at one of its 18 branches.

FDIC Insured Yes
FDIC Certificate # 14158
Date Established 1891
Assets $ 1,103.39 million
Loans $ 833.27 million
Deposits $ 1,011.27 million
Capital $ 79.17 million
 

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

Deposit Rates - July 24, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.10% $10,000 $14,999 Learn More
Money Market
0.10% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
6 Mo CD
0.15% $10,000 $14,999 Learn More
6 Mo CD
0.20% $100,000 $199,999 Learn More
12 Mo CD
0.25% $10,000 $14,999 Learn More
12 Mo CD
0.30% $100,000 $199,999 Learn More
18 Mo CD
0.30% $10,000 $14,999 Learn More
18 Mo CD
0.35% $100,000 $199,999 Learn More
24 Mo CD
0.35% $10,000 $14,999 Learn More
24 Mo CD
0.40% $100,000 $199,999 Learn More
30 Mo CD
0.35% $10,000 $14,999 Learn More
30 Mo CD
0.40% $100,000 $199,999 Learn More
36 Mo CD
0.45% $10,000 $14,999 Learn More
36 Mo CD
0.50% $100,000 $199,999 Learn More
48 Mo CD
0.65% $10,000 $14,999 Learn More
48 Mo CD
0.75% $100,000 $199,999 Learn More
60 Mo CD
0.75% $10,000 $14,999 Learn More
60 Mo CD
0.85% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less
 

Loan Rates - July 24, 2021

Your Current Location: Connecticut, CT 06828

Home Equity Rates APR Rate Monthly Payment
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.

Branches

Union 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


Union Bank Locations


Financial Details

Union Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Union 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
Union Bank U.S. Bank Average
7.01% 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, Union Bank had $6,141,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $79,174,000 in equity and $8,429,000 in loans loss reserves. That gives it a Texas Ratio of 7.01%.

Return on Equity
Union Bank U.S. Bank Average
15% 11.43%

Union Bank has a Return on Equity of 15% 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.

Capitalization
Union Bank U.S. Bank Average
7.18% 11.51%

Union Bank has a Capitalization of 7.18% 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.

Union Bank Balance Sheet Analysis

As of March 31, 2021, Union Bank had assets of $1,103,391,000, loans of $833,272,000, and deposits of $1,011,268,000. 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
ASSETS
Cash & Balances due from depository institutions $ 71.38 million
Interest-bearing balances $ 62.92 million
Total securities $ 143.63 million
Federal funds sold and reverse repurchase $ 0.00 million
Net loans and leases $ 833.27 million
Loan loss allowance $ 8.43 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 4.38 million
All other assets $ 29.15 million
     Total Assets $ 1,024.22 million
LIABILITIES
Total deposits $ 1,011.27 million
      Interest-bearing deposits $ 775.90 million
      Deposits held in domestic offices $ 1,011.27 million
      % insured (estimated) 81.86%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 7.16 million
Subordinated debt N.A.
All other liabilities $ 5.79 million
      Total Liabilities $ 1,024.22 million
      Shareholders’ Equity $ 79.17 million

Summary Income Statement

March 31, 2021
INCOME AND EXPENSES
Total Interest Income $ 9.50 million
Total Interest Expense $ 1.10 million
Net interest income $ 8.40 million
Provision for loan and lease losses $ 0.15 million
Total non interest income $ 2.58 million
Total non interest expense $ 7.31 million
Pre-tax Net Operating Income $ 3.52 million

Bank Loan Profile?

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

Compared to other banks in Vermont, Union Bank has a significantly higher percent of Multifamily Mortgages, Credit Card Loans, Small Business Loans, 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 29.73
Multifamily
Mortgages
9.16
Credit Card Loans 0.00
Consumer Auto Loans 0.02
Small Business Loans 10.60
Construction and Development Loans 7.87
Commercial Real Estate 28.09
Commercial and Industrial Loans 14.18
Farm Loans 0.07

Frequently Asked Questions About Union Bank

Branches and Savings

Is Union Bank FDIC insured?

Yes. It is covered under FDIC Certificate #14158.

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

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

Why are Union Bank CD rates not competitive?

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

Is Union Bank a commercial bank?

Yes

Where are Union Bank locations?

See branch locations nearby.

Is Union Bank open on Saturdays?

Is Union Bank open on Sundays?

What time does Union Bank open?

What time does Union Bank close?

Are Union Bank ATMs Open 24/7?

Do Union Bank ATMs accept cash deposits?

Can Union Bank customers use other ATMs?

Do Union Bank branches have notaries?

Will Union Bank notarize my document?

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

Will the Union Bank branch print checks?

Do Union Bank checks expire?

Does Union Bank require US citizenship to open account?

Can Union Bank close my account?

Does Union Bank Report to credit bureaus?

Does Union Bank Use Equifax?

What is Union Bank's ACH Routing Number?

What is Union Bank's SWIFT code?

Products

Does Union Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Union Bank offer personal loans?

Compare personal loan rates here.

Does Union Bank offer student loans?

Will Union Bank cash a check?

Will Union Bank redeem a savings bond?

Does Union Bank cash savings bonds?

Will Union Bank cash money orders?

Can Union Bank issue a money order?

Does Union Bank do currency exchange?

Background on The Bank

Who owns Union Bank?

How long has Union Bank been around?

Can Union Bank transfer to other banks?

Does Union Bank have quick pay?

Does Union Bank accept rolled coins?

Will Union Bank accept loose change?

Where is Union Bank headquarters?

Customer Reviews for Union Bank


  • December 17, 2020 |

    Union Bank seized my wife’s, mother’s and my assets based on a bankruptcy filing for a different person filed Nov. 29, 2020 in the middle court district of Pennsylvania; case number BK 03404. This person sometimes used an alias, the same name as my wife. Union Bank seized our combined assets based on the same name and the last four digits of my wife’s SSN, which are the same last four digits of the person filing bankruptcy.
    Mathematically the way the SSN is created there are approximately 33,000 Americans using the same combination of the last four digits of the SSN. Look it up on the internet, it is easy to find. Also a search of the last Census data shows that there are 2,865 people in America with my wife’s name.
    A simple internet search on the public internet of the person listed in the bankruptcy filing showed she has a different birth date and is 6 years younger than my wife. The public search also shows she has never lived in California and my wife has never lived in Pennsylvania. This is all from a simple public internet search; Union Bank has full access to credit reports with all of these details and more. The most important of which is that the person in the filing and my wife have different SSNs, except the last four digits.
    All of this leads to the conclusion that Union Bank did not perform even the most basic verification before illegally seizing the assets of my wife, mother and myself for a bankruptcy filed 2,800 miles from my wife’s home, in the name of a different person. Also none of the 5 other banks and credit unions the three of us use, and contacted, had any notices or seized any assets; this is a Union Bank specific mistake. Union Bank seized the assets without prior notification and did not resolve the issue until four days later, after a lot of phone calls and haranguing.
    Union Bank needs to change its policies related to asset seizures. And defiantly need to improve their communication and processing policies; we are still getting letters from Union Bank Legal Dept. even after they corrected their mistake. Union Bank has gone a long way in alienating and disrespecting all three of us as customers. It is time for a new bank, one that actually cars about its customers.

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