Westfield Bank

Headquarters

141 Elm Street
Westfield, MA 01085
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.05% 1.10% →
1-Year CD 0.30% 1.10% →
2-Year CD 0.40% 1.15% →
5-Year CD 0.60% 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

Westfield Bank is an FDIC insured institution located in Westfield, MA. It was founded in 1853 and has approximately $2.19 billion in assets. Customers can open an account at one of its 23 branches.

FDIC Insured Yes
FDIC Certificate # 90300
Date Established 1853
Assets $ 2.19 billion
Loans $ 1,788.34 million
Deposits $ 1,712.30 million
Capital $ 215.20 million
 

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

Deposit Rates - August 7, 2020

Your Current Location: Virginia, VA 20146

Savings and Money Market Rates APY MIN MAX
Savings
0.05% $2,500 $4,999 Learn More
Money Market
0.10% $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
Premium Money Market Account
0.15% $10,000 $14,999 Learn More
Premium Money Market Account
0.15% $25,000 $34,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.10% $10,000 $14,999 Learn More
3 Mo CD
0.10% $100,000 $199,999 Learn More
6 Mo CD
0.20% $10,000 $14,999 Learn More
6 Mo CD
0.20% $100,000 $199,999 Learn More
12 Mo CD
0.30% $10,000 $14,999 Learn More
12 Mo CD
0.30% $100,000 $199,999 Learn More
24 Mo CD
0.40% $10,000 $14,999 Learn More
24 Mo CD
0.40% $100,000 $199,999 Learn More
36 Mo CD
0.50% $10,000 $14,999 Learn More
36 Mo CD
0.50% $100,000 $199,999 Learn More
48 Mo CD
0.60% $10,000 $14,999 Learn More
48 Mo CD
0.60% $100,000 $199,999 Learn More
60 Mo CD
0.60% $10,000 $14,999 Learn More
60 Mo CD
0.60% $100,000 $199,999 Learn More

Variable IRA Rates APY MIN MAX
Var IRA
0.10% $1 $499 Learn MoreShow Less
Int Checking Rates APY MIN MAX
Int Ckg
0.10% $2,500 $3,499 Learn MoreShow Less
Checking Rates APY MIN FEE
WB Free Checking 0.00% $0 $0.00 Learn MoreShow Less
WB Signature Checking 0.00% $0 $0.00 Learn MoreShow Less
WB Performance Checking 0.00% $0 $0.00 Learn MoreShow Less

Loan Rates - August 7, 2020

Your Current Location: Virginia, VA 20146

There are currently no loan rates available for Westfield 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
Payment
Learn More
AimLoan.com
NMLS ID: 2890
License#: MC-3098
2.914% 2.875% 0.50 $1,250 $1,038 Learn More
Quicken Loans NMLS #3030
NMLS ID: 3030
3.746% 3.625% 1.00 $3,750 $1,141 Learn More
Rocket Mortgage
NMLS ID: 3030
3.494% 3.375% 1.00 $3,750 $1,106 Learn More

Featured - Virginia Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
3.500 %
$25,000 Learn More
More Info
PenFed Credit Union
PenFed Credit Union
3.750 %
$0 Learn More
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
2.990 %
$0 Learn More
More Info

Note to Westfield Bank
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Westfield 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:
Ashburn,Virginia


Westfield Bank Locations


Financial Details

Westfield Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Westfield 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
Westfield Bank U.S. Bank Average
4.18% 6.94%

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, 2020, Westfield Bank had $9,648,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $215,203,000 in equity and $15,837,000 in loans loss reserves. That gives it a Texas Ratio of 4.18%.

Return on Equity
Westfield Bank U.S. Bank Average
4.51% 7.80%

Westfield Bank has a Return on Equity of 4.51% versus the BestCashCow average of 7.80%. 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
Westfield Bank U.S. Bank Average
9.83% 12.68%

Westfield Bank has a Capitalization of 9.83% versus the BestCashCow average of 12.68. 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.

Westfield Bank Balance Sheet Analysis

As of March 31, 2020, Westfield Bank had assets of $2,188,361,000, loans of $1,788,338,000, and deposits of $1,712,302,000. 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, 2020
ASSETS
Cash & Balances due from depository institutions $ 25.26 million
Interest-bearing balances $ 8.99 million
Total securities $ 221.99 million
Federal funds sold and reverse repurchase $ 1.45 million
Net loans and leases $ 1,788.34 million
Loan loss allowance $ 15.84 million
Trading account assets $ 1.86 million
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 15.91 million
All other assets $ 109.60 million
     Total Assets $ 1,973.16 million
LIABILITIES
Total deposits $ 1,712.30 million
      Interest-bearing deposits $ 1,623.37 million
      Deposits held in domestic offices $ 1,712.30 million
      % insured (estimated) 74.95%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities $ 1.86 million
Other borrowed funds $ 222.36 million
Subordinated debt N.A.
All other liabilities $ 36.64 million
      Total Liabilities $ 1,973.16 million
      Shareholders’ Equity $ 215.20 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 20.39 million
Total Interest Expense $ 5.84 million
Net interest income $ 14.55 million
Provision for loan and lease losses $ 2.10 million
Total non interest income $ 2.40 million
Total non interest expense $ 11.85 million
Pre-tax Net Operating Income $ 3.01 million

Bank Loan Profile?

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

Compared to other banks in Massachusetts, Westfield 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.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 41.32
Multifamily
Mortgages
5.58
Credit Card Loans 0.00
Consumer Auto Loans 0.19
Small Business Loans 6.90
Construction and Development Loans 6.31
Commercial Real Estate 31.55
Commercial and Industrial Loans 13.66
Farm Loans 0.00

Frequently Asked Questions About Westfield Bank

Branches and Savings

Is Westfield Bank FDIC insured?

Yes. It is covered under FDIC Certificate #90300.

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

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

Why are Westfield Bank CD rates not competitive?

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

Is Westfield Bank a commercial bank?

Yes

Where are Westfield Bank locations?

See branch locations nearby.

Is Westfield Bank open on Saturdays?

Is Westfield Bank open on Sundays?

What time does Westfield Bank open?

What time does Westfield Bank close?

Are Westfield Bank ATMs Open 24/7?

Do Westfield Bank ATMs accept cash deposits?

Can Westfield Bank customers use other ATMs?

Do Westfield Bank branches have notaries?

Will Westfield Bank notarize my document?

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

Will the Westfield Bank branch print checks?

Do Westfield Bank checks expire?

Does Westfield Bank require US citizenship to open account?

Can Westfield Bank close my account?

Does Westfield Bank Report to credit bureaus?

Does Westfield Bank Use Equifax?

What is Westfield Bank's ACH Routing Number?

What is Westfield Bank's SWIFT code?

Products

Does Westfield Bank offer mortgages?

Compare mortgage rates here.

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

Compare home equity lines of credit rates here.

Does Westfield Bank offer personal loans?

Compare personal loan rates here.

Does Westfield Bank offer student loans?

Will Westfield Bank cash a check?

Will Westfield Bank redeem a savings bond?

Does Westfield Bank cash savings bonds?

Will Westfield Bank cash money orders?

Can Westfield Bank issue a money order?

Does Westfield Bank do currency exchange?

Background on The Bank

Who owns Westfield Bank?

How long has Westfield Bank been around?

Can Westfield Bank transfer to other banks?

Does Westfield Bank have quick pay?

Does Westfield Bank accept rolled coins?

Will Westfield Bank accept loose change?

Where is Westfield Bank headquarters?

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