Country Bank For Savings Mortgage Rates, Fees & Info

Ware, MA

LEI: 5493005NN76XZ2NOFH19

Tax ID: 04-1946610

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Country Bank For Savings is a smaller bank specializing in Home Purchase loans. Country Bank For Savings has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Worcester, Springfield, Boston, Hartford, and Providence among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Country Bank For Savings has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Country Bank For Savings is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 5.21% 11/17/24
    30 Year Conventional Purchase 5.80% 11/17/24
    30 Year Conventional Refi 5.87% 11/17/24
    30 Year Cash-out Refi 6.20% 11/17/24
    15 Year Conventional Purchase 5.26% 11/17/24
    15 Year Conventional Refi 5.68% 11/17/24
    15 Year Cash-out Refi 5.68% 11/17/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Country Bank For Savings Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Country Bank For Savings. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    318

    Origination Dollar Volume (All Markets)

    $103,910,000

    Employee count

    226

    Awards

    Country Bank for Savings 30 Year Conventional Loans gold Country Bank for Savings 30 Year Conventional Loans gold Country Bank for Savings 30 Year Conventional Loans gold
    Show all (3) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    WORCESTER, MA-CT (FHA|USDA|VA) 116 $49,910,000 $430,259 $3,805 4.20%
    SPRINGFIELD, MA (FHA|USDA|VA) 181 $38,635,000 $213,453 $3,551 3.94%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $6,615,000 $945,000 $4,170 4.03%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $3,405,000 $681,000 $4,163 4.12%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 4 $2,200,000 $550,000 $0 5.30%
    Outside of Metro Areas 1 $1,335,000 $1,335,000 $28,423 4.88%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $975,000 $975,000 $0 5.20%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $835,000 $278,333 $3,339 3.54%
    Country Bank For Savings's top markets include Worcester, Springfield, Boston, Hartford, and Providence among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Country Bank for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Charter Oak Federal Credit Union
    Similarity Rank: 18
    POLISH NATIONAL
    Similarity Rank: 48
    Middlesex Savings Bank
    Similarity Rank: 65
    UniBank for Savings
    Similarity Rank: 130
    Bristol County Savings Bank
    Similarity Rank: 144
    Florence Bank
    Similarity Rank: 168
    SOUTHBRIDGE CREDIT UNION
    Similarity Rank: 170
    WEBSTER FIRST Federal Credit Union
    Similarity Rank: 182
    PeoplesBank
    Similarity Rank: 182
    Milford Federal Bank
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 314 $103,110,000 $328,376 $3,728 4.06%
    USDA 4 $800,000 $200,000 $5,557 4.16%

    For 2018, Country Bank For Savings's most frequently originated type of loan was Conventional, with 314 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 216 $78,350,000 $362,731 $4,134 4.03%
    Cash Out Refi 70 $17,680,000 $252,571 $2,810 4.09%
    Refi 21 $4,455,000 $212,143 $2,714 4.14%
    Home Improvement 6 $2,540,000 $423,333 $3,014 4.50%
    Other 5 $885,000 $177,000 $2,814 4.00%

    For 2018, Country Bank For Savings's most frequently cited loan purpose was Home Purchase, with 216 originations. The 2nd most popular reason was Cash Out Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 241 $56,495,000 $234,419 $3,898 3.92%
    20 Year 30 $8,960,000 $298,667 $2,957 4.61%
    15 Year 21 $3,975,000 $189,286 $2,868 3.81%
    Other 17 $13,915,000 $818,529 $2,917 5.25%
    10 Year 9 $20,565,000 $2,285,000 $2,745 4.25%

    For 2018, Country Bank For Savings's most frequently cited loan duration was 30 Year, with 241 originations. The 2nd most popular length was 20 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 210 $43,800,000 $208,571
    $1k-2k 35 $9,345,000 $267,000
    $2k-3k 10 $2,910,000 $291,000
    $3k-4k 5 $1,615,000 $323,000
    $5k+ 4 $2,340,000 $585,000

    Country Bank For Savings's average total fees were $3,898, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 204 $43,950,000 $215,441
    4-5% 82 $43,490,000 $530,366
    5-6% 29 $15,705,000 $541,552
    2.5-3% 2 $700,000 $350,000
    6-7% 1 $65,000 $65,000

    During 2018, Country Bank For Savings's average interest rate for loans was 3.92%, while their most frequently originated rate bucket for loans was 3-4%, with 204 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 132 $20,260,000 $153,485 $3,133 3.92%
    $200k-400k 114 $30,050,000 $263,596 $4,050 4.10%
    $100,000 or less 31 $2,345,000 $75,645 $2,650 4.05%
    $400k-600k 22 $10,060,000 $457,273 $5,549 4.03%
    $1MM+ 10 $34,430,000 $3,443,000 $12,960 4.73%
    $600k-1MM 9 $6,765,000 $751,667 $5,610 5.02%

    2018 saw Country Bank For Savings place emphasis on $100k-200k loans with 132 originations, totaling $20,260,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 81 $13,525,000 $166,975 $3,346 3.86%
    $75k-100k 58 $12,690,000 $218,793 $3,798 3.99%
    $100k-150k 52 $14,300,000 $275,000 $4,192 3.99%
    $50k or less 52 $7,070,000 $135,962 $2,904 3.78%
    $150k-250k 29 $8,765,000 $302,241 $4,341 4.02%
    $250k+ 12 $6,740,000 $561,667 $7,228 3.95%

    Country Bank For Savings lent most frequently to those with incomes in the $50k-75k range, with 81 originations. The second most popular income band? $75k-100k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 62 $12,450,000 $200,806 $3,742 3.99%
    30-36% 62 $11,780,000 $190,000 $3,557 3.86%
    <20% 18 $3,750,000 $208,333 $3,166 3.78%
    40% 16 $3,670,000 $229,375 $4,024 4.09%
    43% 15 $4,535,000 $302,333 $5,488 4.00%
    41% 13 $3,205,000 $246,538 $3,880 4.02%
    37% 12 $2,370,000 $197,500 $3,232 3.91%
    39% 12 $3,170,000 $264,167 $3,640 3.82%
    45% 11 $2,895,000 $263,182 $4,140 3.86%
    44% 11 $2,375,000 $215,909 $3,698 4.08%
    36% 9 $1,355,000 $150,556 $3,609 3.92%
    50-60% 8 $2,100,000 $262,500 $3,901 3.78%
    38% 8 $2,990,000 $373,750 $4,913 3.78%
    42% 8 $2,270,000 $283,750 $3,618 3.81%
    46% 7 $1,265,000 $180,714 $3,316 3.70%
    49% 5 $705,000 $141,000 $3,042 3.85%
    47% 4 $1,080,000 $270,000 $3,330 3.69%
    48% 4 $1,120,000 $280,000 $4,206 4.31%

    Country Bank For Savings lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? 30-36%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $57,820,000 $220,687 $3,736 3.90%
    Not applicable 32 $40,580,000 $1,268,125 $0 5.36%
    Not provided 15 $3,385,000 $225,667 $4,071 4.19%
    Black 6 $1,350,000 $225,000 $4,186 3.85%
    Asian 2 $480,000 $240,000 $3,870 4.00%
    American Indian 1 $295,000 $295,000 $2,677 3.38%

    Approval Rates

    Total approvals of all applications
    95.79%

    Country Bank For Savings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.59%

    Country Bank For Savings has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 318 $103,910,000 $326,761

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $34,780,000 $2,484,286
    Single Family (1-4 Units):Site-Built 304 $69,130,000 $227,401

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,495,000 $135,909 $2,807 4.02%
    40-60% 33 $9,575,000 $290,152 $3,436 4.12%
    60-80% 147 $61,725,000 $419,898 $3,890 4.11%
    80-100% 119 $29,475,000 $247,689 $3,755 3.92%
    Over 100% 6 $1,390,000 $231,667 $4,604 4.79%
    Under 20% 2 $250,000 $125,000 $0 5.45%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CountryPlace Acceptance Corporation FHA mortgage Trouble during payment process 1 50.0%
    CountryPlace Acceptance Corporation Other type of mortgage Struggling to pay mortgage 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Country Bank for Savings 1084 Main Street Leicester, MA 1524 Full Service B&M $63,866
    Country Bank for Savings 1485 North Main Street Palmer, MA 1069 Full Service B&M $108,206
    Country Bank for Savings 155 West Street Ware, MA 1082 Full Service B&M $92,477
    Country Bank for Savings 191 Sykes Street Palmer, MA 1069 Full Service B&M $62,614
    Country Bank for Savings 21 North Main Street Belchertown, MA 1007 Full Service B&M $84,825
    Country Bank for Savings 2379 Boston Road Wilbraham, MA 1095 Full Service B&M $132,373
    Country Bank for Savings 278 Park Avenue Worcester, MA 1609 Full Service B&M $47,776
    Country Bank for Savings 352 Palmer Road Ware, MA 1082 Full Service Retail $34,204
    Country Bank for Savings 37 Worcester Road Charlton, MA 1507 Full Service B&M $46,343
    Country Bank for Savings 425 Center Street Ludlow, MA 1056 Full Service Retail $56,648
    Country Bank for Savings 687 Pleasant Street Paxton, MA 1612 Full Service B&M $30,161
    Country Bank for Savings 75 Main Street Ware, MA 1082 Full Service B&M $194,918
    Country Bank for Savings 8 West Main Street West Brookfield, MA 1585 Full Service B&M $67,785
    Country Bank for Savings 88 Masonic Home Road Charlton, MA 1507 Full Service Retail $7,874
    Country Bank for Savings 9 Main Street (South Side) Brimfield, MA 1010 Full Service B&M $38,425

    For 2018, Country Bank For Savings had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $63,957
    Net interest income $50,409
    Total noninterest income $5,709
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $2,164
    Trading account gains and fees $0
    Additional Noninterest Income $3,545
    Pre-tax net operating income $17,262
    Securities gains (or losses, -) $12
    Income before extraordinary items $12,853
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $12,853
    Minority interest net income $0
    Net income $12,853
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,843

    Country Bank For Savings's gross interest income from loans was $63,957,000.
    Country Bank For Savings's net interest income from loans was $50,409,000.
    Country Bank For Savings's fee based income from loans was $2,164,000.
    Country Bank For Savings's net income from loans was $12,853,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $13,548
    Provision for credit losses $800
    Total noninterest expense $38,056
    Salaries and employee benefits $21,195
    Premises and equipment expense $6,122
    Additional noninterest expense $10,739
    Applicable income taxes $4,421
    Net charge-offs $-8
    Cash dividends $0

    Country Bank For Savings's interest expense for loans was $13,548,000.
    Country Bank For Savings's payroll and benefits expense were $21,195,000.
    Country Bank For Savings's property, plant and equipment expenses $6,122,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,083,239
    Deposits held in domestic offices $1,083,239
    Deposits by Individuals, partnerships, and corporations $1,027,385
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $52,474
    Deposits by Commercial banks and other depository institutions in U.S. $3,380
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $58,035
    Demand deposits $42,332
    Nontransaction accounts $1,025,204
    Money market deposit accounts (MMDAs) $265,390
    Other savings deposits (excluding MMDAs) $402,245
    Total time deposits $357,569
    Total time and savings deposits $1,040,907
    Noninterest-bearing deposits $168,158
    Interest-bearing deposits $915,081
    Retail deposits $962,520
    IRAs and Keogh plan accounts $79,222
    Brokered deposits $32,287
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,625,625
    Cash & Balances due from depository institutions $12,537
    Interest-bearing balances $327
    Total securities $324,758
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,240,421
    Loan and leases loss allowance $11,734
    Trading account assets $0
    Bank premises and fixed assets $14,131
    Other real estate owned $267
    Goodwill and other intangibles $1,538
    All other assets $31,973

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,625,625
    Total Liabilities $1,397,184
    Total deposits $1,083,239
    Interest-bearing deposits $915,081
    Deposits held in domestic offices $1,083,239
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $297,577
    Subordinated debt $0
    All other liabilities $16,368

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,240,421
    Loan and leases loss allowance $11,734
    Total loans and leases (domestic) $1,252,155
    All real estate loans $1,212,059
    Real estate loans in domestic offices $1,212,059
    Construction and development loans $86,475
    Residential 1-4 family construction $26,207
    Other construction, all land development and other land $60,268
    Loans secured by nonfarm nonresidential properties $420,160
    Nonfarm nonresidential secured by owner-occupied properties $105,919
    Commercial real estate & other non-farm, non-residential $314,241
    Multifamily residential real estate $102,253
    1-4 family residential loans $603,171
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $31,751
    To non-U.S. addressees $0
    Loans to individuals $8,088
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $3,087
    Other loans to individuals $5,001
    All other loans & leases $257
    Loans to foreign governments and official institutions $0
    Other loans $257
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $8,219
    Non 1-4 family restructured loans & leases $1,712
    Total loans and leases (foreign) $0

    Country Bank for Savings had $1,240,421,000 of loans outstanding in 2018. $1,212,059,000 of loans were in real estate loans. $86,475,000 of loans were in development loans. $102,253,000 of loans were in multifamily mortgage loans. $603,171,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,087,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 270 $63,576 $235,467
    Nonfarm, nonresidential loans - <$100k 42 $1,322 $31,476
    Nonfarm, nonresidential loans - $100-250k 89 $10,974 $123,303
    Nonfarm, nonresidential loans - $250k-1MM 139 $51,280 $368,921
    Commercial & Industrial, US addressed loans - <$1MM 357 $17,958 $50,303
    Commercial & Industrial, US addressed loans - <$100k 267 $5,186 $19,423
    Commercial & Industrial, US addressed loans - $100-250k 50 $3,912 $78,240
    Commercial & Industrial, US addressed loans - $250k-1MM 40 $8,860 $221,500