Savers Co-operative Bank Mortgage Rates, Fees & Info
Southbridge, MALEI: 549300EQ09ZL8XSYZM84
Tax ID: 04-1853350
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Mortgage Data
Bank Data
Review & Overview
Savers Co-operative Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Savers Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Providence, Barnstable Town, and Boston among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Savers Co-operative Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
261Origination Dollar Volume (All Markets)
$47,075,000Employee count
91Top 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) | 232 | $40,470,000 | $174,440 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 15 | $2,305,000 | $153,667 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $1,500,000 | $750,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,205,000 | $401,667 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 6 | $1,090,000 | $181,667 | $0 | 0.00% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 261 | $47,075,000 | $180,364 | $0 | 0.00% |
For 2018, Savers Co-operative Bank's most frequently originated type of loan was Conventional, with 261 originations.
Loan Reason
For 2018, Savers Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 102 originations. The 2nd most popular reason was Cash Out Refi, with 74 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 261 | $47,075,000 | $180,364 | $0 | 0.00% |
For 2018, Savers Co-operative Bank's most frequently cited loan duration was Other, with 261 originations.
Loan Sizing
2018 saw Savers Co-operative Bank place emphasis on $100k-200k loans with 88 originations, totaling $13,180,000 in origination value.
Applicant Income
Savers Co-operative Bank lent most frequently to those with incomes in the $50k-75k range, with 59 originations. The second most popular income band? $100k-150k, with 52 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 261 | $47,075,000 | $180,364 | $0 | 0.00% |
Savers Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 261 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.98%
Savers Co-operative Bank has an average approval rate.
Pick Rate
Approvals leading to origination92.34%
Savers Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 261 | $47,075,000 | $180,364 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 6 | $2,850,000 | $475,000 |
| Single Family (1-4 Units):Site-Built | 255 | $44,225,000 | $173,431 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Sovereign Lending Group, Incorporated | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| Sovereign Lending Group, Incorporated | VA mortgage | Trouble during payment process | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Savers Co-operative Bank | 270 Main Street Southbridge, MA 1550 | Full Service B&M | $100,418 |
| Savers Co-operative Bank | 35 Trolley Crossing Road Charlton, MA 1507 | Full Service B&M | $29,045 |
| Savers Co-operative Bank | 38 Auburn Street Auburn, MA 1501 | Full Service B&M | $91,960 |
| Savers Co-operative Bank | 43 Foster Street Southbridge, MA 1550 | Limited, Administrative | $0 |
| Savers Co-operative Bank | 55 Main Street Sturbridge, MA 1566 | Full Service B&M | $38,875 |
| Savers Co-operative Bank | 6 North Main Street Uxbridge, MA 1569 | Full Service B&M | $74,254 |
| Savers Co-operative Bank | 96 Worcester Street North Grafton, MA 1536 | Full Service B&M | $59,418 |
For 2018, Savers Co-operative Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $21,343 |
| Net interest income | $16,795 |
| Total noninterest income | $3,004 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $952 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,052 |
| Pre-tax net operating income | $4,290 |
| Securities gains (or losses, -) | $77 |
| Income before extraordinary items | $3,442 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,442 |
| Minority interest net income | $0 |
| Net income | $3,442 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,381 |
Savers Co-operative Bank's gross interest income from loans was $21,343,000.
Savers Co-operative Bank's net interest income from loans was $16,795,000.
Savers Co-operative Bank's fee based income from loans was $952,000.
Savers Co-operative Bank's net income from loans was $3,442,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,548 |
| Provision for credit losses | $450 |
| Total noninterest expense | $15,059 |
| Salaries and employee benefits | $8,940 |
| Premises and equipment expense | $1,643 |
| Additional noninterest expense | $4,476 |
| Applicable income taxes | $925 |
| Net charge-offs | $230 |
| Cash dividends | $0 |
Savers Co-operative Bank's interest expense for loans was $4,548,000.
Savers Co-operative Bank's payroll and benefits expense were $8,940,000.
Savers Co-operative Bank's property, plant and equipment expenses $1,643,000.
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 | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 2.0% |
| 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 | $412,339 |
| Deposits held in domestic offices | $412,339 |
| Deposits by Individuals, partnerships, and corporations | $384,449 |
| Deposits by U.S. Government | $13 |
| Deposits by States and political subdivisions in the U.S. | $22,612 |
| Deposits by Commercial banks and other depository institutions in U.S. | $5,265 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $99,322 |
| Demand deposits | $92,394 |
| Nontransaction accounts | $313,017 |
| Money market deposit accounts (MMDAs) | $77,058 |
| Other savings deposits (excluding MMDAs) | $82,617 |
| Total time deposits | $153,343 |
| Total time and savings deposits | $319,945 |
| Noninterest-bearing deposits | $51,496 |
| Interest-bearing deposits | $360,843 |
| Retail deposits | $368,605 |
| IRAs and Keogh plan accounts | $25,503 |
| Brokered deposits | $11,727 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $570,232 |
| Cash & Balances due from depository institutions | $8,130 |
| Interest-bearing balances | $6,845 |
| Total securities | $49,136 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $481,731 |
| Loan and leases loss allowance | $4,270 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,781 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $620 |
| All other assets | $20,834 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $570,232 |
| Total Liabilities | $509,515 |
| Total deposits | $412,339 |
| Interest-bearing deposits | $360,843 |
| Deposits held in domestic offices | $412,339 |
| % insured (estimated) | $84 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $93,022 |
| Subordinated debt | $0 |
| All other liabilities | $4,154 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $481,731 |
| Loan and leases loss allowance | $4,270 |
| Total loans and leases (domestic) | $486,001 |
| All real estate loans | $428,859 |
| Real estate loans in domestic offices | $428,859 |
| Construction and development loans | $23,042 |
| Residential 1-4 family construction | $5,097 |
| Other construction, all land development and other land | $17,945 |
| Loans secured by nonfarm nonresidential properties | $146,373 |
| Nonfarm nonresidential secured by owner-occupied properties | $32,070 |
| Commercial real estate & other non-farm, non-residential | $114,303 |
| Multifamily residential real estate | $18,331 |
| 1-4 family residential loans | $241,113 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $25,507 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $31,554 |
| Credit card loans | $0 |
| Related Plans | $142 |
| Consumer Auto Loans | $20,814 |
| Other loans to individuals | $10,598 |
| All other loans & leases | $80 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $80 |
| 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 | $2,635 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Savers Co-operative Bank had $481,731,000 of loans outstanding in 2018. $428,859,000 of loans were in real estate loans. $23,042,000 of loans were in development loans. $18,331,000 of loans were in multifamily mortgage loans. $241,113,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $20,814,000 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 | 125 | $27,948 | $223,584 |
| Nonfarm, nonresidential loans - <$100k | 29 | $1,230 | $42,414 |
| Nonfarm, nonresidential loans - $100-250k | 48 | $6,441 | $134,188 |
| Nonfarm, nonresidential loans - $250k-1MM | 48 | $20,277 | $422,438 |
| Commercial & Industrial, US addressed loans - <$1MM | 179 | $14,929 | $83,402 |
| Commercial & Industrial, US addressed loans - <$100k | 134 | $2,581 | $19,261 |
| Commercial & Industrial, US addressed loans - $100-250k | 24 | $2,441 | $101,708 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 21 | $9,907 | $471,762 |