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, Boston, Hartford, and Barnstable Town among others. We have data for 6 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
280Origination Dollar Volume (All Markets)
$56,960,000Employee 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) | 251 | $50,235,000 | $200,139 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 14 | $1,940,000 | $138,571 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 6 | $1,920,000 | $320,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 4 | $1,450,000 | $362,500 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $0 | 0.00% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 280 | $56,960,000 | $203,429 | $0 | 0.00% |
For 2019, Savers Co-operative Bank's most frequently originated type of loan was Conventional, with 280 originations.
Loan Reason
For 2019, Savers Co-operative Bank's most frequently cited loan purpose was Home Purchase, with 112 originations. The 2nd most popular reason was Cash Out Refi, with 69 originations.
Loan Duration/Length
For 2019, Savers Co-operative Bank's most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was 20 Year, with 45 originations.
Loan Sizing
2019 saw Savers Co-operative Bank place emphasis on $200k-400k loans with 108 originations, totaling $29,990,000 in origination value.
Applicant Income
Savers Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $75k-100k, with 56 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 280 | $56,960,000 | $203,429 | $0 | 0.00% |
Savers Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 280 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.34%
Savers Co-operative Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.79%
Savers Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 280 | $56,960,000 | $203,429 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 10 | $6,280,000 | $628,000 |
| Single Family (1-4 Units):Site-Built | 270 | $50,680,000 | $187,704 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Sovereign Lending Group, Incorporated | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Sovereign Lending Group, Incorporated | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| Sovereign Lending Group, Incorporated | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 60.0% |
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 | $107,293 |
| Savers Co-operative Bank | 35 Trolley Crossing Road Charlton, MA 1507 | Full Service B&M | $31,043 |
| Savers Co-operative Bank | 38 Auburn Street Auburn, MA 1501 | Full Service B&M | $97,554 |
| 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 | $40,915 |
| Savers Co-operative Bank | 6 North Main Street Uxbridge, MA 1569 | Full Service B&M | $77,703 |
| Savers Co-operative Bank | 96 Worcester Street North Grafton, MA 1536 | Full Service B&M | $67,617 |
For 2019, Savers Co-operative Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $23,244 |
| Net interest income | $17,443 |
| Total noninterest income | $3,289 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $897 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $2,392 |
| Pre-tax net operating income | $5,013 |
| Securities gains (or losses, -) | $9 |
| Income before extraordinary items | $3,853 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,853 |
| Minority interest net income | $0 |
| Net income | $3,853 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,845 |
Savers Co-operative Bank's gross interest income from loans was $23,244,000.
Savers Co-operative Bank's net interest income from loans was $17,443,000.
Savers Co-operative Bank's fee based income from loans was $897,000.
Savers Co-operative Bank's net income from loans was $3,853,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $5,801 |
| Provision for credit losses | $345 |
| Total noninterest expense | $15,374 |
| Salaries and employee benefits | $9,035 |
| Premises and equipment expense | $1,751 |
| Additional noninterest expense | $4,588 |
| Applicable income taxes | $1,169 |
| Net charge-offs | $174 |
| Cash dividends | $0 |
Savers Co-operative Bank's interest expense for loans was $5,801,000.
Savers Co-operative Bank's payroll and benefits expense were $9,035,000.
Savers Co-operative Bank's property, plant and equipment expenses $1,751,000.
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 | 1.0% |
| All other family | 0.0% |
| 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 | $439,147 |
| Deposits held in domestic offices | $439,147 |
| Deposits by Individuals, partnerships, and corporations | $410,588 |
| Deposits by U.S. Government | $14 |
| Deposits by States and political subdivisions in the U.S. | $24,693 |
| Deposits by Commercial banks and other depository institutions in U.S. | $3,852 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $109,978 |
| Demand deposits | $104,320 |
| Nontransaction accounts | $329,169 |
| Money market deposit accounts (MMDAs) | $83,814 |
| Other savings deposits (excluding MMDAs) | $85,327 |
| Total time deposits | $160,028 |
| Total time and savings deposits | $334,827 |
| Noninterest-bearing deposits | $57,090 |
| Interest-bearing deposits | $382,057 |
| Retail deposits | $391,408 |
| IRAs and Keogh plan accounts | $25,990 |
| Brokered deposits | $6,834 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $594,422 |
| Cash & Balances due from depository institutions | $34,956 |
| Interest-bearing balances | $31,648 |
| Total securities | $56,532 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $471,971 |
| Loan and leases loss allowance | $4,441 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,509 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $618 |
| All other assets | $20,836 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $594,422 |
| Total Liabilities | $528,985 |
| Total deposits | $439,147 |
| Interest-bearing deposits | $382,057 |
| Deposits held in domestic offices | $439,147 |
| % insured (estimated) | $79 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $85,936 |
| Subordinated debt | $0 |
| All other liabilities | $3,902 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $471,971 |
| Loan and leases loss allowance | $4,441 |
| Total loans and leases (domestic) | $476,412 |
| All real estate loans | $423,284 |
| Real estate loans in domestic offices | $423,284 |
| Construction and development loans | $21,005 |
| Residential 1-4 family construction | $2,146 |
| Other construction, all land development and other land | $18,859 |
| Loans secured by nonfarm nonresidential properties | $153,537 |
| Nonfarm nonresidential secured by owner-occupied properties | $22,948 |
| Commercial real estate & other non-farm, non-residential | $130,589 |
| Multifamily residential real estate | $19,741 |
| 1-4 family residential loans | $229,001 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $24,425 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $28,621 |
| Credit card loans | $0 |
| Related Plans | $126 |
| Consumer Auto Loans | $19,403 |
| Other loans to individuals | $9,092 |
| All other loans & leases | $82 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $82 |
| 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 | $2,405 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Savers Co-operative Bank had $471,971,000 of loans outstanding in 2019. $423,284,000 of loans were in real estate loans. $21,005,000 of loans were in development loans. $19,741,000 of loans were in multifamily mortgage loans. $229,001,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $19,403,000 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 | 119 | $27,915 | $234,580 |
| Nonfarm, nonresidential loans - <$100k | 28 | $1,189 | $42,464 |
| Nonfarm, nonresidential loans - $100-250k | 45 | $6,888 | $153,067 |
| Nonfarm, nonresidential loans - $250k-1MM | 46 | $19,838 | $431,261 |
| Commercial & Industrial, US addressed loans - <$1MM | 174 | $11,007 | $63,259 |
| Commercial & Industrial, US addressed loans - <$100k | 134 | $2,504 | $18,687 |
| Commercial & Industrial, US addressed loans - $100-250k | 23 | $2,731 | $118,739 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 17 | $5,772 | $339,529 |