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 Cash Out Refi, Refi, and Home Purchase loans. Savers Co-operative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Worcester, Springfield, Pittsfield, Hartford, and Barnstable Town 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
301Origination Dollar Volume (All Markets)
$74,665,000Employee count
92Top 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) | 279 | $64,585,000 | $231,487 | $0 | 0.00% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 10 | $4,450,000 | $445,000 | $0 | 0.00% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $2,415,000 | $2,415,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $1,075,000 | $358,333 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $0 | 0.00% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 301 | $74,665,000 | $248,056 | $0 | 0.00% |
For 2020, Savers Co-operative Bank's most frequently originated type of loan was Conventional, with 301 originations.
Loan Reason
For 2020, Savers Co-operative Bank's most frequently cited loan purpose was Cash Out Refi, with 114 originations. The 2nd most popular reason was Refi, with 80 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 301 | $74,665,000 | $248,056 | $0 | 0.00% |
For 2020, Savers Co-operative Bank's most frequently cited loan duration was Other, with 301 originations.
Loan Sizing
2020 saw Savers Co-operative Bank place emphasis on $200k-400k loans with 145 originations, totaling $40,385,000 in origination value.
Applicant Income
Savers Co-operative Bank lent most frequently to those with incomes in the $100k-150k range, with 71 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 |
|---|---|---|---|---|---|
| Exempt% | 301 | $74,665,000 | $248,056 | $0 | 0.00% |
Savers Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 301 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.93%
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 origination91.69%
Savers Co-operative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 301 | $74,665,000 | $248,056 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 11 | $9,655,000 | $877,727 |
| Single Family (1-4 Units):Site-Built | 290 | $65,010,000 | $224,172 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Sovereign Lending Group, Incorporated | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 50.0% |
| Sovereign Lending Group, Incorporated | Conventional home mortgage | Improper use of your report | 1 | 16.7% |
| Sovereign Lending Group, Incorporated | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 33.3% |
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 | $125,320 |
| Savers Co-Operative Bank | 35 Trolley Crossing Road Charlton, MA 1507 | Full Service B&M | $36,302 |
| Savers Co-Operative Bank | 38 Auburn Street Auburn, MA 1501 | Full Service B&M | $126,901 |
| 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 | $44,144 |
| Savers Co-Operative Bank | 6 North Main Street Uxbridge, MA 1569 | Full Service B&M | $87,367 |
| Savers Co-Operative Bank | 96 Worcester Street North Grafton, MA 1536 | Full Service B&M | $67,119 |
For 2020, Savers Co-operative Bank had 7 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $22,416 |
| Net interest income | $17,575 |
| Total noninterest income | $3,731 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $609 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,122 |
| Pre-tax net operating income | $4,996 |
| Securities gains (or losses, -) | $-1 |
| Income before extraordinary items | $3,809 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $3,809 |
| Minority interest net income | $0 |
| Net income | $3,809 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $3,809 |
Savers Co-operative Bank's gross interest income from loans was $22,416,000.
Savers Co-operative Bank's net interest income from loans was $17,575,000.
Savers Co-operative Bank's fee based income from loans was $609,000.
Savers Co-operative Bank's net income from loans was $3,809,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $4,841 |
| Provision for credit losses | $570 |
| Total noninterest expense | $15,740 |
| Salaries and employee benefits | $9,194 |
| Premises and equipment expense | $1,793 |
| Additional noninterest expense | $4,753 |
| Applicable income taxes | $1,186 |
| Net charge-offs | $157 |
| Cash dividends | $0 |
Savers Co-operative Bank's interest expense for loans was $4,841,000.
Savers Co-operative Bank's payroll and benefits expense were $9,194,000.
Savers Co-operative Bank's property, plant and equipment expenses $1,793,000.
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 | 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 | $499,735 |
| Deposits held in domestic offices | $499,735 |
| Deposits by Individuals, partnerships, and corporations | $467,667 |
| Deposits by U.S. Government | $16 |
| Deposits by States and political subdivisions in the U.S. | $29,941 |
| Deposits by Commercial banks and other depository institutions in U.S. | $2,111 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $153,225 |
| Demand deposits | $142,979 |
| Nontransaction accounts | $346,510 |
| Money market deposit accounts (MMDAs) | $107,674 |
| Other savings deposits (excluding MMDAs) | $108,927 |
| Total time deposits | $129,909 |
| Total time and savings deposits | $356,756 |
| Noninterest-bearing deposits | $78,816 |
| Interest-bearing deposits | $420,919 |
| Retail deposits | $471,411 |
| IRAs and Keogh plan accounts | $25,167 |
| Brokered deposits | $659 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $651,519 |
| Cash & Balances due from depository institutions | $88,503 |
| Interest-bearing balances | $82,228 |
| Total securities | $50,867 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $481,460 |
| Loan and leases loss allowance | $4,855 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $9,590 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $480 |
| All other assets | $20,619 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $651,519 |
| Total Liabilities | $581,759 |
| Total deposits | $499,735 |
| Interest-bearing deposits | $420,919 |
| Deposits held in domestic offices | $499,735 |
| % insured (estimated) | $80 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $77,687 |
| Subordinated debt | $0 |
| All other liabilities | $4,337 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $481,460 |
| Loan and leases loss allowance | $4,855 |
| Total loans and leases (domestic) | $486,315 |
| All real estate loans | $424,260 |
| Real estate loans in domestic offices | $424,260 |
| Construction and development loans | $23,858 |
| Residential 1-4 family construction | $2,171 |
| Other construction, all land development and other land | $21,687 |
| Loans secured by nonfarm nonresidential properties | $162,767 |
| Nonfarm nonresidential secured by owner-occupied properties | $21,999 |
| Commercial real estate & other non-farm, non-residential | $140,768 |
| Multifamily residential real estate | $20,149 |
| 1-4 family residential loans | $217,486 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $40,088 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $21,898 |
| Credit card loans | $0 |
| Related Plans | $87 |
| Consumer Auto Loans | $14,308 |
| Other loans to individuals | $7,503 |
| All other loans & leases | $69 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $69 |
| 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 | $2,157 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
Savers Co-operative Bank had $481,460,000 of loans outstanding in 2020. $424,260,000 of loans were in real estate loans. $23,858,000 of loans were in development loans. $20,149,000 of loans were in multifamily mortgage loans. $217,486,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $14,308,000 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 | 113 | $28,352 | $250,903 |
| Nonfarm, nonresidential loans - <$100k | 28 | $1,407 | $50,250 |
| Nonfarm, nonresidential loans - $100-250k | 37 | $5,612 | $151,676 |
| Nonfarm, nonresidential loans - $250k-1MM | 48 | $21,333 | $444,438 |
| Commercial & Industrial, US addressed loans - <$1MM | 277 | $13,890 | $50,144 |
| Commercial & Industrial, US addressed loans - <$100k | 224 | $4,265 | $19,040 |
| Commercial & Industrial, US addressed loans - $100-250k | 34 | $4,578 | $134,647 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 19 | $5,047 | $265,632 |