Savers Co-operative Bank Mortgage Rates, Fees & Info

Southbridge, MA

LEI: 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, Barnstable Town, Boston, and Providence among others. We have data for 5 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

250

Origination Dollar Volume (All Markets)

$56,480,000

Employee count

91

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) 231 $52,335,000 $226,558 $0 0.00%
SPRINGFIELD, MA (FHA|USDA|VA) 14 $2,400,000 $171,429 $0 0.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 3 $1,055,000 $351,667 $0 0.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
Savers Co-operative Bank's top markets include Worcester, Springfield, Barnstable Town, Boston, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 250 $56,480,000 $225,920 $0 0.00%

    For 2021, Savers Co-operative Bank's most frequently originated type of loan was Conventional, with 250 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 119 $26,235,000 $220,462 $0 0.00%
    Refi 65 $14,095,000 $216,846 $0 0.00%
    Home Purchase 43 $14,425,000 $335,465 $0 0.00%
    Home Improvement 14 $620,000 $44,286 $0 0.00%
    Other 9 $1,105,000 $122,778 $0 0.00%

    For 2021, Savers Co-operative Bank's most frequently cited loan purpose was Cash Out Refi, with 119 originations. The 2nd most popular reason was Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 250 $56,480,000 $225,920 $0 0.00%

    For 2021, Savers Co-operative Bank's most frequently cited loan duration was Other, with 250 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 110 $29,160,000 $265,091 $0 0.00%
    $100k-200k 85 $12,735,000 $149,824 $0 0.00%
    $100,000 or less 36 $1,800,000 $50,000 $0 0.00%
    $400k-600k 15 $6,975,000 $465,000 $0 0.00%
    $1MM+ 3 $5,145,000 $1,715,000 $0 0.00%
    $600k-1MM 1 $665,000 $665,000 $0 0.00%

    2021 saw Savers Co-operative Bank place emphasis on $200k-400k loans with 110 originations, totaling $29,160,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 59 $9,975,000 $169,068 $0 0.00%
    $100k-150k 57 $13,705,000 $240,439 $0 0.00%
    $75k-100k 39 $7,285,000 $186,795 $0 0.00%
    $150k-250k 35 $9,975,000 $285,000 $0 0.00%
    $50k or less 31 $3,645,000 $117,581 $0 0.00%
    $250k+ 8 $2,440,000 $305,000 $0 0.00%

    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 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 250 $56,480,000 $225,920 $0 0.00%

    Savers Co-operative Bank lent most frequently to those with DTI ratios of Exempt%, with 250 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $45,200,000 $209,259 $0 0.00%
    Not applicable 15 $8,085,000 $539,000 $0 0.00%
    Not provided 14 $2,230,000 $159,286 $0 0.00%
    Black 3 $735,000 $245,000 $0 0.00%
    Asian 2 $230,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.41%

    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 origination
    93.60%

    Savers Co-operative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 250 $56,480,000 $225,920

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    250 $56,480,000 $225,920

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Sovereign Lending Group, Incorporated Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 37.5%
    Sovereign Lending Group, Incorporated Conventional home mortgage Closing on a mortgage 1 12.5%
    Sovereign Lending Group, Incorporated Conventional home mortgage Struggling to pay mortgage 1 12.5%
    Sovereign Lending Group, Incorporated VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 25.0%
    Sovereign Lending Group, Incorporated VA mortgage Trouble during payment process 1 12.5%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Savers Co-Operative Bank 270 Main St Southbridge, MA 1550 Full Service B&M $131,349
    Savers Co-Operative Bank 35 Trolley Crossing Road Charlton, MA 1507 Full Service B&M $44,194
    Savers Co-Operative Bank 38 Auburn Street Auburn, MA 1501 Full Service B&M $116,410
    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 $48,073
    Savers Co-Operative Bank 6 North Main Street Uxbridge, MA 1569 Full Service B&M $102,968
    Savers Co-Operative Bank 96 Worcester Street North Grafton, MA 1536 Full Service B&M $73,846

    For 2021, Savers Co-operative Bank had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,361
    Net interest income $17,503
    Total noninterest income $4,902
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $622
    Trading account gains and fees $0
    Additional Noninterest Income $4,280
    Pre-tax net operating income $6,546
    Securities gains (or losses, -) $-6
    Income before extraordinary items $4,912
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,912
    Minority interest net income $0
    Net income $4,912
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,916

    Savers Co-operative Bank's gross interest income from loans was $20,361,000.
    Savers Co-operative Bank's net interest income from loans was $17,503,000.
    Savers Co-operative Bank's fee based income from loans was $622,000.
    Savers Co-operative Bank's net income from loans was $4,912,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,858
    Provision for credit losses $210
    Total noninterest expense $15,649
    Salaries and employee benefits $8,761
    Premises and equipment expense $1,911
    Additional noninterest expense $4,977
    Applicable income taxes $1,628
    Net charge-offs $44
    Cash dividends $0

    Savers Co-operative Bank's interest expense for loans was $2,858,000.
    Savers Co-operative Bank's payroll and benefits expense were $8,761,000.
    Savers Co-operative Bank's property, plant and equipment expenses $1,911,000.

    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 $534,114
    Deposits held in domestic offices $534,114
    Deposits by Individuals, partnerships, and corporations $498,012
    Deposits by U.S. Government $19
    Deposits by States and political subdivisions in the U.S. $35,539
    Deposits by Commercial banks and other depository institutions in U.S. $544
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $169,403
    Demand deposits $161,770
    Nontransaction accounts $364,711
    Money market deposit accounts (MMDAs) $129,796
    Other savings deposits (excluding MMDAs) $127,494
    Total time deposits $107,420
    Total time and savings deposits $372,344
    Noninterest-bearing deposits $86,557
    Interest-bearing deposits $447,557
    Retail deposits $513,683
    IRAs and Keogh plan accounts $22,950
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $678,062
    Cash & Balances due from depository institutions $115,669
    Interest-bearing balances $107,028
    Total securities $77,307
    Federal funds sold & reverse repurchase $0
    Net loans and leases $453,801
    Loan and leases loss allowance $5,020
    Trading account assets $0
    Bank premises and fixed assets $9,151
    Other real estate owned $0
    Goodwill and other intangibles $402
    All other assets $21,732

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $678,062
    Total Liabilities $604,225
    Total deposits $534,114
    Interest-bearing deposits $447,557
    Deposits held in domestic offices $534,114
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $65,887
    Subordinated debt $0
    All other liabilities $4,224

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $453,801
    Loan and leases loss allowance $5,020
    Total loans and leases (domestic) $458,821
    All real estate loans $417,013
    Real estate loans in domestic offices $417,013
    Construction and development loans $29,564
    Residential 1-4 family construction $2,614
    Other construction, all land development and other land $26,950
    Loans secured by nonfarm nonresidential properties $166,432
    Nonfarm nonresidential secured by owner-occupied properties $19,160
    Commercial real estate & other non-farm, non-residential $147,272
    Multifamily residential real estate $17,166
    1-4 family residential loans $203,851
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $25,436
    To non-U.S. addressees $0
    Loans to individuals $16,328
    Credit card loans $0
    Related Plans $86
    Consumer Auto Loans $9,759
    Other loans to individuals $6,483
    All other loans & leases $43
    Loans to foreign governments and official institutions $0
    Other loans $43
    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 $1,980
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Savers Co-operative Bank had $453,801,000 of loans outstanding in 2021. $417,013,000 of loans were in real estate loans. $29,564,000 of loans were in development loans. $17,166,000 of loans were in multifamily mortgage loans. $203,851,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $9,759,000 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 98 $22,585 $230,459
    Nonfarm, nonresidential loans - <$100k 23 $1,079 $46,913
    Nonfarm, nonresidential loans - $100-250k 31 $4,077 $131,516
    Nonfarm, nonresidential loans - $250k-1MM 44 $17,429 $396,114
    Commercial & Industrial, US addressed loans - <$1MM 164 $9,079 $55,360
    Commercial & Industrial, US addressed loans - <$100k 125 $2,194 $17,552
    Commercial & Industrial, US addressed loans - $100-250k 26 $3,111 $119,654
    Commercial & Industrial, US addressed loans - $250k-1MM 13 $3,774 $290,308