Bank Of Akron Mortgage Rates, Fees & Info

Akron, NY

LEI: 549300OR8H1MIJLGWX42

Tax ID: 16-0341460

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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

    Bank Of Akron is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Bank Of Akron has a high proportion of conventional loans. Their top markets by origination volume include: Buffalo, Rochester, Olean, Batavia, and Jamestown among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Of Akron 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. Bank Of Akron 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.

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    Originations

    161

    Origination Dollar Volume (All Markets)

    $36,655,000

    Employee count

    82

    Awards

    Bank of Akron 30 Year Conventional Loans bronze
    Show all (1) 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
    BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 150 $31,180,000 $207,867 $2,971 4.37%
    ROCHESTER, NY (FHA|USDA|VA) 3 $4,495,000 $1,498,333 $10,183 4.33%
    Olean, NY (FHA|USDA|VA) 3 $535,000 $178,333 $2,714 4.63%
    Batavia, NY (FHA|USDA|VA) 3 $325,000 $108,333 $2,433 3.96%
    Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 1 $115,000 $115,000 $0 5.51%
    Corning, NY (FHA|USDA|VA) 1 $5,000 $5,000 $2,812 3.63%
    Bank Of Akron's top markets include Buffalo, Rochester, Olean, Batavia, and Jamestown among others.

    Their top states include:
  • New York (FHA|USDA|VA)

    • Similar Lenders

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

    NIAGARA'S CHOICE
    Similarity Rank: 12
    BUFFALO METROPOLITAN FEDERAL CREDIT UNION
    Similarity Rank: 50
    ONTARIO SHORES
    Similarity Rank: 90
    GREATER WOODLAWN FEDERAL CREDIT UNION
    Similarity Rank: 102
    Bank of Akron
    Similarity Rank: 144
    Moog Employees Federal Credit Union
    Similarity Rank: 153
    THE SUMMIT Federal Credit Union
    Similarity Rank: 364
    Five Star Bank
    Similarity Rank: 390
    SEFCU SERVICES, LLC
    Similarity Rank: 546
    Fairport Savings Bank
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 161 $36,655,000 $227,671 $3,078 4.37%

    For 2019, Bank Of Akron's most frequently originated type of loan was Conventional, with 161 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 77 $18,245,000 $236,948 $3,212 4.54%
    Cash Out Refi 48 $8,310,000 $173,125 $2,374 3.89%
    Refi 22 $6,850,000 $311,364 $3,620 4.69%
    Home Improvement 10 $2,610,000 $261,000 $6,211 4.64%
    Other 4 $640,000 $160,000 $2,727 4.34%

    For 2019, Bank Of Akron's most frequently cited loan purpose was Home Purchase, with 77 originations. The 2nd most popular reason was Cash Out Refi, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 100 $22,930,000 $229,300 $3,097 4.12%
    10 Year 37 $8,205,000 $221,757 $5,797 5.22%
    15 Year 13 $2,215,000 $170,385 $2,025 3.64%
    Other 5 $1,305,000 $261,000 $2,835 5.36%
    20 Year 3 $1,145,000 $381,667 $2,688 3.58%
    30+ year 3 $855,000 $285,000 $5,933 4.96%

    For 2019, Bank Of Akron's most frequently cited loan duration was 30 Year, with 100 originations. The 2nd most popular length was 10 Year, with 37 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 85 $19,235,000 $226,294
    $1k-2k 21 $4,765,000 $226,905
    $2k-3k 5 $2,035,000 $407,000
    $3k-4k 1 $365,000 $365,000

    Bank Of Akron's average total fees were $3,097, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 85 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 72 $15,130,000 $210,139
    4-5% 52 $14,320,000 $275,385
    5-6% 29 $5,725,000 $197,414
    6-7% 4 $770,000 $192,500
    2.5-3% 2 $360,000 $180,000

    During 2019, Bank Of Akron's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 72 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 70 $9,950,000 $142,143 $2,587 4.31%
    $200k-400k 46 $12,540,000 $272,609 $3,270 4.44%
    $100,000 or less 30 $2,420,000 $80,667 $2,418 4.37%
    $400k-600k 10 $4,400,000 $440,000 $5,228 4.46%
    $600k-1MM 4 $3,090,000 $772,500 $4,488 4.37%
    $1MM+ 1 $4,255,000 $4,255,000 $17,835 4.13%

    2019 saw Bank Of Akron place emphasis on $100k-200k loans with 70 originations, totaling $9,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 32 $6,690,000 $209,063 $3,076 4.11%
    $75k-100k 21 $3,605,000 $171,667 $2,881 4.14%
    $150k-250k 20 $4,360,000 $218,000 $3,746 3.93%
    $50k-75k 20 $2,700,000 $135,000 $1,962 4.11%
    $250k+ 12 $8,620,000 $718,333 $4,896 3.91%
    $50k or less 12 $1,370,000 $114,167 $2,410 4.26%

    Bank Of Akron lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $75k-100k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $5,915,000 $219,074 $2,871 4.08%
    30-36% 26 $5,970,000 $229,615 $3,398 4.03%
    <20% 16 $6,030,000 $376,875 $3,903 4.08%
    40% 9 $1,895,000 $210,556 $2,849 3.89%
    36% 8 $1,100,000 $137,500 $1,996 4.47%
    42% 4 $800,000 $200,000 $1,330 4.09%
    41% 4 $670,000 $167,500 $2,799 4.47%
    43% 4 $930,000 $232,500 $2,409 3.97%
    48% 4 $850,000 $212,500 $4,454 4.34%
    45% 3 $285,000 $95,000 $2,696 3.88%
    >60% 2 $530,000 $265,000 $4,031 3.69%
    44% 2 $470,000 $235,000 $3,835 4.31%
    50-60% 2 $430,000 $215,000 $3,320 4.06%
    37% 1 $155,000 $155,000 $2,464 2.88%
    49% 1 $415,000 $415,000 $2,631 3.63%
    47% 1 $425,000 $425,000 $4,891 4.50%
    39% 1 $225,000 $225,000 $5,556 3.63%
    38% 1 $125,000 $125,000 $2,319 3.88%

    Bank Of Akron lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 122 $29,040,000 $238,033 $3,137 4.07%
    Not applicable 36 $7,200,000 $200,000 $0 5.43%
    Asian 2 $210,000 $105,000 $1,162 4.00%
    Black 1 $205,000 $205,000 $525 4.88%

    Approval Rates

    Total approvals of all applications
    98.20%

    Bank Of Akron 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
    98.14%

    Bank Of Akron has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 161 $36,655,000 $227,671

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 9 $3,275,000 $363,889
    Single Family (1-4 Units):Site-Built 152 $33,380,000 $219,605

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $970,000 $161,667 $3,289 3.58%
    40-60% 11 $1,745,000 $158,636 $2,639 4.19%
    60-80% 82 $15,240,000 $185,854 $3,061 4.35%
    80-100% 49 $14,625,000 $298,469 $3,153 4.41%
    Over 100% 8 $3,380,000 $422,500 $3,146 4.89%
    Under 20% 1 $5,000 $5,000 $2,812 3.63%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 1 7.1%
    BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 7.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 2 14.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 42.9%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 7.1%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank of Akron 3619 Walden Avenue Lancaster, NY 14086 Full Service B&M $24,637
    Bank of Akron 46 Main Street Akron, NY 14001 Full Service B&M $179,882
    Bank of Akron 77 Buell Street Akron, NY 14001 Full Service B&M $0
    Bank of Akron 9470 Clarence Center Road Clarence, NY 14032 Full Service B&M $55,492
    Bank of Akron 9865 Main Road Clarence, NY 14031 Full Service B&M $68,019

    For 2019, Bank Of Akron had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $17,093
    Net interest income $13,947
    Total noninterest income $1,359
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $360
    Trading account gains and fees $0
    Additional Noninterest Income $999
    Pre-tax net operating income $4,340
    Securities gains (or losses, -) $696
    Income before extraordinary items $4,077
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,077
    Minority interest net income $0
    Net income $4,077
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,513

    Bank Of Akron's gross interest income from loans was $17,093,000.
    Bank Of Akron's net interest income from loans was $13,947,000.
    Bank Of Akron's fee based income from loans was $360,000.
    Bank Of Akron's net income from loans was $4,077,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,146
    Provision for credit losses $371
    Total noninterest expense $10,595
    Salaries and employee benefits $6,314
    Premises and equipment expense $697
    Additional noninterest expense $3,584
    Applicable income taxes $959
    Net charge-offs $937
    Cash dividends $840

    Bank Of Akron's interest expense for loans was $3,146,000.
    Bank Of Akron's payroll and benefits expense were $6,314,000.
    Bank Of Akron's property, plant and equipment expenses $697,000.

    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 1.0%
    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 $341,404
    Deposits held in domestic offices $341,404
    Deposits by Individuals, partnerships, and corporations $307,452
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $31,114
    Deposits by Commercial banks and other depository institutions in U.S. $2,838
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $120,371
    Demand deposits $92,723
    Nontransaction accounts $221,033
    Money market deposit accounts (MMDAs) $39,365
    Other savings deposits (excluding MMDAs) $85,435
    Total time deposits $96,233
    Total time and savings deposits $248,681
    Noninterest-bearing deposits $92,723
    Interest-bearing deposits $248,681
    Retail deposits $303,505
    IRAs and Keogh plan accounts $12,006
    Brokered deposits $21,417
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $388,365
    Cash & Balances due from depository institutions $16,027
    Interest-bearing balances $12,478
    Total securities $37,727
    Federal funds sold & reverse repurchase $0
    Net loans and leases $316,566
    Loan and leases loss allowance $4,985
    Trading account assets $750
    Bank premises and fixed assets $4,977
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $12,318

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $388,365
    Total Liabilities $349,613
    Total deposits $341,404
    Interest-bearing deposits $248,681
    Deposits held in domestic offices $341,404
    % insured (estimated) $84
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $6,020
    Subordinated debt $0
    All other liabilities $2,189

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $316,566
    Loan and leases loss allowance $4,985
    Total loans and leases (domestic) $321,551
    All real estate loans $285,021
    Real estate loans in domestic offices $285,021
    Construction and development loans $22,031
    Residential 1-4 family construction $5,151
    Other construction, all land development and other land $16,880
    Loans secured by nonfarm nonresidential properties $126,121
    Nonfarm nonresidential secured by owner-occupied properties $43,359
    Commercial real estate & other non-farm, non-residential $82,762
    Multifamily residential real estate $8,630
    1-4 family residential loans $127,975
    Farmland loans $264
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $34,855
    To non-U.S. addressees $0
    Loans to individuals $1,589
    Credit card loans $877
    Related Plans $47
    Consumer Auto Loans $132
    Other loans to individuals $533
    All other loans & leases $86
    Loans to foreign governments and official institutions $0
    Other loans $86
    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 $1,343
    Non 1-4 family restructured loans & leases $1,343
    Total loans and leases (foreign) $0

    Bank of Akron had $316,566,000 of loans outstanding in 2019. $285,021,000 of loans were in real estate loans. $22,031,000 of loans were in development loans. $8,630,000 of loans were in multifamily mortgage loans. $127,975,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $877,000 of loans were in credit card loans. $132,000 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 358 $76,383 $213,360
    Nonfarm, nonresidential loans - <$100k 65 $2,501 $38,477
    Nonfarm, nonresidential loans - $100-250k 146 $19,036 $130,384
    Nonfarm, nonresidential loans - $250k-1MM 147 $54,846 $373,102
    Commercial & Industrial, US addressed loans - <$1MM 333 $24,419 $73,330
    Commercial & Industrial, US addressed loans - <$100k 208 $5,293 $25,447
    Commercial & Industrial, US addressed loans - $100-250k 77 $7,557 $98,143
    Commercial & Industrial, US addressed loans - $250k-1MM 48 $11,569 $241,021
    Farmland loans - <$1MM 2 $264 $132,000
    Farmland loans - <$100k 1 $54 $54,000
    Farmland loans - $250k-1MM 1 $210 $210,000