Gorham Savings Bank cares about the community and loves its customers. They do it by being good in financial service. Management of this bank knows what is the exact point of putting their energy and resources into the community to become successful.
As a result, this bank is now another name of innovation. It makes a difference in banking services. From personal banking to business banking, they’ve come with different products.
All these products are essential to fit our needs in daily banking. Keep reading because we’ve more things to discuss it
What Is Gorham Savings Bank?
With $1 billion in assets and $846 million in deposits, one bank provides the best bank service. Yes, we are talking about Gorham Savings Bank that started its banking journey in 1868.
Because of their yearly turnover, assets, deposits, and liabilities, this bank is treated as a medium-sized bank in the USA. Its headquarters is in Gorham, Maine.
They always believe customers are everything for them. That’s why they have live chat features, online banking, mobile banking, websites, and many more.
For the phenomenal services, everyone can easily manage their relation and account with this bank.
Assets and Liability Status:
This bank passed another successful year in the banking business. We can see the result in their assets and liability chart and here it is.
|Particulars||Q1 2021||Q1 2020|
|Assets||$1.43 B||$1.25 B|
|Loans||$1.09 B||$978.0 MM|
|Deposits||$1.26 B||1.03 B|
|Equity Capital||$129.7 MM||$120.8 MM|
|Loan Loss Allowance||$12.0 MM||$9.4 MM|
|Unbacked Noncurrent Loans||$12.8 MM||$10.6 MM|
|Real Estate Owned||$0||$200.00 K|
Every bank has some common and some different products to offer to their clients. This bank has a long list of such types of products. Take a quick look at them.
- Open Account Online
- CDs & IRAs
- Credit Cards
- Home Equity Line of Credit
- First-Time Home Buyer Program
- Other Loan
Invest & Protect:
- Investment & Wealth Management
- Guided Wealth Portfolios
- Online & Mobile banking
- Video Teller Machines
- Switching is Easy
- CDs & IRAs
- Workplace Banking
- Business Lending Team
- Business Loans
- Working Capital Lines of Credit
- Accounts Receivable Financing
- Cash Management
- Merchant Services
- Online Payments & Invoicing
- Payroll Services
- Retirement Plans
- Online & Mobile Banking
What Are The Popular Accounts At This Bank?
If you want to know what are the popular accounts and how deposit accounts get paid, then this table is for you.
|APY||Account Type||How They Compare|
|0.05%||Reward Checking||1.48% – National Average|
|0.25%||5 Year CD||0.69% – National Average|
|0.10%||1 Year CD||0.55% – Ponce Bank 13 Month High-Yield CD|
What Are The Rate of Products?
Every product of the financial institution is related to rates. There is no exception for this bank as well. They have different rates for their offered product. In this table, we showed popular types of the product along with the current terms and rates.
|Product||Current Terms and Rates||Minimum Balance for APY|
|Statement Savings Account||0.05% APY||$25|
|Certificates of Deposit||12 Month: 0.10% APY24 Month: 0.20% APY36 Month: 0.20% APY48 Month: 0.25% APY60 Month: 0.25% APY||$500 for all tiers|
|Money Market Accounts||10K tier: 0.10% APY25K tier: 0.10% APY||$25|
|Checking Accounts||0.05% APY||$25|
Savings accounts, CDs, Money Market Accounts, checking accounts, come with different terms and rates that let you manage your money in a better way.
We suggest you compare the rate with the national average, to decide to choose a product of this bank.
Comparison of Savings, CDs, and Mortgage Rate:
The most popular financial products of this bank are lower than the national average. But we still feel the necessity of comparing the rate with others and the result is given below.
|Notable Rates||APY||Vs. Others|
|1 Year CD||0.25%||0.70%|
|2 Year CD||0.35%||0.75%|
|5 Year CD||0.50%||1.15%|
|30 Year Mortgage||4.29%||2.72%|
|15 Year Mortgage||3.69%||2.36%|
Pros and Cons:
After deep research, we found a few pros and cons of Gorham Savings Bank.
- ATM fees refunded
- No monthly fees
- Less competitive interest rates
What About The GSB LaunchPad Competition?
Only five among 150 applications are allowed to submit a 60-second pitch video. Finalists can get the Emerging Business Award. In the final judgment, there is a panel of three judges. The price amount is $50000 from the Gorham Savings Bank.
For the year 2021, the names of the finalists are
- bluShift Aerospace
- C. Love Cookie Project
- Marin Skincare
- The Cubby
The judge of this panel brought three key insights.
- The first one is, the business models that are shown in the competition are as diverse as ever.
- Second, Maine is the best gourd for innovation for those who believe in sustainability and technology.
- Last, everything should be creative. These three insights are the key that becomes an inspiration for winning the Business Agility Award.
For daily banking, Gorham Savings Bank is a tremendous option for the local community. We were surprised by how they support local farmers and agribusiness.
One thing for sure, this bank is not going to give you typical customer service. This bank is for everyone and it’s a great option if you need money. You just need to fit your needs with their product. That’s all for you. You’ll get your fund in less time.