passumpsic savings bank

For the Passumpsic Savings Bank, nothing is impossible to make their customers happy. Yes, they have a solid platform to show their performance by offering financial products, services, expertise, advice, and many more.

They have a strong mentality to provide solid financial services. It is one of these banks that are mutually owned. To know what your financial great event could be, you can easily get services from here.

From college students to retired people, everyone can fit their financial needs with their products. Yes, checking, savings, loan, and mortgage everything is here under the shade.

Getting service from this bank is just like joining a financial adventure. Let’s discover how much they’ve got for us.

Picture: Passumpsic Savings Bank
Picture: Passumpsic Savings Bank

What Is the Passumpsic Savings Bank?

Passumpsic Savings Bank adds another feather to the community bank industry in the United States of America. It was established in 1853 and set its headquarters in Saint Johnsbury.

This is the 4th largest bank in this state. In the nation, this bank is the 1104th largest bank. With an “A” health rating, Passumpsic bank is doing well in this sector.

You can see the result in their assets, capital and deposits. Now they have assets totaling $643 million, and deposits totaling $527 million.

As a medium-sized bank, this one offers different types of products like checking, and savings, mortgages, CDs, IRAs, credit cards, and many more.

Picture: Get What You Need from Passumpsic Bank
Picture: Get What You Need from Passumpsic Bank

Things You Don’t Know About Passumpsic Savings Bank:

Undoubtedly, Passumpsic Savings Bank if or stress-free personal checking. For the highest rate of return and get other financial benefits, you might decide to make this your ultimate financial institution. Before sealing the decision, know more about this bank below.

ParticularsRemarks
Websitehttp://www.passumpsicbank.com
IndustriesBanking
Company Size51 – 200 Employees
HeadquartersSt. Johnsbury, Vermont
TypesPrivately Held
Founded1853
SpecialtiesHome Mortgages, Home Equity Loans, Personal Banking, Online Banking, Mobile Banking, Business Banking, Personal Loans, Business Loans, and Trust and Investments
FDIC InsuredYes
FDIC Certificate#14134
Capital$107.74 million
Primary RegulatorFDIC
Return on Assets – YTD1.07%
Return on Equity – YTD8.79%
Annual Interest Income$23.9M

Assets and Liabilities Status:

Let’s check out all the financial parameters of Passumpsic Savings Bank to know how better their activity is going on in this sector.

We just pick some key parameters for it like assets, loans, deposits, equity capital, loan loss allowance, unbacked noncurrent loans, and real estate owned. Have a glance at the table below.

ParticularsQ4 2021Q2020
Assets$880.2Mm$814.1MM
Loans$583.7MM$540.5MM
Deposits$739.8MM$682.3MM
Equity Capital$107.7MM$100.2MM
Loan Loss Allowance$8.2MM$7.4MM
Unbacked Noncurrent Loans$6.2MM$5.5MM
Real Estate Owned$0$0

What Types of Product You Can Have from This Bank?

A wide range of products can make customers more flexibility to choose what they need from a community bank to meet financial needs. This one also surprises us by offering different types of products every time. We’ve mentioned all of them below.

Personal Banking:

Checking Accounts:

  • Kasasa Cash
  • Kasasa Cash Bank
  • Kasasa Tunes
  • Senior Free Checking

Savings Accounts:

  • Kasasa Saver
  • Statement Savings
  • Money Market Savings
  • Health Savings Account
  • Youth Statement Savings
  • Savers Club

CDs:

  • Fixed-Rate CDs
  • Youth CDs

IRA Accounts:

  • Roth IRA
  • Traditional IRA

Business Banking:

  • Business Checking
  • Small Business Checking
  • Business Now Account
  • Municipal NOW
  • Non-Profit Checking
  • Non-Profit Plus Checking

Business Savings & CDs:

  • Statement Savings
  • Money Market Account
  • Business CDs
  • SEP IRAs

Credit Services:

  • Commercial Real Estate Loans
  • Commercial Equipment
  • Working Capital
  • Business Acquisition
  • Small Business Admiration (SBA) Loans
  • Line of Credit

Business Services:

  • Visa Business Credit Card
  • Online Banking
  • Automated Clearing House Partner (ACH)
  • Wire Transfer – Domestic and International
  • Capital Reserve Overdraft Protection
  • IntraFi Network Deposits
  • Health Savings Account
  • Telebanking

Merchant Services:

  • Merchant Card Service
  • Merchant Deposit Advantages
  • Government Payment System
  • Check Conversion
  • Voyager Fleet Card
  • Gift & Loyalty Card

Non-Deposit Services:

  • Sweeps
  • Repurchases Agreements  (With Sweep Feature)

Additional Services:

  • Visa Credit Card
  • MasterMoneyTM Debit Card
  • Change of Address
  • Safe Deposit Boxes
  • Direct Deposits
  • Wire Transfer: Domestic and International
  • Night Depository
  • Automatic Funds Transfer
  • Online Banking
  • E-Statement

Lending:

Mortgages:

  • Fixed-Rate
  • Adjustable-Rate
  • First-Time Homebuyer Programs

Home Equity Products

  • Home Equity Loans
  • Home Equity Lines of Credit

Personal Loans

  • Toy Loan
  • Kasasa Loan

Investment:

  • Financial Services
  • Financial Specialist

Customer Center:

  • Order Checks
  • Current Rates
  • Accessibility
  • Additional Services
  • Online Banking & Digital Service
  • Security and Customer Protection
Picture: Get the mobile app
Picture: Get the mobile app

Picture: Get the mobile app

How to Compare the Rate?

Now, it’s time to know about the rate of the popular accounts at this bank. Rate influences people to make decisions about the product.

Check the below table for the current terms, rates, and APY of all the popular products of this bank.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.1% APY$50
Checking Account0.05% APY$1
Certificates of Deposit12 Months: 0.50% APY 24 Months: 0.75% APY 36 Months: 0.85% APY 48 Months: 1.25% APY 60 Months: 1.55% APY$500 for all terms
Money Market Accounts0.1% APY 0.1% APY$10000 $15000

The below table is for you, to compare all the rates with others. It makes sense why you need to choose this bank for your best financial assistant right now.

Notable RatesAPYVs. Others
Savings0.10%0.85%
1 Year CD0.40%1.25%
2 Year CD0.60%1.50%
5 Year CD0.85%1.80%
30 Year Mortgage3.57%2.81%
15 Year Mortgage2.88%2.36%
HELOCN/A2.79%
Picture: National Average vs Passumpsic Savings
Picture: National Average vs Passumpsic Savings

Conclusion:

Only a few banks have the dedication to grow faster than anything in the community banking sector. Passumpsic Savings Bank is doing the same thing to fulfill its purpose.

They want to make their customer and community happy. For both personal and business customers, they made everything much better including their product line and services. They ensure convenient access to every type of service through mobile and online.

It’s true, this bank is liable to make the community stronger. For secure, reliable, and fast service, it could be the ultimate option for everyone.

Nothing can be better without this bank if you need the hassle-free but solid banking service.

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