Reviewed by Thomas DeMauro | August 28, 2022
CDs
6 Month
Rates
Rates are totally uncompetitive now.
2024 Overview
General Bank Information
MutualOne Bank is an FDIC insured institution located in Framingham, MA. It was founded in 1889 and has approximately $1.26 billion in assets. Customers can open an account at one of its 3 branches.
| FDIC Insured | Yes |
| FDIC Certificate | # 26395 |
| Date Established | 1889 |
| Assets | $ 1,263.83 million |
| Loans | $ 1,082.17 million |
| Deposits | $ 892.28 million |
| Capital | $ 247.91 million |
For a more detailed analysis of MutualOne Bank's financial condition and a description of what these numbers mean, please visit the Financial Details section.
Deposit Rates - November 21, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Online Savings Account
|
0.40% | $500 | - |
Learn More
|
| CD Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| 1-Year CD
|
0.45% | $500 | - |
Learn More
|
| 5-year CD
|
0.55% | $0 | - |
Learn More
|
| Checking Rates | APY | MIN | FEE | |
|---|---|---|---|---|
| Advantage Interest Checking | 0.10% | $1,000 | $8.00 | Learn More |
| Free Checking | 0.00% | $0 | $0.00 | Learn More |
Bank Offers
MutualOne Lowers Online Savings rate to 0.40%
Apr 8, 2021
This tiny little Massachusetts bank which showed signs of aiming to be nationally competitive on savings and online CDs has dropped its rates again today. Its online savings rate has fallen from 0.60% to 0.40% in two months and its short term CD rates are no longer competitive.
Loan Rates - November 21, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for MutualOne Bank
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Monthly Payment |
Learn More |
|---|---|---|---|---|
NMLS ID: 2578474 |
6.494% |
6.375% 0.88 points $4,010 fees |
$1,997 | Learn More |
NMLS ID: 1025894 |
6.955% |
6.875% 0.63 points $2,594 fees |
$2,103 | Learn More |
NMLS ID: 3030 |
7.325% |
7.250% 0.75 points $2,400 fees |
$2,183 | Learn More |
NMLS ID: 491986 |
points fees |
Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR
7.240 %
After Intro: 7.240 % |
$0 |
Learn More
More Info |
Note to MutualOne Bank
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Branches
MutualOne Bank branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
MutualOne Bank Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 634.07 | A | View Lobby Hours | |
| 635.27 | B | View Lobby Hours | |
| 638.04 | C | View Lobby Hours |
Climate Policy and Initiatives
MutualOne Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.
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Financial Details
MutualOne Bank Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of MutualOne Bank. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.
Texas Ratio
| MutualOne Bank | U.S. Bank Average |
|---|---|
| 0.7% | 4.48% |
The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.
As of June 30, 2024, MutualOne Bank had $1,866,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $247,906,000 in equity and $17,073,000 in loans loss reserves. That gives it a Texas Ratio of 0.7%.
Return on Equity
| MutualOne Bank | U.S. Bank Average |
|---|---|
| 10% | 10.46% |
MutualOne Bank has a Return on Equity of 10% versus the BestCashCow average of 10.46%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.
Capitalization
| MutualOne Bank | U.S. Bank Average |
|---|---|
| 19.62% | 10.84% |
MutualOne Bank has a Capitalization of 19.62% versus the BestCashCow average of 10.84. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.
MutualOne Bank Balance Sheet Analysis
As of June 30, 2024, MutualOne Bank had assets of $1,263,832,000, loans of $1,082,173,000, and deposits of $892,283,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.
Summary Balance Sheet
June 30, 2024| ASSETS | |
|---|---|
| Cash & Balances due from depository institutions | $ 42.72 million |
| Interest-bearing balances | $ 41.49 million |
| Total securities | $ 93.04 million |
| Federal funds sold and reverse repurchase | $ 0.54 million |
| Net loans and leases | $ 1,082.17 million |
| Loan loss allowance | $ 17.07 million |
| Trading account assets | N.A. |
| Bank premises and fixed assets | N.A. |
| Other real estate owned | N.A. |
| Goodwill and other intangibles | $ 0.09 million |
| All other assets | $ 33.43 million |
| Total Assets | $ 1,015.93 million |
| LIABILITIES | |
|---|---|
| Total deposits | $ 892.28 million |
| Interest-bearing deposits | $ 778.55 million |
| Deposits held in domestic offices | $ 892.28 million |
| % insured (estimated) | 73.31% |
| Federal funds purchased and repurchase agreements | N.A. |
| Trading liabilities | N.A. |
| Other borrowed funds | $ 36.52 million |
| Subordinated debt | N.A. |
| All other liabilities | $ 10.66 million |
| Total Liabilities | $ 1,015.93 million |
| Shareholders’ Equity | $ 247.91 million |
Summary Income Statement
June 30, 2024| INCOME AND EXPENSES | |
|---|---|
| Total Interest Income | $ 41.95 million |
| Total Interest Expense | $ 17.42 million |
| Net interest income | $ 24.53 million |
| Provision for loan and lease losses | N.A. |
| Total non interest income | $ 0.63 million |
| Total non interest expense | $ 11.77 million |
| Pre-tax Net Operating Income | $ 13.28 million |
Bank Loan Profile?
The top three loan types in MutualOne Bank’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.
Compared to other banks in Massachusetts, MutualOne Bank has a significantly higher percent of Construction and Development Loans, Farm Loans on its balance sheet, potentially indicating a specialty in that lending area.
Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.
| % Loans |
% Comparison to Other Banks |
|||
|---|---|---|---|---|
| Low | Med | High | ||
| 1-4 Family Residential Loans | 19.44 | ✓ | ||
| Multifamily Mortgages |
8.30 | ✓ | ||
| Credit Card Loans | 0.00 | ✓ | ||
| Consumer Auto Loans | 0.10 | ✓ | ||
| Small Business Loans | 4.49 | ✓ | ||
| Construction and Development Loans | 13.27 | ✓ | ||
| Commercial Real Estate | 22.25 | ✓ | ||
| Commercial and Industrial Loans | 19.05 | ✓ | ||
| Farm Loans | 0.47 | ✓ | ||
Customer Reviews for MutualOne Bank
Thomas DeMauro
August 28, 2022
Rates are totally uncompetitive now.
Is this review helpful? Yes:0 / No: 0
Jazzy in Georgia
March 25, 2021 |
Completely excessive number of customer service phone calls after setting up account. Well meaning, but over the top.
Is this review helpful? Yes:3 / No: 0
Jason Turnable
February 15, 2021 |
And, poof, just like that. After years of being competitive, they've dropped their MM rate from 0.70 to 0.45 in two weeks.
Is this review helpful? Yes:3 / No: 0
IDK
February 10, 2021 |
I opened CDs with no issue, they didn't want to set me up for bank-to-bank transfer for a savings account. Someone called me several times and I would call back and get told they had everything. Not worth all the emails and phone calls.
Is this review helpful? Yes:3 / No: 0
D Lorenz
February 10, 2021 |
A little weak around the edges!
Is this review helpful? Yes:3 / No: 0
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