North Country Savings Bank represents a cornerstone of financial stability in New York’s North Country region, demonstrating remarkable growth and community commitment since its 1909 establishment.
Historical Foundation and Growth
Origins and Evolution
Founded on May 9, 1909, North Country Savings Bank started as a small provincial bank and then made it to the 89th position of the largest bank in New York State and to the 2,352nd nationally. On the one hand, a bank tells the story, which is a classic example of a savings bank creating altruistic ventures in order to inculcate financial management and thriftiness in society.
Leadership Legacy
With Theresa Phalon at the helm, who started as a teller and later became the CEO in a span of 36 years, the bank recorded an important growth in the project, which was the first female CEO at NCSB, and she was the graduate of a Master’s in Business Administration at the institution. She was the prime mover in opening the credit branches of Saranac Lake, Plattsburgh, Tupper Lake, and Malone.
Current Financial Position
Asset Growth and Stability
- Total Assets: $333,844,000 (2024)
- Total Liabilities: $292,324,000
- Total Bank Equity Capital: $41,520,000
- Total Deposits: $256,829,000
Regulatory Strength
The bank maintains robust capital ratios:
- Tier 1 Leverage Ratio: 14.17%
- Tier 1 Capital Ratio: 22.36%
- Total Capital Ratio: 22.90%
Operational Structure
Branch Network and Employment
The bank has 8 branches in the United States with 80 people, offering good services to the residents of the Ogdensburg-Massena region. The important places are:
- Main Office in Canton
- Massena Branch
- Potsdam Branch
- Ogdensburg Branch
Banking Philosophy
As an association, NCSB care more about helping the community than making money for the shareholders. The people’s personal situation is the one that they really consider, not only computer-based underwriting logic as in automated approaches.
Services and Products
Savings Account Options
- Besides other options, the bank offers attractive savings products like:
- Statement Savings Account (minimum $50 deposit)
- NCSB Rewards Savings Accounts
- Startastic Savings Account for children
- Christmas Club Account
- Money Market Advantage accounts
Lending Services
- The bank aims in:
- Residential mortgages
- Commercial lending
- Personal loans
Total net loans and leases stand at $286,177,000
Community Impact and Innovation
Digital Banking Evolution
Though NCSB sticks to the conventional banking values, it has also evolved to meet the modern banking requirements that include:
- Online banking services
- ATM access
- Digital transaction capabilities
Financial Performance Metrics
For the latest reporting period:
- Total Interest Income: $13,844,000
- Non-Interest Income: $2,131,000
- Net Income: $2,401,000
Market Position and Future Outlook
Competitive Advantages
- Stable financial position
- Lending program for the community development
- Customer experience-oriented service
- Underwriting capacity of manual channel
Challenges and Opportunities
The bank tends to cope with the increased regulatory pressure which is spread among the small and medium-sized institutions while at the same time maintaining competitive advantages due to:
- Local market knowledge
- Personalized service
- Community engagement
- Flexible lending practices
Risk Management and Stability
Asset Quality
- Loan Loss Allowance: $1,108,000
- Net Charge Offs: $129,000
- Conservative lending practices maintaining portfolio quality
Regulatory Compliance
Oversight Framework
- Primary Regulator: FDIC
- Operating as a mutual savings bank
- Adherence to federal and state banking regulations
Customer Service Excellence
- Service Philosophy
- The bank has a direct interaction with its customers for higher service quality, with a focus on:
- Personal relationships
- Individual attention
- Community understanding
- Flexible financial solutions
Economic Impact
Regional Development
Through its community banking service, NCSB manages the following issues very well:
- Local economic development
- Small business support
- Residential housing market stability
- Community financial education
Technology and Innovation
Digital Infrastructure
While maintaining traditional banking values, NCSB continues to invest in:
- Online banking platforms
- Digital security measures
- Modern banking technology
- Customer service systems
Future Strategy
Growth Initiatives
The Bank spots on:
- Broadening loan services.
- Improving digital capabilities.
- Building relationships with local communities.
- Enhancing market power
This detailed examination proves the strong place of North Country Savings Bank as a locally-oriented financial institution, thus the bank can integrate the traditional banking values with modern tools while keeping its high financial strength and community engagement.
Routing Number
The North Country Savings Bank has the routing number 221371123. This routing number can be used for all banking transactions, including direct deposits, wire transfers, and setting up automatic payments.
FAQ
What services does North Country Savings Bank offer?
Answer: North Country Savings Bank provides a number of services, such as personal banking, business banking, mortgages, loans, and investment.
How can I open an account at North Country Savings Bank?
Answer: An account with North Country Savings Bank can be opened by going to one of our branches or by applying online through our website, which can be found on their website.
Is North Country Savings Bank FDIC insured?
Answer: Absolutely! North Country Savings Bank is a member of FDIC, which therefore means your deposits up to the legal high are secured.
What are the fees associated with North Country Savings Bank accounts?
Answer: Fees differ by account type. Most of the time, the best option is to search on our website or call customer service to find out the particular fee that you must pay for your account.
How can I access my North Country Savings Bank account online?
Answer: If you want to view your account online, go to our website and log in to the online banking portal by entering your username and password.
What should I do if I forget my online banking password?
Answer: In case you forget the password that you use for online banking, you can retrieve it by clicking on the “Forgot Password” link available on the login page and then following the instructions given.
Does North Country Savings Bank offer mobile banking?
Answer: Yes, North Country Savings Bank does provide mobile banking. Besides securing your account via a mobile app, you are able to manage your finances on the move by downloading Android and iOS devices from App Store or Google Play.