# MERRIMAC SAVINGS BANK
MERRIMAC, MA · FDIC certificate 90240 · asset band <$300M · latest filing 2015-09 · stopped filing (departed)

**Verdict on the desk:** this could be *credit-stressed*. Composite score 4 (one point per flag, capital below 5% counted twice; 7 or more is where departures cluster).

## What the filing shows (filed dollars, derived ratios; band percentiles in parentheses)

| Measure | Value | Band median |
|---|---|---|
| Total assets | $75.2M | |
| Deposits | $70.0M | |
| Loans and leases | $38.1M | |
| Total equity | $5.1M | |
| Loans / deposits | 53.96% (p21 of band) | 73.61% |
| Liquid assets / assets | 46.21% (p74 of band) | |
| Uninsured deposits / deposits | 20.50% (p76 of band) | 13.65% |
| Brokered deposits | 0.00% | |
| Wholesale funding | 0.00% (p17 of band) | |
| FHLB advances / assets | 0.00% | |
| Tier 1 leverage | 6.59% (p2 of band) | 10.70% |
| Unrealized securities loss / equity | -3.16% (p2 of band) | 0.86% |
| AOCI / equity | -2.79% (p2 of band) | |
| ROA (annualized) | 0.36% (p18 of band) | 0.84% |
| Net interest margin | 2.76% (p11 of band) | 3.64% |
| Efficiency ratio | 103.59% (p95 of band) | |
| Noncurrent loans | 1.52% (p71 of band) | 0.69% |
| Net charge-offs (annualized) | 0.03% (p56 of band) | |
| Reserve coverage of noncurrent | 54.73% | |
| Real estate % of loans | 90% | |
| Construction % of loans | 6.25% (p32 of band) | |
| Auto loans | $296,000 (0.78% of loans; DQ 0.00%, NCO 0.00%) | |
| Loans to nondepository financials | $0 (0% of equity) (p48 of band) | |
| Deposits YoY | 4.3% | |
| Employees | 21 | |

## Flags firing in the latest filing

- **leverage <7%** (`cap_low`)
- **capital falling** (`cap_falling`)
- **expense ratio p90** (`earn_efficiency`)
- **reserve under noncurrent** (`aq_reserve`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2011-03 | 2 | leverage <7%, reserve under noncurrent |  |
| 2011-06 | 2 |  |  |
| 2011-09 | 2 |  |  |
| 2011-12 | 2 |  |  |
| 2012-03 | 2 |  |  |
| 2012-06 | 2 | deposits shrinking | leverage <7% |
| 2012-09 | 2 | leverage <7% | deposits shrinking |
| 2012-12 | 3 | capital falling |  |
| 2013-03 | 3 |  |  |
| 2013-06 | 4 | AOCI drag >20% of equity, securities losses >30% of equity | capital falling |
| 2013-09 | 4 |  |  |
| 2013-12 | 4 |  |  |
| 2014-03 | 3 | expense ratio p90 | AOCI drag >20% of equity, securities losses >30% of equity |
| 2014-06 | 3 |  |  |
| 2014-09 | 3 |  |  |
| 2014-12 | 3 |  |  |
| 2015-03 | 3 |  |  |
| 2015-06 | 3 |  |  |
| 2015-09 | 4 | capital falling |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-07-26 [James Samuel Smith - View Obituary & Service Information - Remick & Gendron Funeral Home](https://news.google.com/rss/articles/CBMia0FVX3lxTFBpT3hIRTdXQXRrU3NTSDJYTWx6dkRXX0h5VG1ET0x1VnJxVnVjeVQ4cTViUGlZR181Y29DU2RqWjhia2ZJLVV4MHphRkpHR29zN1NWV213ZXRKMC1VYm9PaEU0OTYyRUw5eHdJ?oc=5) · Remick &amp; Gendron Funeral Home
- 2019-04-11 [Peabody-based North Shore Bank to merge with Beverly Bank - The Business Journals](https://news.google.com/rss/articles/CBMiogFBVV95cUxNODgzS1ZTNlc3TkEwLUVacUpZM1A0T0xCdklzOUc1OWR4SUpMWURsaWJBSnd0Wl9CRXpCQnZFWGI5V2tsWGk5aXpPd1lXeDZiZ1N5V1JXMjJmbHpYUTNhNnBmRTJ4Q0R0dzZTRURuNU5YUlJJVFF0QjhwRXZTS292Y1hXWWtUcVIyVFpiMDhMMG1haW9fWU5HaUVLV0ltX0szUGc?oc=5) · The Business Journals
- 2026-05-17 [Karina Marie O'Donnell - CurrentObituary.com](https://news.google.com/rss/articles/CBMiUEFVX3lxTFBGaHhPMmtmRU5HQkFtT09mLUtCa3lTYTRnOHlVM2tmOGNncU5XVmQwcXdNaTJNZ1gxdUEta0VFWTYwZEFxUVowUURIMWpsZ000?oc=5) · CurrentObituary.com
- 2014-05-17 [Kenneth W. "Kenny" Jenkins Obituary May 17, 2014 - Brookside Chapel & Funeral Home](https://news.google.com/rss/articles/CBMidEFVX3lxTFBCRlU3MkwyRWdZV29yb1EzT2U1bUJrMUZXZm5mQldJVFhCaTNTQUFVUll4OGh1LWV5SDVHcXFWdWlrb3Q3cEFfYlk3alV6WmduS0F2cXRqVmRSWFZ4SkdvQXB5UkQzbUxLMWQxNmFpcFJrWDY0?oc=5) · Brookside Chapel &amp; Funeral Home
- 2021-10-28 [Karina O'Donnell Obituary (2011) - Merrimac, MA - Boston Globe - legacy.com](https://news.google.com/rss/articles/CBMilgFBVV95cUxQUzNJRVhaa1Rac1JvbklDT0g2RlF2cTQyQUw0cjdSWHQ0TzN3X19jVEY0NEhHVGdjR3VlOGstQ0Nqa3gxVU5jaUpRWkk5Q1cydjNVQl9PX0sxTXVNb1dkXzhvQThROHZaRXBoZGRod3RnSElyTGU2dktUOE0zVnZXNVBlUDVZWnZhYXRJVHhkb0xvZk91ZVE?oc=5) · legacy.com
- 2005-07-14 [BOUSQUET - Lowell Sun](https://news.google.com/rss/articles/CBMiTkFVX3lxTE96R0E3eUY2WFpPdVdGTzF6T2VIZVQ1QXVTakVRQXJuV01ka1VSblJWaXpZN1ktWTNvZ3pIOFUxeE5vY3lvampUQWczdnRKZw?oc=5) · Lowell Sun
- 2014-09-24 [Northern Essex Awards More Than $200,000 in Scholarships - The Valley Patriot](https://news.google.com/rss/articles/CBMiiAFBVV95cUxQazdhQ3c0YnpzMGFnckZKVDNxRmcwY0FKeEpfTDQ3cFA0cHVZdUtrSzdrY3FmMGtsQndPTE8xWDIwVXdaUjBGdWE2V0pMYzJMb3AxSzJGcFczR2RicG9Kd3pld0l4dENsYmVtZGRzM3QxSmt2dHN1anBYSERRdEFtaVc3dDNIRzhW?oc=5) · The Valley Patriot
- 2023-10-21 [Judith Denno Obituary (1941 - 2023) - Legacy Remembers - legacy.com](https://news.google.com/rss/articles/CBMijwFBVV95cUxON0RLQk9iUFdIVFNiUWo2X3FSZ0hndmNWYW9GTnRyZExOek9ocURubEctY0wyOHo5OHZ5LU1MSUFqd3RJTndtSHNZTzd0eFhCZkphTmc2aDZ4aVBBQ3dTaWtUXy1OUHNabVVpS0lzV0V6TFdUTUc4MG1VZks1UUhLOHozeWdrbTJsMGthUlhOSQ?oc=5) · legacy.com

## How to verify

- Page: https://getbookiq.com/bank-desk/#bank=90240 (click any number for its formula and FFIEC field codes)
- Latest row, JSON: https://getbookiq.com/bank-desk/data/summary.json · history: https://getbookiq.com/bank-desk/data/h/0.json (key "90240", columns cycle, ASSET, DEP, LNLSGR, EQTOT, ltd, liquid_pct, unins_pct, lev, aoci_pct_eq, sec_loss_eq, roa, nim, eff, nc_pct, nco_pct, LNAUTO, auto_dq, auto_nco, LNNDEPD, ndfi_eq, wholesale_pct, dep_yoy, score, flags)
- Field definitions: https://getbookiq.com/dictionary/#bank-LNNDEPD and the rest of the bank dictionary
- Source: FDIC call report via BankFind, dollars in thousands as filed. Departed means stopped filing, which is usually a merger; FAILED is the FDIC's own list.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide