Get To Know Us
Founded in 1916, Pilgrim Bank is your hometown bank, committed to giving local residents the best banking service and value around.
We offer a wide array of services and products to our customers including free checking and free online banking and bill payment, a variety of savings and investment options and flexible mortgage and home equity solutions.
We also provide small businesses with a range of deposit and lending solutions and other business services to keep your business running smoothly.
It is the goal of Pilgrim Bank to provide a high level of customer service and satisfaction to our customers. The foundation of this high quality service is the delivery of a full range of superior products and services designed to meet the financial needs of our customers in a friendly, knowledgeable, courteous, and professional manner. The Bank will provide an environment for its dedicated and committed professionals that encourages and supports involvement and responds to the financial needs of the community.
Your deposits are insured in full. At Pilgrim Bank your deposits are insured in full by the Federal Deposit Insurance Corporation (FDIC) up to the limits. The Share Insurance Fund of Massachusetts (SIF) insures deposits above that level. There are no maximum account limitations or amount limitations.
FDIC Deposit Insurance Coverage
The standard maximum deposit insurance amount is $250,000 per depositor per insured deposit institution for each ownership category. This coverage was made permanent by the Dodd-Frank Wall Street Reform and Consumer Protection Act of July 2010.
Deposits in different institutions are insured separately. However, if an institution has one or more branches, the main office and all the branch offices are considered to be one institution.
Deposits maintained in different categories of legal ownership at the same bank can be separately insured, making it possible to have deposits of more than $250,000 at one insured bank and still be fully insured. This can increase your coverage to as much as $3,000,000.
Retirement account deposits are insured separately up to $250,000. These include IRA’s, Keogh plan accounts, 457 plan accounts, and self-directed accounts.
The FDIC Deposit Estimator Tool (EDIE) will help calculate the amount of your FDIC Insured Deposits.
The Share Insurance Fund ( SIF )
Every deposit you make in a Massachusetts co-operative bank is insured in full, dollar-for-dollar, without restriction. This includes deposits and accumulated interest in savings accounts, checking and interest-bearing transaction accounts, money market accounts, and term deposits such as certificates of deposit. This protection is provided by a combination of coverage provided by the FDIC and the Share Insurance Fund of The Co-operative Central Bank.