In 2002, there were 20 insured banks in Vermont, seven of them state-chartered. As of September 2002, Vermont's insured banks had assets of $7.2 billion. There was one savings institution at the end of 2002, and one savings and loan bank.
Due to the fact that 30-year mortgage rates were below 7% during 2001/02, refinancing activity was strong during that period, and consumers were able to secure long-term, fixed-rate loans at low rates. Close to one-fifth of Vermont's banks had high concentrations of long-term assets.
At the end of 2002, residential, consumer, and commercial delinquencies increased at many Vermont banks, and the median past-due ratio remained the highest among the New England states. Vermont during 2002 also had high concentrations of residential real estate.