CD Rates with First Bank

The First National Bank of Carmi was established in 1893 and has been FDIC insured since 1934.  First Bank is a nationally chartered bank serving six communities with seven locations in Southeastern Illinois and Southwestern Indiana.  The primary regulator is the Office of the Comptroller of the Currency (OCC).

First Bank offers a wide range of personal banking services including checking, savings, and money market accounts, consumer loans, home equity loans, and a variety of mortgage options. The bank has a complete commercial product line available to small business banking clients. First Bank offers the convenience of 24-hour banking via its automated teller machines, on-line banking, and telephone banking.

Southern Illinois Bancorp, Inc. is the financial holding company for First Bank, First Financial Services, First Insurance, and Southern Illinois Title Insurance Services, Inc.  Its corporate headquarters is located in Carmi, Illinois.  The corporation combines the services of traditional retail and commercial banking, financial planning and brokerages services, and full service insurance services.  The bank has assets of approximately $233,386,000 and produced net income of $912,000 for the first nine months of 2008.

In an open letter from the president of the bank, Alvin Fritschle states that,
“Since we keep our loans, we have always been concerned about the borrower’s ability to repay their loan on a timely basis.  We have not had the same collection problems as these brokerage originated loans.  In fact, we have the lowest level of past due residential real estate loans we have seen in over 5 years.

It is business as usual at First Bank and the other community banks in Southwestern Indiana and Southeastern Illinois.  We are still making loans and are prepared to stand shoulder to shoulder with the local business community in these difficult times.”

First Bank certificates of deposits allow customers to earn high interest over a variety of terms. First Bank offers a wide variety of certificates of deposits to meet specific savings and investment goals.  CD terms are available from 91 days to 60 months.  Interest accrued on the bank CDs may be paid or compounded monthly or quarterly depending upon CD terms.  Certificates of deposit are automatically renewed, unless otherwise directed by the CD account holder.  The penalty for early withdrawal on the bank CDs is 90 days interest on certificates of one year or less and 180 days interest penalty on certificates with a maturity over one year. 

With a minimum deposit and balance of $2,500.00 First Bank offers the following CD rates and terms:
 
A three month CD with an interest rate of 1.15% APY. 
And a six month CD with an interest rate of 1.51% APY.

With a $500.00 minimum the following CD rates are offered at First Bank:

A one year CD rate is 2.01% APY.
An eighteen month CD rate is 2.16% APY.
A two year CD rate is 2.21% APY.
A three year CD rate is 2.26% APY.
A four year CD rate is 2.52% APY.
And a five year CD rate is 2.77% APY.
The bank is also currently offering a five month CD special.  The five month CD rate is 3.03% APY.

CD interest rates are subject to change.  Additional conditions may apply.  To contact the bank directly for further account information and uo to the minute bank rates call 618 382-4118.  More bank product information as well as current savings interest rates, money market interest rates and CD interest rates can be found on the bank website which is located at www.surffirst.com.

Tags: 1 year CD rates, 2 year CD rates, 3 month CD rates, 6 month CD rates, Banks, CD rates, First National Bank of Carmi, Illinois bank, rates, savings

This entry was posted on Monday, February 9th, 2009 at 10:05 am and is filed under Bank Promotions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.