Before the Great Depression there were two banks located in Farmington, Illinois.  One of these banks closed and the other is the still profitable Bank of Farmington.  The Bank of Farmington was established in 1903, it is an independent, locally-owned community bank located in Farmington and Canton, Illinois.  The bank been FDIC insured since 1934.

The bank is chartered as a Federal Reserve Non-member and its primary regulator is the Federal Deposit Insurance Corporation (FDIC).  As of December 31, 2008 the bank had assets of $77,891,000.  For that year, the banks net income had increased from the previous year to $696,000.  At the close of 2008, Bank of Farmington had only 0.46% of its total loans classified as non current.

The bank offers a wide selection of certificates of deposit.  The interest earned on then bank CDs can be paid to another savings account or checking account monthly, paid by check, compounded on the certificate quarterly or paid at maturity.

With a minimum opening balance of $1,000.000 Bank of Farmington is currently offering the following CD products:

A six month CD rate is 1.96% APY.
A one year CD rate is 2.32% APY.
An eighteen month CD rate is 2.63% APY.
A two year CD rate is 2.73% APY.
A thirty month CD rate is 2.83% APY.
And a three year CD rate is 2.93% APY.
The bank is also currently offering a nine month CD special that earns an interest rate of 2.46% APY.
 
CD interest rates are subject to change.  Additional conditions may apply.  For current CD rates and account information contact the bank directly at 309-245-2441.  Bank CD rates, account information and other disclosures can be found at the bank website, www.bankoffarmington.com.

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