High CD Rates at California Community Bank

Community banks are seen as an integral part of the economic of small towns and large cities in every U.S. state.  Very often, the best terms for loans and bank savings rates can be found at community banks.  A community bank that has been providing a wide selection of financial services as well as high CD rates in California is 1st Centennial Bank.

1st Centennial Bank, founded in 1990, is a full service, state-chartered commercial bank in California.  The bank specializes in the delivery of financial services to the local business communities.  Though the bank’s primary focus is on commercial lending and residential construction, it also offers a wide range of loan and deposit banking products and services to local consumers.  The banks standard services include checking and savings accounts, CDs, IRAs, and credit cards.  The bank also offers non-traditional financial products, including security sales, insurance products and financial planning.

1st Centennial Bancorp is the parent company of 1st Centennial Bank, headquartered in Redlands, California. The bank offers real estate and construction loans through its Real Estate/Construction Division located in Redlands, California, and owner-occupied and investor-owned real estate financing products, including Small Business Administration loans, through its Commercial Lending Group located in Brea, California. 

Data extracted from the third quarter financial statement included the following:  As of September 30, 2008, non-performing assets as a percentage of total loans and other real estate owned equaled 19.34% compared to 2.92% at December 31, 2007.  As of September 30, 2008, the bank’s Tier 1 capital to average assets ratio (“leverage capital ratio”) was 4.43%, the Tier 1 risk-based capital ratio was 6.89%, and the total risk-based capital ratio was 8.18%.  On a consolidated basis, as of September 30, 2008, the company’s leverage capital ratio was 4.42%, the Tier 1 risk-based capital ratio was 6.87%, and the total risk-based capital ratio was 8.43%.  As of the same date, the company and bank were classified as “adequately capitalized” as defined by applicable regulatory definitions.  For the nine months ended September 30, 2008, the net loss totaled of $19.8 million as compared to net income of $6.2 million for the nine months ended September 30, 2007.

1st Centennial Bank current CD rates and terms.

90 – 179 day CD with an interest rate of 1.157% APY.
180 – 364 day CD that earns an interest rate of 1.359% APY.
1 year CD that yields a rate of 2.020% APY
2 year CD that earns an interest rate of 2.020% APY.
3 year CD with an interest rate of 2.275% APY.
4 year CD that yields a rate of 2.531% APY.
5 year CD that has an interest rate of 2.788% APY.

The minimum opening deposit varies for the bank CDs.  The standard CDs interest rate is based on tiered deposit structure starting at $2,500.00 then advances to $25,000.00 and finally at $50,000.00 plus.  $2,500 minimum balance to open the CD accounts, the CD rates posted above are based on this deposit amount. Interest is compounded daily and paid monthly, quarterly, annually or at maturity, for terms of less than one year, on balances of $2,500 or more.

Interest rates are subject to change.  For current CD rate information visit the bank website at www.1stcent.com call 888-673-3236, or visit one of the 1st Centennial Bank branches.

Tags: Banks, CD rates, CD rates California, rates, savings

This entry was posted on Thursday, January 15th, 2009 at 3:20 pm 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.