Abington Bancorp, Inc. is the holding company for Abington Bank. Abington Bank is a Pennsylvania state chartered, FDIC-insured savings bank which was originally organized in 1867. Abington Bank conducts business from its headquarters and main office in Jenkintown, Pennsylvania as well as twelve additional full service branch offices and seven limited service banking offices located in Montgomery, Bucks and Delaware Counties, Pennsylvania. Jenkintown, Pennsylvania, is approximately eight miles north of center city Philadelphia. As of December 31, 2008, Abington Bancorp had $1.19 billion in total assets, $665.0 million in total deposits and $238.1 million in stockholders’ equity.
Abington Bank is primarily engaged in attracting deposits from the general public and using those funds to invest in loans and securities. The bank funds are primarily used for the origination of various loan types including single-family residential mortgage loans, construction loans, non-residential or commercial real estate mortgage loans, home equity loans, commercial business loans and consumer loans. The bank states that they have not engaged in, and do not plan to engage in, subprime lending, and their operations have not been directly affected by the fallout in the subprime credit markets. Through the first nine months of 2008 the bank had net income of $6,075,000.
Abington Bank offers various deposit and transaction acounts. Abington Bank has passbook accounts that are interest bearing accounts that allow unlimited deposits and withdrawals. The banks statement savings account is an interest earning account with a minimum opening balance only $1. The savings account can be used for overdraft protection for an Abington Bank checking account and has quick and easy access through any ATM. There is a money market account that uses the daily balance method to calculate interest and the interest is credited at the end of every statement cycle. This money market account allows a maximum 6 transfers per month but unlimited in-branch transfers. This accounts offer maximum return, high liquidity, and is FDIC safe. The bank also provide on line banking and telephone banking services.
For consumers and investors who are in the market for a long or short-term investment, certificates of deposit (CDs) may be just the right bank product. CDs are among the safest investment available. They are easy to understand and there is no fee or sales charge involved. CDs are protected from market value risks, since both the principal and interest are guaranteed. Abington Bank CD accounts have terms from 5 months to 10 years. The bank certificate rates and terms apply to their Individual Retirement Accounts as well.
6 month certificate of deposit rate is 2.25% APY
1 year certificate of deposit has an interest rate of 3.00% APY
18 month certificate of deposit also has a rate of 3.00% APY
2 year certificate of deposit earns an interest rate of 3.25% APY
3 year certificate of deposit has a rate of 3.25% APY as well
5 year certificate of deposit yields an interest rate of 3.50% APY
Certificates of deposit will automatically renew at the same term and current interest rate if no changes are made. Minimum balance to open any certificate of deposit is $1,000.00.
Bank certificate of deposit rates are subject to change at the bank’s discretion. Additional account conditions may apply to open these accounts. Current CD rates and account details can be obtained by contacting the bank directly at 215.886.8280. The bank provides account information and current bank rates on their website at www.abingtonbankonline.com.
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