Through much of its early history Louisiana was a trading and financial center, and its fertile land made it a prosperous region in America. The prosperity was mainly due to the river system of the region, especially the “big river”. The Red River and its tributaries were main arteries of transportation for the area along with the “big river”.
The area of Alexandria is located along the Red River. Within Aleaxandria is the headquarters of Red River Bank. Red River Bank is an independent community bank headquartered in Central Louisiana with banking centers also located in Northwest Louisiana. The bank was established on January 14, 1999 and has been FDIC insured since that time.
Red River Bank is chartered as a Federal Reserve Non-member. Therefore the primary regulator is the Federal Deposit Insurance Corporation (FDIC). The deposits of Red River Bank are insured to the maximum extent permitted by the Federal Deposit Insurance Corporation. The bank is a member of the Federal Home Loan Bank of Dallas.
As of the end of 2008 the bank had assets of $694,632,000 and for the full year of 2008 the bank had $6,490,000 in net income. At that time, the bank also had core capital or leverage ratio at 8.09%, tier 1 risk-based capital ratio at 10.87% and total risk-based capital ratio at 11.84%.
In addition to the banks extensive range of products and services, the bank offers the latest in technology as well. Personal accounts offered by the bank include totally free checking accounts, advantage checking accounts, money market investment accounts, Superior checking accounts, senior Platinum checking accounts, basic savings accounts, certificate of deposit, IRA and Health Savings Accounts (HSA).
The bank CD accounts offer a good choice to save for a vacation or college education and when investment money is not needed for a certain period of time. This type of account offers the opportunity to save a specific amount of money for a specific amount of time, such as six months, one year, five years or ten years. Because you agree to pay a penalty fee charged by the bank if you decide to withdraw your money before the end of the specified time period, interest rates will normally be higher than for a basic savings or money market account.
Red River Bank offers competitive rates on certificates of deposit including the following CD rates and terms. These bank CDs rewire a minimum deposit of $500.00.
30-89 day CD earns a rate of 1.00% APY
90-179 day CD earns a rate of 1.25% APY
180-364 day CD earns a rate of 1.52% APY
12-17 month CD rate is 1.80% APY
18-23 month CD rate is 1.90% APY
24-35 month CD rate is 2.00% APY
36-47 month CD rate is 2.25% APY
48-59 month CD rate is 2.75% APY
60-83 month CD rate is 3.50% APY
84-120 month CD rate is 3.50% APY
The bank also offers the following special CD rates that require a minimum deposit of $10,000.
9 month CD rate is 2.02% APY
1 year CD earns a rate of 2.35% APY
18 month CD rate is 2.60% APY
The bank’s CDs do not compound interest; therefore, the APY is the same as the stated interest rate. The interest rate and annual percentage yield will remain the same for the initial term of the CD unless a contractual agreement allows you to request a one-time rate change during the initial term. Bank CD interest rates change periodically, for more information and current CD rates call the bank at 318-561-5800. The most recent CD rates and more savings information is available on the bank website located at www.redriverbank.net.
Tags: 12 month CD rate, 18 month CD rate, 24 month CD rate, 6 month CD rate, 60 month CD rate, bank CDs, Banks, CD rates, CD rates Louisiana, Louisiana bank, Red River Bank, savings
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