CD rates in Washington were mostly a repeat of the prior week. The big story for the week is the dominance of Raymond Federal Bank in almost very term category. The bank is the leader in CD rates for the week in the six month CD rate, one year CD rate, two year CD rate and five year CD rate categories. These kinds of marketing moves by banks to gain market share usually flags our research department to investigate the bank for safety and soundness.
Raymond Federal Bank has bank branches in Raymond, Long Beach, and South Bend. The bank was established in 1925 and last year the bank had net income of $226,000.00 and assets of $59,796,000.00. Non current loans at the end of the year were only .20% of total loans and leases. Core capital or the leverage ratio stood at 8.55%, tier 1 risk-based capital ratio was 15.39% and total risk-based capital ratio was 16.01%. All of these numbers reflect a well capitalized bank that was profitable during a year that saw a lot of red ink in banking.
Raymond Federal Bank is the clear leader in the six month CD rate category. The bank has a CD that has an odd term that matures in seven months and yields a rate of 2.81%, well above the best national rate of 2.25%. The next best CD rate in Washington is also on a seven month term by First Mutual Bank that has an interest rate of 2.25%. Pacific Crest Savings and Summit Bank fall next in line with true six month terms that each have rates of 2.15%.
The highest one year CD rate on the national list sits at 2.75%. The best one year CD rate in Washington is an odd term 16 month CD offered by Raymond Federal Bank with a rate that is 34 basis points above the best national rate and sits at 3.09%. Banner Bank, HomeTown National Bank and Sound Community Bank are runners up with one year CD rates at 2.75%. The one year category concludes with the CDs of Mountain Pacific Bank that earns a rate of 2.58%.
Raymond Federal Bank takes the top spot in the two year CD rate category with fairly long term maturity CD for this grouping. Raymond Federal Bank has a 33 month CD that has an interest rate of 3.22%. This CD rate is 32 basis points above the best national two year CD rate. HomeStreet Bank lands in the next spot with a two year CD that has a rate of 2.90%. The remainder of the list is banks that all offer two year CDs with interest rates of 2.75% and includes Business Bank, HomeTown National Bank, Sound Community Bank and Summit Bank.
The unexciting highlight of the top five year CD rates in Washington is that Raymond Federal Bank leads the list. Raymond Federal Bank is marketing a five year CD with an interest rate of 3.87%. Behind this offer is the 59 month CD of US Bank that has rate of 3.75%. Cashmere Valley Bank and North Cascades National Bank follow with five year CDs that have rates of 3.51%. Pacific Crest Savings and Sound Community Bank round out the list with five year CD rates of 3.50%.
Tags: bank, best CD rate, best one year CD rate, CD rates, five year CD rates, interest rate, one year CD rate, Raymond Federal Bank, six month CD rate, Summit Bank, two year CD rate, US Bank, Washington CD rates
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