Lacombe is located in St. Tammany Parish, Louisiana, United States.  It is part of the New Orleans–Metairie–Kenner Metropolitan Statistical Area.  It is also the location for the main office of Central Progressive Bank.  Central Progressive Bank was established in 1967 in Amite, LA.  Central Progressive Bank has 16 bank branches in Southeastern Louisiana.  The bank is a local financial institution and a wholly owned subsidiary of Blossman Bancshares, Inc.  Central Progressive Bank serves Livingston, Washington, St. Tammany, and Tangipahoa Parishes in Louisiana.  The bank is a leading financial institution in the area, with a commitment to innovative banking products and personal service.

Central Progressive Bank is chartered as a Federal Reserve Non-member. Therefore the primary regulator is the Federal Deposit Insurance Corporation (FDIC). The bank has been FDIC insured since January 3, 1967.  At the end of 2008, the bank had total assets of $437,421,000 and a net loss of -$21,535,000.  At the end of the year the bank had noncurrent loans that were 19.41% of total loans.  The bank’s core capital (leverage) ratio was 8.45%, tier 1 risk-based capital ratio of 10.15% and total risk-based capital ratio of 11.46%. 

In 2007, the bank had received a cease and desist order for certain activities that stemmed from an audit by the FDIC in 2006.  The order dictated that the bank include an overhaul of Central Progressive’s lending policies, including stricter loan-making standards and closer monitoring of the loan portfolio to identify credit weaknesses and to stop “unsafe or unsound practices” that jeopardize deposits.

Central Progressive Bank has introduced a variety of banking products and services to the marketplace, including some attractive CD rates.

90-181 day CD rate is 1.60% APY
182-364 day CD rate is 1.70% APY
12 month to 23 month CD rate is 2.05% APY
16 month CD rate is 2.78% APY
24 month to 29 month CD rate is 2.75% APY
30 month to 35 month CD rate is 2.20% APY
36 month to 47 month CD rate is 2.40% APY
48 month to 59 month CD rate is 2.40% APY
60 month and greater CD rate is 2.45% APY

Bank CDs with less than one year terms have a minimum deposit requirement of $1,000.00.  Bank CDs with terms of one year or greater require a $500.00 minimum deposit.  CD interest is calculated on a simple interest basis and requires interest to be paid at least annually on CD’s more than one year.  CD’s in the amount of $10,000 or less must have interest deposited into an account at Central Progressive Bank.  A penalty may be imposed for early withdrawal.

CD rates are subject to change without notice.  For timely bank rates including CD rates, contact the bank directly at 866-580-2265.  The bank website posts current CD rates as well as other savings rates and account information, the bank web address is www.cpb.com.

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