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3.00% 14-Month CD at Royal Asian Bank in PA, NY and NJ

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Royal Asian Bank is offering a special 3.00% APY 14-month CD. Minimum deposit is $1,000. This special is listed at the bank's home page and in the bank's rate table as of 2/25/09.

It appears a branch visit is required to open an account. Branches are located in Fort Lee and Palisades Park, New Jersey, in Flushing, New York, and in Upper Darby and Philadelphia, Pennsylvania.

Royal Asian Bank's sister bank, Royal Bank America, has the same CD special. This special also appears to be available as an IRA CD. Royal Bank America has 14 branches in Pennsylvania and one in New Jersey.

Royal Asian Bank and Royal Bank America are part of the same bank holding company, Royal Bancshares of Pennsylvania. It was just reported that they received $30.4 million from the Treasury in investments under the $700 billion bailout program.

Royal Asian Bank appears to be in better shape financially than its sister bank. Royal Asian Bank has a 3-star rating (adequate) at BauerFinancial and a 3-star rating (performing) at Bankrate.com. Royal Bank America has a 2-star rating (problematic) at BauerFinancial and only a 1-star rating (lowest) at Bankrate.com. The ratings are based on 9/30/08 financial data. Royal Asian Bank has been FDIC insureds since 2006 (FDIC Certificate # 58196) and Royal Bank America has been FDIC insured since 1963 (FDIC Certificate # 18962).

Credit for this find goes to FW member freejs who mentioned it on the CD thread.

  Tags: New York, Pennsylvania, CD rates, New Jersey, IRA rates

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