Update 10/30/09: CD rates have fallen. The 6-month CD rate is now 1.80% APY and the 12- and 15-month CD rate is 2.20% APY. Refer to the bank's website for the latest rates.
Southern Commerce Bank continues to offer some very competitive CD rates. These include a 2.00% APY 6-month CD, a 2.30% APY 12-month CD and a 2.40% APY 15-month CD. Minimum deposit is $500. These rates are listed at the bank's rates page as of 10/29/09.
I last posted on this bank in August. At the time it looked like a local deal. However, BestCashCow reported that they do allow people from any state apply online without a branch visit. You'll have to mail a copy of your driver's license and another form of ID. Funding can be done via check or wire transfer. Update 11/06/09: A reader has reported that this policy has changed, and they only open CD accounts in a branch.
For those who live in Florida, the bank has branches throughout Florida including the cities of Fort Pierce, Tampa, Daytona Beach, Gainesville and Jacksonville.
The bank's rating for safety and soundness has fallen at BauerFinancial from 2 stars to 1 star (troubled). It remains at 2 stars (below peer group) at Bankrate.com. Both are based on 6/30/09 financial data. The bank has been a FDIC member since 1987 (FDIC Certificate # 26970).
The bank is part of the Dickinson Financial Corporation bank holding company. It's interesting to note that Academy Bank is also part of this holding company. Academy Bank is also offering some competitive CD rates, and they seem to provide a better online application process. In addition, Academy has better financial ratings (see post).
Other Competitive Certificate of Deposit Rates