2.30% 18-Month CD at 1st Mariner Bank in Maryland

1st Mariner Bank is offering a 2.30% APY 18-month CD special. Minimum deposit is $500, and the maximum is $100,000. The special is listed on the bank's front page as of 2/23/2010, and it can be opened by phone or at one of the bank's branches. I was told by the CSR that they can accept out-of-state deposits, and the CD can be funded via an ACH transfer from an existing checking or savings account. According to the CSR, the special rate is good at least through 2/24/2010. Rates are subject to change every Thursday.

1st Mariner Bank's branches are located in several Maryland cities including Baltimore, Annapolis, Westminster, Bel Air, Columbia and Easton. There's also a branch in Shrewsbury, PA.

The bank's ratings for safety and soundness are weak: 1 star (troubled) at BauerFinancial and 1 star (lowest) at Bankrate.com. Both ratings are based on 9/30/09 financial data. Another issue to note is that the bank received a FDIC Cease-and-Desist Order on 9/18/09. The bank has been a FDIC member since 1962 (FDIC Certificate # 31286).