Royal Bank America and its sister bank Royal Asian Bank continue to offer some competitive mid-term CDs. The rates are down a bit since my last post in September. The new rates include a 2.00% APY for a special 27-month CD and a 2.15% APY for a regular 3-year CD. These are also available in an IRA. Minimum deposit is $1,000. These rates are listed on the rates pages of Royal Bank America and Royal Asian Bank as of 11/14/2010.
Royal Bank America is also listing competitive rates for two very long terms: 3.10% APY for an 8-year term and 3.75% APY for a 10-year term. These are listed only in Royal Bank America's rates page as of 11/14/2010.
The last time I checked with these banks, I was told that accounts must be opened in person at one of the banks' branches. However, accounts can be opened by residents of any state. Royal Asian Bank branches are located in the New Jersey cities of Fort Lee and Palisades Park, in Flushing, New York, and in the Pennsylvania cities of Philadelphia and Upper Darby. Royal Bank America has 14 branches in Southeast 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 recently reported in September that they are behind on their TARP dividend payments.
Royal Asian Bank has an overall health score of 2 out of 5 with a Texas Ratio of 48.19% (average) and Royal Bank America has an overall health score of 2 out of 5 with a Texas Ratio of 81.24% (poor). Both are based on 6/30/2010 data. Please see our financial overviews of Royal Asian Bank and Royal Bank America for more details. Royal Asian Bank has been a FDIC member since 2006 (FDIC Certificate # 58196) and Royal Bank America has been a FDIC member since 1963 (FDIC Certificate # 18962).
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