Community Financial Services Bank


Overview / Commentary
270-527-6034
221 West Fifth Street
Benton, KY 42025

Community Financial Services Bank is headquartered in BENTON and is the 13th largest bank in the state of Kentucky. It is also the 780th largest bank in the nation. It was established in 1890 and as of September of 2023, it had grown to 244 employees at 8 locations. Community Financial Services Bank has a C+ health rating.

Great People / Great Service

Posted by: |

CFSB has been our bank for years. We love the people and leadership. Not going anywhere:)

Great Experiece

Posted by: |

Pleasant and helpful people that value my business. If you want someone to do a transaction for you to save you the effort to do it yourself this is the bank for you, even will call you back and follow up.

Community Financial Services Bank

Posted by: |

Easy to start a new account, great rewards checking interest 3%, and fantastic customer service. I've had this bank as my bank for the past 21 months, and they recently helped me with a chargeback, and that was all settled with a refund the next day.

Careful About Cds With CFSB

Posted by: |

CFSB service is top notch. Friendly staff in person and also quick answers to questions via messaging with online banking.

However, our CD experience was lackluster. We were out of town around the time of a CD maturity and renewal date and failed to call the bank durning the 10 day period at maturity. The mailed notice said our 10 month CD would auto-renew for 24 months but did not list the new rate. It said you must call the bank. We failed to call the bank and a CD that originally had one of their special rates at 4.19% renewed for 24 months at 0.15%. Oh, and the same month the bank web site advertised a 17-month CD special of 4.87%, a fixed rate CD.

Our CD paperwork said the renewal term would be either the same term (10 months) or the next longer term available for "standard rates". The web site publishes only the special rate CDs. We learned in person at the bank that the special CD term/rates advertised are NOT considered standard. And a CD auto-renew will NEVER choose a special CD term and rate, even though their web site doesn't even publish the standard term/rate CDs. And on top of that the penalty for withdrawing the CD early is 6 months interest PLUS $35, even if you close the CD within just a couple weeks after maturity.This penalty was clearly spelled out in the original paperwork. So our bad. But, the paperwork did NOT distinguish between the classification of CD special term/rates and standard CD term/rates.

We left the bank feeling a bit abused because of the difference between advertised CD term/rates vs the very low rate standard term rates which are unpublished on the web site.

The CD treatment felt very underhanded. Advertise one thing, but don't publish the very poor rate that existing customers end up getting if they don't call the bank.

We were told that had we called the bank within the 10 days of CD maturity that they would have honored the 17 month special CD rate for the renewal. Imagine that. One must call the bank to receive reasonable treatment. One would have thought that the CD would renew with a published term/rate from the web site. Nope.

Just be careful with this bank regarding CDs.

In closing, they are an excellent bank, but this experience brought them down a couple notches in our opinion.

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Health
C+

Health Grade Components

Overall
FDIC Certificate #287
Year Established1890
Employees244
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.63%
Return on Equity - YTD9.4%
Annual Interest Income$46MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$1.36B$1.4B
LoansQ3 2023vs Q3 2022$952MM$963.8MM
DepositsQ3 2023vs Q3 2022$1.21B$1.26B
Equity CapitalQ3 2023vs Q3 2022$83.3MM$95.2MM
Loan Loss AllowanceQ3 2023vs Q3 2022$15.9MM$14.8MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$10.2MM$5.7MM
Real Estate OwnedQ3 2023vs Q3 2022$14K$18K
Rates

Rates for Community Financial Services Bank are currently being reviewed.

Locations


Community Financial Services Bank Locations
Calloway County Banking Center Branch1721 North 12th StreetMurray, KY 42071
Draffenville Banking Center Branch23 Highway 68 WestBenton, KY 42025
Mccracken County Banking Center Branch3390 Park AvenuePaducah, KY 42001
Calvert City Banking Center Branch456 5th AvenueCalvert City, KY 42029
Community Financial Services Bank221 W 5th StBenton, KY 42025
Mccracken County Banking Center - So2550 Irvin Cobb DrivePaducah, KY 42003
Graves County Banking Center Branch100 Dick Castleman BypassMayfield, KY 42066
Calloway County Sycamore Banking Cen414 S 12th StreetMurray, KY 42071

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