Community Financial Services Bank is headquartered in BENTON and is the 13th largest bank in the state of Kentucky. It is also the 768th largest bank in the nation. It was established in 1890 and as of December of 2024, it had grown to 226 employees at 8 locations. Community Financial Services Bank's savings rates are 3X the national average, and it has a B+ health rating.
Great People / Great Service
CFSB has been our bank for years. We love the people and leadership. Not going anywhere:)
Careful About Cds With CFSB
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abused because of the difference between advertised CD term/rates vs the very low rate standard term rates which are unpublished on the web site.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.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 287 |
| Year Established | 1890 |
| Employees | 226 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.55% |
| Return on Equity - YTD | 7.73% |
| Annual Interest Income | $71.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $1.45B$1.39B |
| Loans | Q4 2024vs Q4 2023 | $955.8MM$946.2MM |
| Deposits | Q4 2024vs Q4 2023 | $1.31B$1.24B |
| Equity Capital | Q4 2024vs Q4 2023 | $102.3MM$99.1MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $15MM$16MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $5.7MM$8MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $49K$14K |