Crescent Bank (LA) Boosts 60-Month CD
It’s been more than two years since I last wrote about Crescent Bank. At that time, the Bank was offering several competitive long-term CDs. Following rate increases earlier this week, the 48-month CD (2.78% APY) and 60-month CD (3.03% APY) are once again players. Any of Crescent Bank’s CDs can be opened with a $1k deposit and there are no stated balance caps.
In the past nine months, the 48- and 60-month CDs each experienced six rate increases, with the 48-month CD and 60-month CD adding 152 bps and 167 bps, respectively.
The CDs are also available as IRAs (Traditional and Roth), earning the same APYs with the same funding requirements.
As stated in the Account Disclosure (attached to the online application), the Early Withdrawal Penalty reads as follows:
The penalty will be an amount equal to 90 days at the current interest rate
for a 12 month CD or 180 days at the current interest rate for all other terms.
Availability
Headquartered in New Orleans, Crescent Bank offers its services and product line to the residents of Louisiana, with proof of residency (driver’s license, state ID card) required at time of application.
Crescent Bank now offers an online application for opening CDs. If you prefer a brick-and-mortar experience, there are three Louisiana branches located in New Orleans, Metairie, and Covington.
Funding a new CD can be done through an internal transfer from a Crescent Bank checking or savings account, through ACH, or by personal or cashier’s check.
Note: While the main office in New Orleans and the Metairie branch are full-service locations, the Covington location is a limited purpose branch dedicated to CD sales only. The Bank also has 33 loan production offices in 21 states across the country.
Bank Overview
Crescent Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 14.16% (above average) based on December 31, 2017. Crescent Bank has an excellent capitalization level (15.47%), the result of holding $996.38 million in assets with $154.12 million in equity. Please refer to our financial overview of Crescent Bank (FDIC Certificate # 33492) for more details.
Crescent Bank is a fairly young bank, having been established in 1991 when a small investor group purchased the assets of New Orlean’s Columbia Homestead. The new City Bank & Trust opened with three employees. Within three years, the name was changed to Crescent Bank to avoid confusion with other similarly named "City" financial institutions, and incorporating one of New Orlean’s nicknames. Crescent Bank has grown to become Louisiana’s tenth largest bank, with assets in excess of $996 million.
How the CDs Compare
When compared to 235 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Louisiana residents, Crescent Bank’s 60-Month CD APY currently ranks second.
When compared to 214 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to Louisiana residents, Crescent Bank’s 48-Month CD APY currently ranks second.
The above rates are accurate as of 4/27/2018.
To search for the best CD rates, either nationally available or state-specific, please refer to our CD Rates Table page.
