Enterprise Bank NJ (EBNJ) is one of those banks that has no rates page on its website, making it very difficult to know when a good deal becomes available. Thanks to DA reader, me1004, I’m able to let you know about a limited-time 24-month CD Special (3.25% APY) that’s currently being offered. The minimum opening deposit is $1k, with a maximum deposit of $500k per household.
According to CSR, the Early Withdrawal Penalty is six months interest on the amount being withdrawn.
Many thanks to me1004 for the Forum post about Enterprise Bank NJ.
Headquartered in Kenilworth, New Jersey, Enterprise Bank NJ’s market area includes the northern New Jersey counties of Essex, Middlesex, and Union.
Opening a CD Special (or any type of account) with EBNJ requires an in-person visit to any of four full-service New Jersey branches in Bloomfield, Edison, Kenilworth, and Newark.
EBNJ’s online banking platform is currently limited to account management and bill payment services.
Enterprise Bank NJ has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.25% (excellent) based on September 39, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $6.82 million, an excellent growth rate of 3.89%. Please refer to our financial overview of Enterprise Bank NJ (FDIC Certificate # 57055) for more details.
A relatively young bank, Enterprise Bank NJ was founded in 2002 by a group of Kenilworth businessmen looking to "keep local banking local." A June 2018 press release announced the impending merger of Enterprise Bank NJ with SB One Bancorp.
SB One Bancorp (Nasdaq: SBBX), the holding company for SB One Bank, and Enterprise Bank N.J. (OTCMKTS: ENBN) (“Enterprise Bank”), are pleased to jointly announce that SB One Bancorp and Enterprise Bank have entered into a definitive agreement pursuant to which SB One Bancorp will acquire Enterprise Bank in an all-stock transaction.
The merger enhances and expands SB One Bank’s presence in Union, Middlesex and Essex Counties, New Jersey with the addition of 4 full service branch locations in those counties. The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to be completed during the fourth quarter of 2018, subject to approval by Enterprise Bank’s shareholders, as well as regulatory approvals and other customary closing conditions.
How the CD Special Compares
When compared to 327 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available to New Jersey residents, Enterprise Bank’s 24-month CD Special APY currently ranks second.
The above rates are accurate as of 12/17/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.