Farmers Trust & Savings Bank (Farmers TSB) recently celebrated its 100th anniversary and is commemorating the occasion with a 100 Weeks Centennial CD Special (1.51% APY).
The minimum opening deposit is $10K and there is no maximum balance cap. According to a very helpful CSR, the Early Withdrawal Penalty on the 100 Weeks Centennial CD Special is 6 months interest.
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While the 100th Anniversary Party has already taken place, the Bricelyn, Minnesota branch is hosting a customer appreciation picnic this week.
Stop by the Bricelyn Park on Wednesday, June 17th for our customer appreciation picnic. We’ll be serving pork loin sandwiches, pork & beans, chips and ice cream floats from 5:00- 7:00pm. Hope to see you there!
Although headquartered in Buffalo Center (south eastern Iowa, Quad Cities area), Farmers Trust & Savings Bank’s market area consists mainly of north central Iowa and south central Minnesota.
Opening the 100-week Centennial CD Special requires an in-person visit to any of four Iowa branches located in Britt, Buffalo Center, Lake Mills, and Lakota, or at the sole Minnesota branch office in Bricely.
Farmers Trust & Savings Banks’ online banking platform is currently limited to account management and bill payment services.
Farmers Trust & Savings Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.78% (excellent), as of March 31, 2015 data. In the past year, Farmers TSB increased its total deposits by $5.03 Million, an above average annual growth rate of 2.63%. Please refer to our financial overview of Farmers Trust & Savings Bank for more details.
In May 1914, several Buffalo Center businessmen organized and incorporated the Farmers Trust & Savings Bank (FDIC Certificate # 14195). After the first year of business, Farmers TSB’s capital account totaled $28,868, with total assets of $249.8K; today, capital exceeds $25 Million, with total assets of in excess of $252 Million.
To this day, we remain primarily an agricultural bank in rural north central Iowa and south central Minnesota and we're proud of our heritage.
As I was reading Farmers Trust & Savings Bank’s website, I came across this stand alone sentence; no other information was readily available:
The bank paid 5% on 6-month CDs in 1914.
I mentioned this piece of trivia to a friend who immediately asked, "What would 5% in 1914 translate to in 2015?" He was a bit disappointed when I said 5%, and then quickly realized the error in his basic premise. While $1 in 1914 has the equivalent value of $23.95 in 2015, 5% in 1914 is still 5% in 2015.
That 6-month CD earning 5% made me curious as to the average rate history of the 6-month CD. Below is a graph of the average rate (by year) of the 6-month CD from 1965 through 2012 in the U.S., based on raw data from The Federal Reserve’s website.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to Iowa and/or Minnesota residents, Farmers Trust & Savings Bank’s 100-week Centennial CD Special’s APY ranks in the top five.
The above rates are accurate as of 6/15/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.