I first reported on First Bank & Trust’s (First B&T) new, competitive 14-month Jumbo CD Special and 14-month CD Special three months ago. In the last month, there have been four rate increases (totaling 28 bps) for both CD Specials, including an increase yesterday. The new APYs are just as competitive as the initial rates were.
Both CD Specials are also offered as IRAs (Traditional) earning the same APYs, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty for both Special CDs is six months interest.
Headquartered in Evanston, Illinois, First Bank & Trust’s market area is the Chicago metropolitan area (Chicagoland), which has an estimated population of 9.4 million.
Opening an account with First B&T requires an in-branch visit to any of nine Illinois branches located in Evanston (4), Itasca, Naperville, Skokie (2), and Winnetka.
First B&T’s online banking platform, FirstBank Express, is currently limited to account management and bill payment services, including People Pay.
First Bank & Trust has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.99% (excellent) based on March 31, 2017 data. In the past year, First B&T has increased its total non-brokered deposits by $30.78 million, an excellent annual growth rate of 3.15%. Please refer to our financial overview of First Bank & Trust (FDIC Certificate # 34060) for more details.
First Bank & Trust was founded in 1995 by three Evanston bankers – Howard Kain, Robert Yohanan, and Jay Lytle – “with a mission to put community first, and provide personalized banking and investment services to individuals, owner-managed businesses and not-for-profit organizations.” Within two years of opening its doors, First B&T reached profitability and by 2002 had completed five stock offerings, totaling more than $16 million. First B&T is currently Illinois’ 40th largest bank, with assets in excess of $1.1 billion.
How the CD Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the Bank’s market area, First Bank & Trust’s 14-month Jumbo CD Special and CD Special APYs currently rank first and fourth respectively, regardless of minimum deposit.
The above rates are accurate as of 7/29/2017.