First Commonwealth Bank (PA/OH) Adds 35-Month CD
For a limited time, First Commonwealth Bank is offering two CD Specials: 35-month (2.60% APY) and 21-month (2.00% APY). Of the two, the 35-month has the more competitive rate. The minimum opening deposit is $2.5k, with a maximum deposit of $249k per account. New money is required, which is defined as funds “that have not been on deposit in any First Commonwealth Bank account in the last 30 days.”
Both CD Specials are offered as IRAs (Traditional, Roth, CESA), earning the same APYs and initial fund requirements.
In a Live Chat today, CSR stated that the Early Withdrawal Penalty for CDs with terms of,
twelve months to less than thirty six months the penalty is 180 days worth in interest.
Headquartered in Indiana, Pennsylvania, First Commonwealth Bank's market area includes western and central Pennsylvania, and portions of Ohio from Columbus to Ashtabula, including Akron-Canton and Youngstown. The Bank will be expanding its market area to include Cincinnati later this year.
The 35-month CD Special can be opened online or at any of 105 western Pennsylvania branches or 30 Ohio branches.
First Commonwealth Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 3.60% (excellent) based on September 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $605.55 million, an excellent annual growth rate of 12.01%. Please refer to our financial overview of First Commonwealth Bank (FDIC Certificate # 7468) for more details.
First Commonwealth Bank is the sixth largest bank headquartered in Pennsylvania, with assets in excess of $7.2 billion and nearly 440,000 customer accounts. Founded in 1880 as The Deposit National Bank of DuBois, the Bank has re-branded three times. The First Commonwealth Bank rebrand occurring in 1995 when the Bank acquired seven central Pennsylvania banks. Between 2002 and 2017, eight more banks were acquired, including six in western Pennsylvania and two in central Ohio. First Commonwealth Bank is in the process of purchasing Garfield Acquisition Corp., the parent company of Foundation Bank (Cincinnati).
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, First Commonwealth Bank’s 35-month CD Special APY currently shares the top spot with Live Oak Bank’s 3-year CD APY.
The above rates are accurate as of 3/19/2018.
To look for the best CD rates, both nationwide and state-specific, please refer to our CD Rates Table.