Louisiana-based First Guaranty Bank wants you to ”Get Fixated On Our CDs.” The object of this fixation is a 5-year CD earning 3.75% APY. The minimum deposit is $500 of new money, which is defined as funds in an existing First Guaranty Bank account.
According to the promotion page, this is a limited-time offer, with the rate “only available for the first $20 million deposited.”
According to CSR, the Early Withdrawal Penalty for the 5-year CD Special is 2 years interest.
As stated in the fine print on the promotion page,
At maturity, the CD will automatically renew for same term at
the prevailing rate unless redeemed within 10 days of maturity.
Thanks to DA reader, Duck, for the Forum post about First Guaranty’s 5-year CD.
Headquartered in Hammond, Louisiana, First Guaranty Bank’s market area has historically been limited to Louisiana, but the 2017 acquisition of Texas-based Synergy Bank, SSB extended the Bank's footprint into five Texas counties, including Dallas County.
Opening a CD Special can be done at any of the 22 Louisiana branches located in Bossier, Caddo, Claiborne, Jefferson Davis, Lincoln, Livingston, Tangipahoa, St. Helena, and Vermilion Parishes.
First Guaranty also has five Texas branches in Denton, Fort Worth, Garland, McKinney, and Waco, which were gained in the 2017 acquisition.
First Guaranty Bank’s online banking platform is currently limited to account management and bill payment services.
First Guaranty Bank has an overall health grade of "B+” at DepositAccounts.com, with a Texas Ratio of 5.44% (excellent), based on June 30, 2018 data. First Guaranty Bank has an above average capitalization level (10.24%), the result of holding $1.72 billion in assets with $176 million in equity. Please refer to our financial overview of First Guaranty Bank (FDIC Certificate # 14028) for more details.
Founded in 1934 as the Guaranty Bank & Trust Company, First Guaranty Bank is currently Louisiana’s sixth largest bank, with more than $1.7 billion and nearly 45,000 customer accounts. The name change in 1971 was just the beginning of almost 50 years of growth and acquisitions. In 1999, 13 branches from Chicago-based Bank One were purchased and First Southwest Bank (LA) was acquired; between 2001 and 2011, three more Louisiana banks were acquired. In early 2017, First Guaranty Bank acquired the Texas-based Premier Bancshares, the parent company of Synergy Bank, SSB.
How the CD Special Compares
When compared to other 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 Guaranty Bank’s 5-year CD Special APY currently ranks first.
The above rates are accurate as of 10/25/2018.
Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.