First Guaranty Bank (LA/TX) Has Leading Rates On Long-Term CDs

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Deal Summary: 5-, 6,- 7-, and 8-year CDs, 1.50% APY, $500 minimum deposit

Availability: Market area includes 11 Louisiana parishes and five Texas counties.

In late September, Louisiana-based First Guaranty Bank raised the rates on its very long-term CDs. The addition of 40 bps resulted in the 5-, 6,- 7-, and 8-year CDs all earning 1.50% APY. Any of these CDs can be opened with a $500 minimum deposit and there is no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$500-First Guaranty Bank5 Year CD
1.50%$500-First Guaranty Bank6 Year CD
1.50%$500-First Guaranty Bank7 Year CD
1.50%$500-First Guaranty Bank8 Year CD
Rates as of December 2, 2020.

The CDs are also available as IRA CDs (Traditional, Roth, and CESA), earning the same 1.50% APY with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$500-First Guaranty Bank5 Year IRA (Traditional, Roth, CESA)
1.50%$500-First Guaranty Bank6 Year IRA (Traditional, Roth, CESA)
1.50%$500-First Guaranty Bank7 Year IRA (Traditional, Roth, CESA)
1.50%$500-First Guaranty Bank8 Year IRA (Traditional, Roth, CESA)
Rates as of December 2, 2020.

According to CSR, the Early Withdrawal Penalty for the 5- and 6-year CDs is two years of interest, and three years of interest for the 7- and 8-year CDs.

Availability

Headquartered in Hammond, Louisiana, First Guaranty Bank’s market area had 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 can be done at any of the 28 Louisiana branches located in the parishes of Avoyelles (5), Bossier (2), Caddo (2), Claiborne (2), Jefferson Davis (1), Lincoln (1), Livingston (3), Rapides (2), St. Helena (2), Tangipahoa (7), and Vermilion (1). First Guaranty’s website does not have any information about any COVID-related branch limitations (temporary closures, limited hours, etc.).

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.

Bank Overview

First Guaranty Bank has an overall health grade of "B+” at DepositAccounts.com, with a Texas Ratio of 11.29% (above average), based on June 30, 2020 data. In the past year, First Guaranty Bank has increased its non-brokered deposits by $446.02 million, an excellent annual growth rate of 27.55%. 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 the fifth largest bank headquartered in Louisiana, with more than $2.4 billion in assets and nearly 59,000 customer accounts. The 1971 rebrand 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. The most recent acquisition was finalized in November 2019, when Union Bancshares (and its subsidiary, The Union Bank) joined the First Guaranty Bank financial family. According to an August 2019 press release,

“This is a very significant, positive move for First Guaranty. Darrel D. Ryland, the Board of Directors, and the staff of The Union Bank have built a very strong and profitable financial institution in the center of Louisiana. This acquisition will move First Guaranty into a part of Louisiana where we have never done business and also tie together all of our operations from north, south, and Texas. This move will provide great momentum with First Guaranty moving forward with our plans for continued growth and continued improvement in shareholder value,” said Alton Lewis, President and Chief Executive Officer of First Guaranty.

How the CDs Compare

Given First Guaranty’s disparate and multi-state market area, a comparison to nationally available CDs is suitable. When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available on a nationwide basis and require a similar minimum deposit, all of First Guaranty Bank’s long-term CD APYs currently rank first.

Interest RateCD Length of TermCredit Union/Bank
1.50% APY5-Year CDFirst Guaranty Bank
1.30% APY60-Month Share CertificateService Credit Union

Interest RateCD Length of TermCredit Union/Bank
1.50% APY6-Year CDFirst Guaranty Bank
1.30% APY6-Year CDEvansville Teachers Federal Credit Union

Interest RateCD Length of TermCredit Union/Bank
1.50% APY7-Year CDFirst Guaranty Bank
1.26% APY7-Year Flex CDSRP Federal Credit Union

Interest RateCD Length of TermCredit Union/Bank
1.50% APY8-Year CDFirst Guaranty Bank
0.70% APY60-120 Month CDEmigrantDirect.com

The above rates are accurate as of 11/14/2020.

Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.

Related Pages: Shreveport CD rates, New Orleans CD rates, Dallas CD rates, Waco CD rates, Monroe CD rates, Lafayette CD rates, Alexandria CD rates, Baton Rouge CD rates, 5-year CD rates

Comments
Duck
  |     |   Comment #1
Only problem I have with this bank an still waiting to find out if anything was ever done as I was even on phone with head office about this. The problem that I ran into is they use an outside firm auditor or lawyers however you want to put it. I was contacted by this so called lawyer by mail an the problem was they contacted me to confirm information which was to my bewilderment was right there all contained within this letter and I mean ALL of it #'s an all. The best part this was mailed like a shopping flyer through USPS not even priority or anything. I called them up and started screaming about how and why this could happen with all the mail theft in this country are they just dumb. I told em I had already contacted Texas Department of Banking to explain the situation and if they ever send me another piece of mail that isn't certified return receipt I would be there so fast to rip my $$$ out of there their heads would spin.
First Guaranty Bank (LA/TX) Adds 5-Year CD Special
Deal Summary: 5-year CD Special, 3.75% APY, $500 minimum deposit, new money.

Availability: Market area includes nine Louisiana parishes and five Texas counties.

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.”

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First Guaranty Bank (LA/TX) Adds 5-year CD Special
Deal Summary: CD Specials – 5-year (3.50% APY), 40-month (3.00% APY), $500 minimum deposit, new money.

Availability: Market area includes nine Louisiana parishes and five Texas counties.

According to Louisiana-based First Guaranty Bank, ”Our CDs are Hard to Top.” This is certainly a true statement, given the rates on the two CD Specials currently offered: 5-year (3.50% APY) and 40-month (3.00% APY). These limited-time offers can be opened with a $500 minimum deposit of new money, with no stated balance cap.

The 5-year CD Special APY...

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