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.
|3.50%||$500||-||First Guaranty Bank||5 Year CD Special - New Money|
|3.00%||$500||-||First Guaranty Bank||40 Month CD Special - New Money|
The 5-year CD Special APY is 50 bps higher than current rates for First Guaranty Bank’s 5-, 6-, 7-, and 8-year CDs.
CSR stated that the Early Withdrawal Penalty for the 40-month CD Special is 18 months interest, and 2 years interest for the 5-year CD Special.
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 the long-time DA reader who emailed me about these "Hard to Top" CD Specials, and DA reader, Anon1234, for the Forum post about the 5-year CD Special.
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 "A” at DepositAccounts.com, with a Texas Ratio of 5.91% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $127.4 million, an excellent annual growth rate of 9.61%. 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 assets in $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 Specials Compare
When compared to other similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit are available within the Bank’s market area, First Guaranty Bank’s 5-year CD Special APY currently ranks first.
When compared to other similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit are available within the Bank’s market area, First Guaranty Bank’s 40-month CD Special APY currently ranks second.
The above rates are accurate as of 7/27/2018.
Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.