First Resource Bank has raised the rate on its 12-month CD (2.60% APY). The minimum opening deposit is $500, with no stated balance cap. CSR stated there has been a lot of interest in the 12-month CD, and while no end-date has been announced, he didn’t expect the 2.60% APY to last more than a week or so.
Following the addition of 145 bps, the 12-month CD is offering its highest APY since being added to the product line in 2011.
The 12-month CD is also available as an IRA (Traditional), earning the same APY with the same funding requirements.
According to CSR, the Early Withdrawal Penalty (EWP) is either six months interest, or all interest earned, depending on when the withdrawal is made. If a withdrawal is made within six months of the CD being opened, the EWP is all interest earned. If a withdrawal is made in the last six months of the CD’s term, the EWP is six months interest.
Headquartered in Exton, Pennsylvania, First Resource Bank’s market area is primarily Chester and Exton Counties, but CSR stated that any Pennsylvania resident that can come into a branch is welcome to apply.
Opening a CD can be opened at either of the two southeast Pennsylvania branches located in Chester and Exton.
First Resource Bank’s online banking platform is currently dedicated to account management and bill payment services, including the P2P Payment System.
First Resource Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.33% (above average), based on March 31, 2018 data. In the past year, the Bank increased its total non-brokered deposits by $2.72 million, an above average annual growth rate of 1.67%. Please refer to our financial overview of First Resource Bank (FDIC Certificate # 57967) for more details.
Established in 2005, First Resource Bank is a locally owned and operated state chartered bank in Chester County, Pennsylvania. As reported in an April PR Newswire article, First Resource Bank announced that during the first quarter of 2018,
Net income of $480,992 was the highest quarterly profit in the Bank's history, and
Net income grew 20% over the quarter ended December 31, 2017 and 18% over the quarter ended March 31, 2017.
According to Glenn Marshall, President and CEO, the Bank is continuing with a “planned geographical expansion” into Main Line Philadelphia, with a new branch in Wayne (Delaware County), Pennsylvania.
How the CD Compares
When compared to the 354 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and available with the market area, First Resource Bank’s 12-month CD APY currently ranks first.
The above rates are accurate as of 6/14/2018.
To look for the best CD rates, both nationwide and in your state, please refer to our CD Rates Table page.