First United (OK/TX) Ups 30-Month CD To 3.05% APY
About a year ago, I wrote about Oklahoma-based First United’s Performance CDs. First United does not provide any CD term-length or rate information on its website, which makes tracking CD rates on a daily basis problematic. As of yesterday, the 14-month Performance CD earned 2.75% APY, with the 30-month offering 3.05% APY. The minimum opening deposit is $50k of new money.
The Performance CDs also have a second APY tier based on $5k minimum deposit of new money, with rates that are a uniform 15 bps lower.
According to CSR, the Early Withdrawal Penalty for any of the Performance CDs is six months interest on the amount being withdrawn.
Availability
Headquartered in Durant, Oklahoma, First United’s market area includes 13 Oklahoma and 16 Texas counties.
Oklahoma counties – Bryan, Canadian, Choctaw, Cleveland, Creek, Garvin, Hughes, Marshall, McClain, Pontotoc, Pottawatomie, Seminole, and Tulsa.
Texas counties – Bell, Bexar, Burnet, Collin, Comal, Cooke, Dallas, Denton, Fannin, Guadalupe, Gillespie, Grayson, Hays, Llano, Travis, and Williamson.
Opening a Performance CD can be done at any of 37 Texas branches or 31 Oklahoma branches.
First United also has an online application of sorts, which collects basic personal information. Following application submission, the Bank will contact you.
Bank Overview
First United has an overall health grade of “A" at DepositAccounts.com, with a Texas Ratio of 6.56% (excellent), based on March 31, 2019 data. In the past year, the Bank has increased its total non-brokered deposits by $791.94 million, an excellent annual growth rate of 15.22%. Please refer to our financial overview of First United (FDIC Certificate # 4239) for more details.
Originally established in 1900 as Durant National Bank, the Bank’s name was changed in 1963 to Durant Bank & Trust (DB&T) when it became one of the first Oklahoma banks to have full trust powers. In 1998, DB&T acquired First United Bank and Trust Company and adopted its name. Between 1999 and 2016, six Oklahoma and two Texas banks were acquired, with the acquisition of American Bank of Texas in 2016 being the most recent and the largest. First United is currently the fourth largest bank headquartered in Oklahoma, with more than $7.1 billion in assets and more than 225,000 customer accounts.
How the Performance CDs Compare
Therefore, when compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Texas and Oklahoma market areas, First United’s 14-month Performance CD APY currently ranks second, regardless of minimum deposit.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available in the Bank’s Texas and Oklahoma market areas, First United’s 30-month Performance CD APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 7/12/2019.
Looking for the best CD rates, either nationwide or state specific? Please refer to our CD Rates Table page.
