Yesterday, an advertisement appeared in the Miami Herald (and several other Florida newspapers) for FCB’s latest promotion, a 9-month CD (1.40% APY). The minimum opening deposit is $1k of new money, with a balance cap of $500k.
This promotional rate is available to first time FCB checking account customers who open an FCB checking account with a minimum $500 deposit. Any of FCB’s six checking accounts qualify for this promotion.
If you choose not to open a new FCB checking account, or already have one, the 9-month CD is being offered at a slightly lower APY of 1.30%, but the funding requirements are the same.
According to CSR, this promotion will expire at the end of June 2016. CSR also stated that the Early Withdrawal Penalty is one month’s interest, and interest accrues monthly.
Many thanks to both DA reader, Kirkland, for his Forum post about the 9-month CD promotion, and the DA reader who emailed me about his experience opening the 9-month CD this morning.
Headquartered in Weston, Florida Community Bank promotes itself as "being the pre-eminent Florida Based, Florida Focused Bank."
Opening an account at FCB requires an in-person visit to any of 50 Florida branches located along both coasts, from Naples to Sarasota, and Miami to Daytona Beach. According to CSR, the 9-month CD promotional rate offer is available at all branch locations.
At this time, FCB’s online banking capabilities are limited to account management and bill payment services.
Florida Community Bank, (FDIC Charter # 58991) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.40% (excellent), based on December 31, 2015 data. In the past year, Florida Community Bank has increased its total deposits by $1.43 billion, an excellent annual growth rate of 35.69%. Please refer to our financial overview of Florida Community Bank for more details.
Florida Community Bank’s roots go back to 1923 when it was the first bank established in Collier County at the southern end of Florida’s Gulf Coast. FCB was purchased in early 2010 by Bond Street Holdings, Inc., a Miami based holding company with $740M+ in capital. Over the next 14 years, FCB acquired nine Florida banks, becoming the 6th largest bank in Florida, with assets in excess of $7.1 Billion.
How the CD Compares
When compared to the other 9-month CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to Florida residents, Florida Community Bank's 9-month CD APYs currently rank first and second.
The above rates are accurate as of 5/23/2016.