MapleMark Bank Nationally Available 36-Month CD Is A Near-Rate Leader
Last week, Texas-based MapleMark Bank (MapleMark) raised the rates on all its Traditional CDs. In the recent past, the more competitive rates were offered on MapleMark’s shorter-term CDs, but following an increase of 55 bps, the 36-month CD (2.05% APY) has the most competitive rate in the CD product line.
While a $25k minimum opening deposit is required to earn the stated APY, all the CDs can be opened with a $1k minimum deposit, earning a dismal 0.15% APY, no matter the term length.
As stated in the fine print on the Traditional CD page, the Early Withdrawal Penalty reads as follows:
Early Withdrawal Fees depend on the terms of your account.
Currently, the fees are: 2 months of interest for the 12 and 18-month CD, 3 months of interest for the 24-month CD and 4 months of interest for the 36-month CD.
There is no Truth-in-Savings disclosure available on MapleMark’s website. The following information was obtained from CSR.
- Funding can be done by ACH/external transfer, wire transfer, or check. There is a dollar limit on ACH transfers, but for security reasons MapleMark does not publish that limit. If you try to initiate a transfer over the limit when opening a CD, you will be directed to contact the customer service team or be given further instructions. If an ACH is received by 3 pm (CDT), the CD will be funded that same day.
- Accrued monthly interest will be added to the CD, with no pre-maturity distributions.
- Maturing funds can be distributed through a wire transfer or by check to the address on file. There is a ten day grace period before a CD automatically renews.
- Beneficiaries (percentages assigned if desired) can be named, with both date-of-birth and Social Security number required.
Availability
Headquartered in Dallas, Texas, MapleMark Bank offers its product line nationwide to US citizens and resident aliens with valid Social Security numbers. While individual and joint accounts can be opened online, all other ownership types of account require contacting MapleMark.
The 36-month Traditional CD can be opened online, but finding the link isn’t intuitive. Halfway down the Traditional CD page, different term lengths are listed individually in a shaded box; click on the shaded box.
If you’d like to open your account in the name of a business, a trust, or require more than two owners or convenience signers, please contact us at 866-698-5760 so we may assist you in opening your account.
Traditional CDs can also be opened in-branch at any of two Texas branches, both located on Maple Avenue in Dallas, or at the Tulsa, Oklahoma branch, located on East 61st Street.
Bank Overview
MapleMark Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.02% (excellent, and not a typo), based on December 31, 2021 data. In the past year, MapleMark Bank has increased its total non-brokered deposits by $143.09 million, an excellent annual growth rate of 24.37%. Please refer to our financial overview of MapleMark Bank (FDIC Certificate # 3182) for more details.
As the newest bank in the Dallas metropolitan area, MapleMark Bank was formed in late 2017 when Maple Financial Holdings acquired First National Bank of Edgewood, a $23 million bank with a 118-year history. According to a Dallas Business Journal May 2018 article, MapleMark Bank had raised $90 million within six months,
marking one of the largest initial capital raises to help a firm get off the ground in the U.S.
The investments came mostly from wealthy family investment offices in Dallas, elsewhere in Texas and in nearby Oklahoma, the bank said Tuesday.
These so-called “de-novo” formations, where a bank is started from the ground up with capital raised by investors, all but vanished in the wake of the 2008 financial market collapse. New regulations, tougher oversight and a bustling market for acquiring smaller banks since then have made the process more difficult.
In late January, MapleMark Chairman and CEO, Anthony B. Davis, announced a merger of equals, which will be finalized in Q2 2022.
We have an exciting announcement to share with you about the future of our company. Maple Financial Holdings, Inc., the parent company of MapleMark Bank and Oakwood Bancshares, Inc., the parent company of Oakwood Bank have entered into a definitive merger agreement to combine in a merger of equals transaction.
This true merger of equals combines two complementary banking platforms –headquartered in Dallas. The combined company will have approximately $2 billion in total assets and will operate with branches in Texas and Tulsa, Oklahoma.
How the 36-Month CD Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $25k or less, only one credit union has a higher rate than currently offered on the MapleMark Bank 36-month CD. The following table compares the 36-month CD to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 4/25/2022.
To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.
