MapleMark Bank Ups Nationally Available 9-Month CD Rate

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UPDATE 3/4/2020: 9- and 12-month CD rates dropped to 1.55% APY for $25k deposits.

Deal Summary: 9-month CD, 2.05% APY, $25k minimum deposit

Availability: Nationwide

Less than a year ago, Texas-based MapleMark Bank began offering its product line on a nationwide basis. MapleMark is currently offering 2.05% APY on its 9- and 12-month CDs, with the 9-month being the more competitive CD. A $25k minimum opening deposit is required to earn the stated APY. (The 12-month CD can also be opened with a $1k minimum deposit, but the rate is an unimpressive 1.20% APY.)

MapleMark’s website is light on documentation. The following information was obtained in a phone conversation with a MapleMark official.

  • The Early Withdrawal Penalty is three months interest, with partial withdrawals allowed.
  • Funding can be done by ACH or check. There are no dollar limits on ACH transfers, and if an ACH is received by 3 pm (CDT), the Certificate will be funded that same day.
  • Accrued monthly interest can be added to the CD, or paid out by ACH or check.
  • Funds from a maturing CD can be distributed through ACH or by check.
  • 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 MapleMark has expanded its online application, only the 12-, 18-, and 24-month CDs can be opened online.

Opening a 9-month CD can be done through a combination of phone calls (866.698.5760) and email transactions. After contacting the Bank, PDF versions of the New Account Details, the New Owner/Signer Information, and the ACH Debit Authorization forms will be sent via an encrypted email. Once completed, these three forms can be attached to the original email and will be automatically sent as encrypted email when you click on “Reply.”

Upon receipt of the completed documents, MapleMark will begin the account opening process and generate the necessary paperwork. The documentation will be sent via Docusign, an electronic document system that allows users to provide an electronic signature on forms

Certificates can also be opened in-branch at either the Texas branch located on Maple Avenue in Dallas, or at the Tulsa, Oklahoma branch.

Bank Overview

MapleMark Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on September 30, 2019 data. In the past year, MapleMark Bank has increased its total non-brokered deposits by $239.57 million, an excellent annual growth rate of 105.13%. 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 July 2018, MapleMark opened a branch in Tulsa, Oklahoma, the town where MapleMark’s Chairman/CEO, Anthony Davis, and President, Eric Davis, established reputations in the banking industry. The brothers were former principals with F&M Bank, which was purchased by Prosperity Bank in 2013. At that time, the brothers Davis held the same positions at F&M as they do today at MapleMark.

How the CD Compares

When compared to 195 similar length-of-term CDs tracked by DepositAccounts.com that are require a minimum deposit of $25k or less and are available nationwide, Merrick Bank’s 9-month CD APY currently shares the top spot with the APYs offered on Andrews Federal Credit Union’s 8-month Certificate Special and CommunityWide Federal Credit Union’s 6-month Share Certificate.

The above rates are accurate as of 3/4/2020.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Dallas CD rates, Tulsa CD rates, 1-year CD rates, nationwide deals

Comments
MapleMark Bank Adds Nationally Available 12-Month CD, 2.85% APY
Availability: 12-month Online CD, 2.85% APY, $25k minimum deposit

Availability: Nationwide through online application

On June 1, I wrote about Texas-based MapleMark Bank (MapleMark), which is the latest U.S. bank to offer a nationally available product line. While the CD rates have fallen since June, MapleMark has added a competitive 12-month Online CD. Of the three CDs that can be currently opened online, the 12-month CD (2.85% APY) has the most competitive rate. The minimum opening deposit is $25k, with no stated balance cap.

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MapleMark Bank Has Nationwide 24-Month CD, 3.00% APY
Availability: 24-month Certificate, 3.00% APY, $25k minimum deposit

Availability: Nationwide

Texas-based MapleMark Bank (MapleMark) has joined the ranks of U.S. banks that are offering their product lines nationwide. MapleMark is currently offering competitive rates on its 24-month (3.00% APY) and 18-month (2.80% APY) Certificates, which require a minimum $25k opening deposit.

I have to thank the MapleMark Universal Banker who provided me with so much helpful information including,

  • The Early Withdrawal Penalty is six months interest, with partial withdrawals allowed.
  • Funding can be done by ACH or check....
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