The bank also is offering a competitive rate on its Installment Savings Account. The rate doesn't seem to be listed at the bank's website. A reader had seen it advertised in a local paper, and emailed me on Friday (4/03/09). The installment savings account has a rate of 5.50% and a term of 3 years. The maturity contract amount has a range of $5,000 to $100,000. The installment savings account requires that you make monthly deposits during the term. The deposits earn a guaranteed interest rate, and you'll receive the contract amount at maturity. These installment savings account appears to be popular among banks catering to the Asian community. I have more details on these installment savings account at this previous post.
It appears that a branch visit is required to open an account. Branches are located in the Georgia cities of Doraville, Duluth and Suwanee.
The bank's ratings for safety and soundness are solid: 4 stars (sound) at Bankrate.com (based on 9/30/08 data) and 4 stars (excellent) at BauerFinancial (based on 12/31/08 data). Metro City Bank is a fairly new bank that was established in 2006. It's a member FDIC (FDIC Certificate # 58181).
Thanks to the reader who emailed me the info on this promotion.