Midwest BankCentre recently added a 24-month CD Special, which earns 3.00% APY. It requires new money and can be opened with a $5k minimum deposit; the balance cap is $1 million. New money is defined as “funds not previously deposited with Midwest BankCentre.”
According to CSR, the Early Withdrawal Penalty is “3% of the amount being withdrawn.”
Headquartered in Lemay, Missouri, Midwest BankCentre is currently the 11th largest bank in Missouri, with assets in excess of $1.9 billion and more than 58,500 customer accounts.
The Bank’s market area includes the Missouri counties of Jefferson, St. Charles, and St. Louis, and the City of St. Louis. (FYI – St. Louis is one of 41 U.S. independent cities, which are cities not part of a county.)
Opening a CD Special must be done in-branch at any of 19 full-service Missouri branches located in Arnold, Chesterfield, Clayton, Crystal City, De Soto, Fenton, Hazelwood, Imperial, Lemay, O’Fallon, Saint Charles, and St. Louis (8).
Midwest BankCentre has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.90% (excellent) based on June 30, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $47.04 million, an excellent annual growth rate of 3.55%. Please refer to our financial overview of Midwest BankCentre (FDIC Certificate # 1058) for more details.
Founded in 1906, the Bank was originally known as the Lemay Ferry Bank, taking its name from the small Missouri town on banks of the Meramec River that has served as the Bank’s headquarters since its inception. The Midwest BankCentre rebrand occurred only 18 years ago when the Bank began to expand its market area. Between 2008 and 2016, three banks were acquired: The First National Bank of Mt. Pulaski, Southern Commercial Bank, and Bremen Bank and Trust Company.
In March of this year, Midwest BankCentre was honored with the inaugural Bosnia Memory Project Community Leader Award. According to a Fontbonne University press release,
Midwest BankCentre has been a leading community investor in the Bosnia Memory Project as an expression of its commitment to its many Bosnian-American employees and customers in St. Louis. The bank has done exemplary work with such organizations as the International Institute, Beyond Housing, and the Bosnia Memory Project, working collaboratively to reach the underserved.
The Bosnian population in St. Louis totals more than 60,000, making it the largest Bosnian community outside of Bosnia. Nearly all these community members came to St. Louis as a result of the war and genocide perpetrated in Bosnia from 1992-1995. Today, they are homeowners, business owners and significant contributors to the local economy and culture.
How the CD Special Compares
When compared to the 315 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available with the Bank’s market area, Midwest BankCentre’s 24-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|3.00% APY||24-Month CD Special||Midwest BankCentre|
|2.90% APY||24-Month Share Certificate||CommunityWide Federal Credit Union|
|2.85% APY||2-Year CD||KS StateBank|
The above rates are accurate as of 9/13/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.