New Jersey based Parke Bank has raised the rate on its 13-month CD Special (1.30% APY). This week’s 10 basis point increase is the first rate change for the 13-month CD Special, which was originally added to the product line in November 2015.
A $500 minimum deposit of new money is required to open and there is no balance cap.
The 13-month CD Special is also available as an IRA (Traditional and Roth) earning the same APY, with the same funding requirements.
According to CSR, the Early Withdrawal Penalty is six months interest.
Parke Bank’s market area is comprised of the New Jersey counties of Atlantic, Cape May, and Gloucester, and Philadelphia and the surrounding Pennsylvania counties.
Opening an account at Parke Bank requires an in-person visit to any of four New Jersey branches located in Galloway, Northfield, and Sewell (2), or the single Philadelphia branch located in Center City.
An application can be downloaded from Parke Bank’s website to facilitate the process.
Parke Bank (FDIC Certificate # 34888) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 21.51% (above average) based on December 31, 2015 data. In the past year, The Summit has increased its total deposits by $18.38 Million, an above average annual growth rate of 2.88%. Please refer to our financial overview of Parke Bank for more details.
Parke Bank (under the umbrella of Parke Bancorp, Inc.) is in its 17th year as a full-service commercial bank, focusing on providing personal and business financial services to individuals and small-sized businesses in southern New Jersey and Philadelphia. In a recent message to shareholders, President and CEO, Vito S. Pantilione, described the recent growth of the Bank:
We enjoyed strong growth in 2015 with a 7.7% growth in total assets to $885.1 million,
up from $821.7 million in 2014. The growth was supported by the increase in our loan portfolio to $758.5 million as of December 31, 2015, up from $713.1 million at December 31, 2014 .
How the CD Compares
When compared to the 242 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available to South New Jersey and Philadelphia area residents, Parke Bank’s 13-Month CD Special currently ranks third.
The above rates are accurate as of 4/1/2016.