Earlier this month, PathFinder Bank added an 18-month CD Special (1.65% APY). The minimum deposit is $1k of new money, with no stated balance cap.
According to CSR, the Early Withdrawal Penalty for the 18-month CD Special is six months interest. CSR also stated that partial withdrawals are not permitted and a withdrawal will result in the closure of the CD.
Headquartered in Oswego in Central New York, PathFinder Bank’s primary market area is Onondaga and Oswego Counties. I say “primary” because PathFinder Bank has limited products (checking and savings accounts) that can be opened online by residents of the New York counties of Broome, Cayuga, Chenango, Cortland, Herkimer, Jefferson, Lewis, Madison, Oneida, Onondaga, Oswego, St. Lawrence, Tioga, and Tompkins.
Opening the 18-month CD Special must be done in person at any of eight full-service New York branches, located in Central Square, Cicero, Fulton, Lacona, Mexico, Oswego (2), and Syracuse (Onondaga and Oswego Counties).
PathFinder Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 6.73% (excellent), based on December 31, 2016 data. In the past year, PathFinder Bank has increased its total non-brokered deposits by $372.85 million, an excellent annual growth rate of 325.64% (not a typo). Please refer to our financial overview of PathFinder Bank (FDIC Certificate # 57497) for more details.
While the Bank has been using the PathFinder name for only 17 years, the Bank’s history began in 1859, when the Oswego City Savings Bank was incorporated. In 1995, Oswego City Savings Bank became a stock held institution (initial public offering of $7.50) and formed Pathfinder Bancorp Inc. as a mutual holding company. The Bank’s name was officially changed to PathFinder Bank in 2000.
In March 2016, New York State’s Department of Financial Services Weekly Banking Bulletin announced,
Approval given in principle to the restated Organization Certificate of Pathfinder Bank, providing for the expansion of powers to those of a full service bank with trust powers. (The restated Organization Certificate is in conjunction with the proposed merger of Pathfinder Bank with and into Pathfinder Commercial Bank under the name, Pathfinder Bank.)
The acquisition/merger was finalized in May 2016.
How the CD Special Compares
When compared to the 175 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the Bank’s market area, PathFinder Bank’s 18-month CD Special APY currently ranks second.
The above rates are accurate as of 4/27/2017.