Earlier this month, ProAmerica Bank ran an advertisement in The Los Angeles Times for three CDs, including a limited-time 18-month CD Special (1.36% APY), 12-month CD Special (1.26% APY) and 6-month CD Special (0.86% APY). Of the three, the 18-month and 12-month CD Specials offer the most competitive rates.
The minimum opening deposit is $10K of new money and there is a maximum deposit of $245K allowed. According to the advertisement's fine print, the offer is available through June 30, 2015.
According to CSR, the Early Withdrawal Penalty is three months interest.
Many thanks to Lisa who emailed me news of this deal.
ProAmerica Bank’s market area is the greater Los Angeles metropolitan area. The Bank offers its services and product line to individuals, and offers commercial banking services to small and medium size businesses, including a large number of non-profit organizations and Latino- and women-owned businesses.
Opening an account of any type at ProAmerica Bank must be done in person at the sole branch located on West 6th Street in downtown Los Angeles. At this time, ProAmerica Bank’s online banking platform is limited to account management and bill payment services.
ProAmerica Bank has an overall health rating of "A" at DepositAccounts.com, with a Texas Ratio of 0.66% (excellent), as of March 31, 2015 data. ProAmerica Bank has an excellent capitalization level of 18.82%, a result of holding $160.38 Million in assets with $30.19 Million in equity. Please refer to our financial overview of ProAmerica Bank for more details.
ProAmerica Bank (FDIC Certificate # 58349) was originally established in 2006 as PROMERICA Bank. The Bank’s LinkedIn profile describes the financial institution this way:
ProAmérica Bank was formed to serve the Los Angeles business community and ultimately to become the leading financial services provider of Latino entrepreneurs. As the first Latino-formed business bank to debut in downtown Los Angeles in the past 30 years, ProAmérica Bank is dedicated to building family wealth by empowering entrepreneurs with the requisite financial services and capital infusion for the success of their small to mid-size businesses.
ProAmerica Bank’s Chairwoman of the Board, Maria S. Salinas, is currently the Administrator of the Small Business Administration and a member of President Obama’s Cabinet. She has held these positions since April 2014.
How the CD Compares
When compared to other similar length of term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available to California residents, ProAmerica Bank’s 12-month and 18-month CD Specials currently rank first and second, respectively.
The above rates are accurate as of 6/19/2015.
To search for nationwide CD rates and CD rates in your state, please refer to the CD rates section of DepositAccounts.com.