North Carolina-based Providence Bank has been offering a series of competitive CD Specials for the past few years. While the CD Special rates dropped significantly between March and May 2020, they have remained unchanged for the past ten months, becoming more competitive with each passing month. Of the four CD Specials, the 26-month has the most competitive APY. The minimum opening deposit is $1k, with no stated balance cap.
|1.10%||$1k||-||Providence Bank (NC)||48 Month CD Special|
|1.00%||$1k||-||Providence Bank (NC)||26 Month CD Special|
|0.90%||$1k||-||Providence Bank (NC)||16 Month CD Special|
|0.80%||$1k||-||Providence Bank (NC)||10 Month CD Special|
According to CSR, the Early Withdrawal Penalties are as follows:
- 10-month CD Special, three months interest
- 16-month CD Special, six months interest
- 26-month CD Special, nine months interest
- 48-month CD Special, nine months interest
Headquartered in Rocky Mount, North Carolina, Providence Bank has a brick-and-mortar presence in Edgecombe, Nash, Wake, and Wilson Counties, all of which are in the Raleigh-Durham metropolitan area.
Opening a Providence Bank CD Special must be done in-person at any of the six North Carolina branches, located in Nashville, Rocky Mount (2), Raleigh, Tarboro, and Wilson. There is no mention of any COVID-related branch restrictions (limited hours, appointments, temporary closures) on the Bank's website.
There is also an “Open An Account” page, which is essentially a “Contact Me” form.
Interested in Opening an Account?
Complete this form. One of our customer service representatives will give you a call.
Providence Bank has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.49% (excellent), based on December 31, 2020 data. In the past year, Providence Bank has increased its total non-brokered deposits by $87.8 million, an excellent annual growth rate of 25.55%. Please refer to our financial overview of Providence Bank (FDIC Certificate # 58239) for more details.
Providence Bank is a relatively young bank, having been established in 2006. In 15 years of operation, Providence Bank grown to become the 19th largest bank headquartered in North Carolina, with assets in excess of $587 million. According to a January 2021 press release,
PB Financial Corporation (OTCQX: PBNC) is pleased to announce it has been named to the 2021 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.
[Providence Bank President and CEO] Whitehurst commented, “We are very excited to be recognized by the OTCQX Best Market for our stock performance. To be ranked 20th for all companies listed on the OTCQX Best Market is such a great honor and speaks to the hard work of our employees and directors as well as our Company’s long-term outlook. Additionally, we are pleased with the exposure and liquidity the OTCQX Best Market has created for our shareholders.”
How the CD Special Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com requiring a similar minimum deposit and available within the market area, Providence Bank’s 26-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.00% APY||26-Month CD Special||Providence Bank|
|0.90% APY||24-Month Certificate Special||USALLIANCE Financial|
|0.85% APY||2-Year CD||Evansville Teachers Federal Credit Union|
The above information and rates are accurate as of 3/26/2021.
To search for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.