Providence Bank (MO/IL) Raises Rates On CD Specials

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Deal Summary: 9-month CD Special (1.25% APY); 15-month CD Special (1.50% APY); additional 0.05% or 0.10% w/active checking and/or age 55+; minimum deposit of $5k.

Availability: Market area is Missouri and southern Illinois (St. Louis metro area).

Providence Bank has raised the rates on its 9-month CD Special (1.25% APY) and15-month CD Special (1.50% APY). The minimum deposit is $5k, with no stated balance cap. This week’s 25 bps increase has resulted in the highest APYs ever for both CD Specials.

An additional 0.05% is available with an active checking account or a minimum $5k balance in other Providence Bank accounts, and another 0.05% will be added if the owner is 55 years or older.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.50%$5k-Providence Bank15 Month CD Special
1.50%$5k-Providence Bank15 Month IRA Special (Traditional, Roth, CESA)
1.25%$5k-Providence Bank9 Month CD Special
1.25%$5k-Providence Bank9 Month IRA Special (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of November 23, 2017.

Both CD Specials are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements. The addition 0.05% and 0.10% rate increases also apply.

According to CSR, the Early Withdrawal Penalty for the 9-month CD Special is $50 + three months interest, and $50 + six months interest for the 15-month CD Special.

Availability

Headquartered in Columbia, Missouri, Providence Bank’s market area includes Missouri and southern Illinois (St. Louis metro area).

Opening a CD Special must be done at any of Missouri branches located in Columbia (2), Elsberry, Jefferson City (3), Lake Saint Louis, Osage Beach, Saint Charles, Saint Peters, and Winfield, or the Fairview Heights, Illinois branch. While Providence Bank has an online application, CDs cannot be opened online at this time.

Bank Overview

Providence Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 9.18% (excellent) based on December 31, 2016 data. Providence Bank has an excellent capitalization level (15.66%), the result of holding $940.76 million in assets with $147.36 million in equity. Please refer to our financial overview of Providence Bank (FDIC Certificate # 1643) for more details.

Providence Bank has been a part of Missouri’s financial landscape since 1888, when its predecessor, the Bank of Lincoln County, was founded as a private bank in Elsberry. Two years later, the Bank merged with another local bank with the same name. For nearly 120 years, the Bank continued to operate as a privately-held institution until LINCO Bancshares, Inc., purchased the Bank in 2007. Since that time, Providence Bank has experienced unprecedented growth and expansion to become Missouri’s 24th largest bank, with assets in excess of $940 million.

How the CDs Compare

When compared to the 210 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within its market area, Providence Bank’s 9-month CD Special base APY currently ranks first.

When compared to the 169 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within its market area, Providence Bank’s 15-month CD Special base APY currently ranks third.

The above rates are accurate as of 4/21/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table or our Rates Map page.


Comments
5.55% 12-Month CD at a Texas/Missouri Bank (Premier)
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The 5.55% APY is available in the Grapevine Texas branch. The 5.51% APY is available at the Missouri branches which includes St. Louis/St. Charles, Jefferson City, Columbia and the Lake of...

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