About a week ago, a DA reader sent me a Chicago Tribune ad for a new limited-time CD Special offered by Republic Bank of Chicago (Republic Bank): a 19-month CD Special (1.80% APY). The minimum opening deposit is $1k of new money, with a $250k balance cap.
According to CSR, the Early Withdrawal Penalty is six months interest.
Thanks to the DA reader who let me know about this new product and to DA reader, miked, for his Forum post.
Headquartered in Oakbrook, Illinois, Republic Bank’s market area is the Chicago metropolitan area (Chicagoland), which has an estimated population of 9.4 million.
Opening the CD Special requires an in-branch visit to any of nine Illinois branches located in Addison, Berkeley, Berwyn, Chicago (5), Darien, Hinsdale, Hodgkins, Lincolnwood, Naperville, Oak Brook, Orland Park, Palos Park, Tinley Park, and West Chicago (2).
Republic Bank’s online banking platform is currently limited to account management and bill payment services.
Republic Bank has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 17.93% (above average) based on March 31, 2017 data. In the past year, Republic Bank has increased its total non-brokered deposits by $16.38 million, an above average annual growth rate of 1.19%. Please refer to our financial overview of Republic Bank (FDIC Certificate # 19333) for more details.
Founded in 1964, Republic Bank of Chicago is currently Illinois’ 21st largest bank, with assets in excess of $1.8 billion. Between 1994 and 2015, Republic Bank acquired seven Chicago area banks, expanding its footprint in Chicagoland. As a stable and growing bank, it should not be confused with the former National Republic Bank of Chicago, which was taken over by the Dallas-based State Bank of Texas.
How the CD Special Compares
When compared to the 257 similar length-of-term CDs tracked by DepositAccounts.com that require a similar deposit and are available within the Bank’s market area, Republic Bank’s 19-month CD Special APY currently rank first.
The above rates are accurate as of 8/30/2017.