Riverside Bank of Dublin (OH) Offers Top 6-Month CD Rate
Riverside Bank of Dublin (Riverside) is celebrating spring by offering a 6-month CD Special earning 1.01% APY. The minimum opening deposit is $500, with a $500k balance cap.
According to CSR, the Early Withdrawal Penalty for the 6-month CD Special is the greater of $25 or 3 months of dividends. Partial withdrawals are not permitted: the 6-month CD Special can only be closed early.
1.01% APY is a popular rate at Riverside, with three other CDs (12-month, 18-month, and 36-month) also offering 1.01% APY. I wrote about the 12-month CD last month and the 18-month CD in December. While both CDs were rate leaders at the time of the blog posts, the current rising rate environment has reduced the competitiveness of both.
Availability
Headquartered in Dublin, Ohio (a suburb of Columbus), Riverside Bank of Dublin’s current market area is the greater Columbus metro area.
At this time, the only option for opening a CD is an in-person visit to sole Ohio branch, located in the Metro Place North business park in Dublin. There is no mention of any COVID-19 related branch limitations on the Bank’s website, but appointments are available.
Riverside participates in the MoneyPass ATM network, giving its customers access to more than 37,000 fee-free ATMs through the United States and Puerto Rico.
Bank Overview
Riverside Bank of Dublin has an overall health grade* of "A" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo) based on December 31, 2021 data. Riverside has an excellent capitalization level (31.39%), the result of holding $73.81 million in assets with $23.17 million in equity. Please refer to our financial overview of Riverside Bank of Dublin (FDIC Certificate # 59199) for more details.
*Riverside's overall health grade is affected by additional factors, such as a small asset base, a short operating history, or negative return on equity, which can represent an instability risk beyond what the financial ratios indicate. Riverside Bank of Dublin has a low asset base ($71.39 million), a short operating history (13 months), and a negative return on equity (-6.11%).
Riverside Bank of Dublin opened its doors for business in February 2021 and is a “de novo” bank – a startup launched from scratch. In fact, it’s only the second de novo bank opened in Ohio since the Great Recession. Although the bank is new, its executive staff (CEO, President and Chief Lending Officer, and Chief Operations and Financial Officer) has more than 80 years of combined banking experience.
According to a March 2021 article in Columbus Business First,
The bank got conditional approval to open from the Federal Deposit Insurance Corp. in March 2020, days before the pandemic hit.
"We went from one of the best times to raise money to maybe the worst," Daily said. "We put off our capital raise but ... all felt better after 4 or 5 months; some of the worst predictions didn't come to pass."
Ultimately the bank's organizers raised $25 million to get started – the maximum about it was approved for. Since it opened for business late last month, it has seen a "nice pipeline of loans and deposits," Daily said.
The bank's focus is small business, offering lines of credit, equipment financing, SBA loans and construction loans. Its office in the Metro Place business park will be its home for now, as it has put off plans for a traditional retail branch. Covid-19 has helped people understand digital banking tools and that's good for the new bank, Daily said.
"We still think there is a niche from the consolidation of the bank industry," Daily said, noting how more businesses have turned to banks during the pandemic. "The relationship with the bank and the business has never been more important."
How the 6-Month CD Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the market area and have minimum deposit requirements of $10k or less, no banks or credit unions currently have higher rates than offered on the Riverside Bank of Dublin 6-Month CD Special. The following table compares the 6-Month CD Special to the two highest-rate CDs from other banks and the two highest-rate CDs from credit unions.
The above information and rates are accurate as of 3/24/2022.
To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.
