Last week, The First State Bank (TFSB) raised the rate on its 2-year CD to 3.00% APY. The minimum deposit is $5k, with no stated minimum balance. In the past six months, the 2-year CD has gained 110 bps in four rate increases.
TFSB also increased the rates on the majority of its other CDs, but the 2-year is the most competitive.
These CDs are also offered as IRAs (Traditional), earning the same APYs with the same funding requirements.
According to CSR, the Early Withdrawal Penalties are mild: one month interest for the 12-month CD, three months interest for the 18-month and 2-year CDs, and six months interest for the 3-year CD.
Headquartered in Oklahoma City, The First State Bank’s market area includes Canadian, Cleveland, Oklahoma, Pottawatomie, and Washita Counties, Oklahoma.
While TFSB’s 12-month CD can be opened online by any Oklahoma resident, all the other CDs (including the 2-year) in the product line must be opened in-branch. When asked, CSR could not provide a reason as to why only the 12-month CD is available online.
Opening the 2-year CD can be opened at any of the three full-service Oklahoma branches located in Canute, Midwest City, and Oklahoma City.
The First State Bank has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 1.49% (excellent), based on March 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $28.21 million, an excellent annual growth rate of 12.19%. Please refer to our financial overview of The First State Bank (FDIC Certificate # 17884) for more details.
"The First State Bank" is an appropriate name, as the Bank is Oklahoma’s oldest, continuously operating state-chartered bank. This privately owned institution was established in 1902 and has always been known as The First State Bank. According to a December 2016 press release,
The First State Bank has been awarded a 2016 Top Workplaces honor by The Oklahoman. The Top Workplaces lists are based solely on the results of an employee feedback survey administered by WorkplaceDynamics, LLC, a leading research firm that specializes in organizational health and workplace improvement.
How the CD Compares
When compared to the 257 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and available in the Bank’s market area, The First State Bank’s 2-Year CD APY currently ranks first.
The above rates are accurate as of 8/9/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.