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.
|1.00%||$5k||-||The First State Bank (17884)||3 Year CD|
|0.95%||$5k||-||The First State Bank (17884)||18 Month CD|
|0.90%||$5k||-||The First State Bank (17884)||12 Month CD|
These CDs are also offered as IRAs (Traditional), earning the same APYs with the same funding requirements.
|1.00%||$5k||-||The First State Bank (17884)||2 Year IRA|
|1.00%||$5k||-||The First State Bank (17884)||3 Year IRA|
|0.95%||$5k||-||The First State Bank (17884)||18 Month IRA|
|0.90%||$5k||-||The First State Bank (17884)||12 Month IRA|
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.