The First State Bank (TFSB) started the week by raising the rate of its 12-month CD (1.65% APY). The minimum deposit is $5k, with no stated minimum balance.
|1.85%||$5k||-||The First State Bank (17884)||2 Year CD|
|1.75%||$5k||-||The First State Bank (17884)||18 Month CD|
|1.65%||$5k||-||The First State Bank (17884)||12 Month CD|
TFSB also boosted the rates on its 18-month CD (1.75% APY) by 35 bps and 2-year CD (1.85% APY) by 40 bps. Like the 12-month CD, both require a minimum $5k opening deposit.
The 12-month CD has been offered for more than four years, with its APY at 1.00% and below for the vast majority of the time. In the past six months there have been five rate increases, adding a total of 90 bps.
These three CDs are offered as IRAs (Traditional), earning the same APYs with the same funding requirements.
|1.85%||$5k||-||The First State Bank (17884)||2 Year IRA|
|1.75%||$5k||-||The First State Bank (17884)||18 Month IRA|
|1.65%||$5k||-||The First State Bank (17884)||12 Month IRA|
According to CSR, the Early Withdrawal Penalties are fairly mild: one month interest for the 12-month CD, and three months interest for both the 18-month and 2-year CDs.
Headquartered in Oklahoma City, The First State Bank’s market area is primarily the greater Oklahoma City metropolitan area, but as stated on TFSB’s Rates page, the 12-month CD “is the only CD product available to open and fund completely online.” Any resident of Oklahoma, 18 years or older, can open a 12-month CD using TFSB’s online application.
All TFSB CDs 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 "B+" at DepositAccounts.com, with a Texas Ratio of 7.53% (excellent), based on June 30, 2017 data. The Bank has an above average capitalization level (10.91% APY), the result of holding $288.72 million in assets with $31.5 million in equity. 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 292 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit available to Oklahoma residents, The First State Bank’s 12-Month CD APY currently ranks fourth.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.75% APY||14-Month CD||INOVA Federal Credit Union|
|1.70% APY||1-Year CD||KS StateBank|
|1.65% APY||12-Month CD||The First State Bank|
The above rates are accurate as of 10/10/2017.