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Comprehensive CD Rate Comparison Shows Healthy Competition

Comprehensive CD rate comparisons found consistently low rates in the monthly survey of almost 4,800 banks and credit unions throughout the 50 states. The Bankrate survey All of the CD accounts at banks are FDIC insured, and credit unions are NCUA insured.

The lowest rate isn’t always the best, because other factors play a major part in cost and value. Things to look at include annual percentage yield, term, minimum deposit required and any penalty charged for early withdrawal.

Currently, one-year rates range from 1.95% to 2.05% with 5-year rates as high as 2.65%. Note that the amount deposited usually makes a difference to the rate offered. The higher the deposit, the higher the available rate and the wider the range of institutions offering an account.

Some of the highest rates require initial deposits as high as $25,000. Reasonably good one-year rates, such as 2.05%, come with a low deposit requirement, even as low as $0. Effectively, the minimum deposit is $100

The current top seven five-year rates, arranged by highest rate and alphabetic name of the institution are:

For small depositors, Barclays Bank currently has a 2.05% one ear rate, with no deposit minimum. Capital One 360 set the rate at 2.0%. EH National bank lists two very short term deposits – 0.81% for one month, and 1.0% for 9 months.

Note that all the listed rates are subject to change without notice and often, the rates can vary branch to branch, as many institutions allow the bank manager to decide on the rates offered.

Also note that Bankrate says “Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com.”

This means that the rates listed should only be taken as a guide, and consumers are encouraged to use the list to inform their research.

Comprehensive CD rate comparisons.

Comprehensive CD rate comparisons by Bankrate.

Pacific Service Credit Union Runs with Kops for Kids

Pacific Service Credit Union Runs with Kops for Kids
Regional credit union contributes to success of non-profit in Contra Costa County

Concord, CA May 25, 2016 – Pacific Service Credit Union (Pacific Service CU), a full-service financial institution serving several counties throughout California, continues to provide noteworthy charitable assistance to local community organizations through its Community Involvement Committee. On April 30, Pacific Service CU donated $1,500 to Contra Costa Kops for Kids as part of its sponsorship to their Contra Costa Kops for Kids Run. The event raises funds to help provide athletic, educational, and social programs for youth in Contra Costa County.

In addition to their donation, Pacific Service CU employees participated in the race and in the events throughout the day. Formed in 1995, Contra Costa Kops for Kids includes active and retired police officers who devote their time to programs that prevent violence, drug abuse, gang activity, and juvenile delinquency within the community. Additional information about the non-profit organization can be found at www.contracostakopsforkids.org.

Pacific Service CU has a long history of supporting local law enforcement charitable initiatives. Each December the financial institution supports the Bay Area Deputy Sheriffs’ Foundation by sponsoring its “Shop with a Deputy Sheriff” Christmas event. Throughout the year, Pacific Service Credit Union donates approximately $125,000 annually to various 501(c)(3) organizations.

Kops for Kids run entrants.

Kops for Kids run entrants

pacific service credit union banner.

Two Kops for Kids run entrants with Pacific Service Credit Union banner

About Pacific Service Credit Union

Based in Concord, CA, Pacific Service Credit Union is a full-service financial institution serving anyone who lives, works, worships or attends school in Alameda, Contra Costa, Fresno, Marin, Napa, Placer, Sacramento, San Francisco, San Mateo, Santa Clara, Solano and Sonoma counties. Pacific Service CU has nearly 60,000 members and over $1 billion in assets. Learn more at www.pacificservice.org.

Contact:
Sinan Kanatsiz
+1 949 443 9300 (voice)
Sinan@kcomm.com  (e-mail)

 

California Bank of Commerce Growth Continues

The San Francisco Bay Area business bank, California Bank of Commerce, says its Q2 net income increased by $112,000 (18%) over Q1. Basic earnings per share were $0.18, up 3 cents over Q1. Loans increased by 10%.

The Bank’s Net interest income reached an all-time quarterly high, up 4% over Q1. Net interest income was $4.2 million, compared to $4.0 million in the prior quarter.

Compared with Q2 a year ago, the net income of $796,000 was down by $124,000. The bank says this was primarily due to additions to staff supporting future growth and an asset sale gain in 2014.”

Loans were up $78 million, to $379 million, over the prior year.
 
The bank says they have a growing Book Value and strong Capital Ratios. Tangible book value per common share was up $0.69, to $11.31, over Q2 2014. Also, leverage ratio remains well above regulatory requirements at 13.19%, compared to 15.27% for the same period last year.

“We continue to focus on deploying our recently raised capital to facilitate growth, and in the second quarter 2015 we grew net loans by 10% over the first quarter and 26% over the same quarter in 2014,” said Terry Peterson, President and CEO. “As the San Francisco Bay Area business community has embraced our brand of delivering business banking services, we have responded by planning to open new production offices in both Oakland and San Jose by year end,” said Peterson.

California Bank of Commerce provides a unique banking experience for its business clients, with a broad range of commercial banking services to its target market, which is closely held businesses and professionals in the San Francisco Bay Area.

The bank issued a press release detailing its income statement and balance sheet.

Security Bank Acquires Rabobank’s Murrieta Branch

Security Bank of California completed its purchase of a Murrieta branch from Rabobank N.A. Security Bank, and now has six full service branches in Southern California.

The Murrieta branch comes with around $40 million in deposits, but no loans.

James A. Robinson, Security Bank of California Chairman and CEO, said all of the current staff at the former Rabobank branch have joined the Security Bank team. Security Bank plans to continue expanding its products and services to the Murrieta/Temecula business community.

Security Bank of California is one of the fastest growing community business banks in California.

The Bank’s approach to growth is through offering useful and flexible services to small and medium-sized businesses.

Robinson said, “Security Bank has become one of the fastest growing community business banks in California by offering businesses a sophisticated and flexible suite of financial products and services, combined with our highly personalized, high-touch approach to customer service. We look forward to supporting small- and middle-market businesses in the Murrieta/Temecula area in the years ahead.”

Joan Sparkman, Chair of the Southwest Health Systems Board of Governor, a longtime business community Temecula Valley advocate welcomed the latest entry of Security Bank to the area. She said, “I am certain that area businesses will appreciate working with a flexible and responsive bank that understands this market and makes decisions locally.”

Speaking about the Bank’s management, Sparkman said “I have known the management of Security Bank for many years and I am excited that they have chosen to bring their unique approach to commercial banking to the Murrieta/Temecula market.”

Security Bank of California - Murrieta branch

Security Bank of California – Murrieta branch

Security Bank of California’s parent bank, Security California Bancorp trades on the Over the Counter Bulletin Board as SCAF.OB. The bank runs full service offices in Riverside, San Bernardino, Redlands, Orange, Palm Desert, and Murrieta/Temecula and issued a press release about the new acquisition.

California Bank of Commerce Increases Lending Efficiency With nCino Bank Operating System

California Bank of Commerce (OTCQX:CABC) has selected the nCino Bank Operating System to build more efficiency and cost effectiveness into their lending process.

nCino’s Bank Operating System allows California Bank of Commerce to build and customize their loan workflows, and it allows changes as business needs change and grow. The bank’s forms and documentation will be centralized, to expedite what the bank says is their “already fast application process.” Bankers will be able to digitally create, approve and track their documents and processes, plus double check internal procedures and compliance metrics. A real-time dashboard allows employees to prioritize their activities throughout the day.

nCino’s cloud-based system helps bankers to work in the field and in their office, giving them a window into the repository of documents and information related to a loan.

“California Bank of Commerce is a prime example of an organization reliant on technology and the mobility of its bankers to succeed. We are excited to partner with this institution, as its structure allows the bank to fully realize the benefits of our Bank Operating System. Its bankers will be equipped to do business in the field and at home base, and have a single source of truth for all loan activity.” Pierre Naudé, nCino CEO

California Bank of Commerce, which started in 2007, is a $428 million commercial bank out of a single location that focuses on serving businesses in Northern California, but it has clients in 14 states. In spite of the recession, the bank has prospered and grown, partly because of its use of technology to drive service delivery and partly because of its staff of seasoned commercial bankers. The bank’s drive to grow through improving service and efficiency lead to the decision to go with electronic document management and the nCino Bank Operating System.

Terry Peterson, California Bank of Commerce president and CEO, said “Our team of talented bankers has built this thriving commercial bank, but nCino is our next chapter, enabling our bankers to achieve greater efficiencies in our day-to-day processes. This technology will provide our bankers with a single system to manage our relationships. Instead of five disparate systems, our people will have nCino up all day, every day; the Bank Operating System has all that they need, whenever they need it.”

nCino’s Bank Operating System merges loan origination with CRM, business process management and reporting in a single cloud based platform, that allows the bank to consolidate their lending systems.

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