15-Month Preferred CD Disclosure

Truth-In-Savings Disclosure

Rate information – The interest rate on your account is 3.25% with an annual percentage yield of 3.30%. You will be paid this rate until first maturity. 

Compounding frequency – Interest will be compounded daily.

Crediting frequency – Interest will be credited to your account either monthly, quarterly, or annually.

And will be paid (disposition) – Interest will be either capitalized or credited to another First State Bank account.  

Minimum balance to open account

  • You must deposit a minimum of $1,000.00 to open a Certificate of Deposit for less than $100,000.00.
  • You must deposit a minimum of $100,000 to open a Certificate of Deposit with a balance of $100,000.00 or greater.

Minimum balance required to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $1,000.00 in the account each day to obtain the disclosed annual percentage yield.

Maximum balance – The total collective balance of all Preferred Certificates of Deposit cannot exceed $1,000,000.00 per depositor.

Daily balance computation method – We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on non-cash deposits – Interest begins to accrue no later than the business day when we receive credit for the funds for non-cash items (for example, checks).

Transaction Limitations - You may not make any deposits into your account before maturity. You may not make partial withdrawals of principal from your account. You can withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account. 

Time requirements – Your account will mature 15 months from the date of opening.

Early withdrawal penalties – A penalty may be imposed for withdrawals before maturity as follows:

  • The account has a penalty equivalent of 6 months' interest.

Withdrawal of interest prior to maturity – The annual percentage yield (APY) assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. 

Automatically renewable time account – This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds at maturity (or within the grace period mentioned below) or we receive written notice from you within the grace period mentioned below. 

We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity. 

Each renewal term will be the same as the current term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the current time deposit. 

You will have ten (10) calendar days after maturity to withdraw the funds without penalty. However, funds withdrawn during this period will not earn interest from the most recent maturity date to the date of the withdrawal.

    Rev. 12/22/2022