A Florida Bank Offers High-Octane Interest on Big Deposits
As revenue growth diminishes, more community banks are looking to expand their wealth management and trust operations. A number of them, including Iberiabank and Wintrust, are turning to acquisitions for growth.
Many smaller institutions note a spike in activity, and are responding with special offers and tech investments.
If the interest rate on a certificate of deposit isn't attractive enough, perhaps a Mercedes-Benz will help.
C1 Bank in Tampa, Fla., is offering a Mercedes-Benz to Florida residents who open a $1 million, five-year CD at the bank. The bank devised the deal with Crown Eurocars and a Tampa Bay Buccaneers sponsorship group. Crown Eurocars agreed to offer four different 2012 models including the SLK350 Roadster and the E350 Convertible.
The Mercedes serves as pre-paid interest on the CD. The purchase price of the Mercedes is roughly equal to a 1.2% annual percentage yield on the CD.
C1 Bank launched the offering May 1 on the same day it changed its name from Community Bank & Co.