ALBANY, N.Y. – Empire Corporate has already attracted $3.5 million in deposits on a new floating rate CD it launched last month. The CD is tied to the 1-month LIBOR and resets monthly. The first rate reset on June 14 earned members a 14 basis point increase. The CD is available in one to five year terms with a minimum investment of $100,000. The corporate said it unveiled the floating rate CD in anticipation of a higher interest rate environment, which everyone is predicting – how fast and dramatic the increases will be is the wild card.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
