Certificates Of Deposits

The First Bank Certificates of Deposits allow you to earn high interest over a variety of terms. First Bank offers a wide variety of Certificates of Deposits to meet your savings and investment goals.
  • Minimum deposit of $500.00 is required for most certificates of deposit. Higher minimum deposits may be required on special offers.
  • Terms from 91 days to 60 months.
  • Interest may be paid or compounded monthly or quarterly depending upon CD terms.
  • Certificates are automatically renewed, unless otherwise directed by the client.
  • The penalty for early withdrawal is 90 days interest on certificates of one year or less and 180 days interest penalty on certificates with a maturity over one year.
 
 
 
 
Individual Retirement Accounts

First Bank offers both the traditional individual retirement account and the Roth individual retirement account to assist you in saving towards retirement, children's education, and the purchase of your first home.

First Bank has three investment vehicles for you to acheive your goals. The variable rate certficate gives you the ability to make contributions on an ongoing basis. We also offer 3 year and 5 year fixed rate retirement certificates of deposit.

 
 

 

How Much To Retire - This is a simple retirement calculator. It tells how much you will need to provide a certain income for a set number of years. Once you've modified the fields to fit your situation, press the button labeled "Calculate." Please Note - The calculated amount is an approximate value and may differ from the bank's final calculation.

Frequently Asked Questions

1. How much may I contribute to an IRA?
2. Is my contribution to an Individual Retirement Account tax deductible?
3. Is my earnings in an individual retirement account taxable?
4. When may I begin withdrawing funds from my individual retirement account?
5. How are the distributions from an individual retirement account taxed?

1. How much may I contribute to an IRA?
An individual may contribute the lesser of $3,000.00 per year or 100% of his/her earned income.

2. Is my contribution to an Individual Retirement Account tax deductible?
It our recommendation you speak to your tax preparer to get your personal tax informaton.

The contribution to a Roth individual retirement account is not tax deductible.

3. Are my earnings in an individual retirement account taxable?
No, tax is paid on income earned on contributions to an individual retirement account until the funds are distributed, at which time they become taxable.

4. When may I begin withdrawing funds from my individual retirement account?
You may withdraw funds from your traditional individual retirement account without penalty after you reach age 59 1/2, if you become disabled, for medical expenses in excess of 7.5% of your adjusted gross income, for qualified higher educational expenses, or for a first time home purchase.

If you do not meet one of the above approved withdrawals, you may still withdraw money from your IRA but the Internal Revenue Service will impose a 10% penalty for premature distributions.


5. How are the distributions from an individual retirement account taxed?
Qualified distributions from a traditional individual retirement account are taxable when they are withdrawn. If you did not get a deduction for your contribution in previous years, your contribution would not be taxable but the earnings that had accumulated would be taxable.

Qualified distribution from a Roth individual retirement account are not taxable when withdrawn.

  
 


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