Aurora Bank FSB, headquartered in Wilmington, Delaware, was founded in 1921 and today has assets totaling over $5 billion while providing loan servicing to over 400,000 customers.
What many may not know about Aurora Bank, however, is that the institution itself has somewhat of a damaged reputation primarily due to the fact they they were the known as the Lehman Brothers Bank during the first decade of the 2000′s. When Lehman Brothers collapsed they re-branded themselves as Aurora Bank and are actually being sold sometime in 2012.
Whenever an FDIC-insured bank is in the market to sell this generally means good news for interest rates seekers looking to snag a respectable bank deposit rate. In a final rush to increase their asset holdings banks will often offer enticing rates on savings products to capture new customers – and holds true for Aurora Bank today. Currently, their CD rates sit amongst the top 5 in our database of nationwide institutions.
What happens to my deposit in the event of a merger or takeover?
Because Aurora Bank has made it known they are looking to be acquired, you may be wondering how this will affect your bank deposit. In a nut shell, you shouldn’t worry much. In the event of a merger, the new bank will simply assume all deposits as well as their promised rates at the time of opening. If the bank fails before it can sell however, this would mean that the FDIC would take over these assets. In this instance, you may be stuck with a bit of a hassle as deposits take a longer time to be accounted for and paid back to the individual. Of course your entire deposit – both principle and accrued interest – will be paid in full, its just been known to take a while when the FDIC must step in.
Aurora Bank FSB CD Rates:
*Rates accurate as of 2009
Their deposit products can be opened with durations from 6 months to 5 years. You will also be provided a greater interest rate if you opt for a jumbo CD. Early withdrawals may reduce earnings.
Interest rates are accurate as of December 4, 2009.
- 6 month CD yielding 1.42% APY. Compare with top 6 month CDs from our database.
- 12 month CD yielding 1.42% APY. Compare with top 12 month CDs from our database.
- 24 month CD yielding 1.42% APY. Compare with top 24 month CDs from our database.
- 36 month CD yielding 1.42% APY. Compare with top 36 month CDs from our database.
- 60 month CD yielding 1.42% APY. Compare with top 60 month CDs from our database.
Although Aurora Bank is headquartered in Delaware, they accept deposits from consumers nationwide. You can make deposits by mail, using direct deposit, and/or electronic transfers. And you can make withdrawals at your convenience through their ATMs, check writing, check card purchases, and electronic transfers.
Phone: (888) 522-9295
Address: BrandyWine Building 100 West Street. Suite 200. Wilmington, DE 19801