ST. PETERSBURG, Fla., Nov. 30, 2014 /PRNewswire/ -- C1 Bank announced today the re-release of their headline-grabbing Mercedes-Benz CD promotion. Starting on Monday, December 1, C1 Bank will offer a new and improved version of their $1 Million 5 year CD product that offers a depositor a new Mercedes-Benz from Mercedes-Benz dealer Crown Eurocars Inc. as pre-paid interest (2.00% Annual Percentage Yield) on their Certificate of Deposit. This new iteration of the Mercedes-Benz CD offers the depositor the choice of one of two high performance packages; either one (1) 2015 Mercedes-Benz S550 Sedan or three (3) Sprinter Cargo Vans. The promotion is offered through a partnership with fellow Tampa Bay Buccaneers Pewter Partner, Mercedes-Benz dealer Crown Eurocars Inc.
"The main feedback C1 Bank received from the first version of this promotion in 2012 was that businesses should be able to participate and that the amount of prepaid interest should be enough to purchase the truly amazing Mercedes-Benz S550 sedan" said Trevor Burgess, President and CEO of C1 Bank, "Now, with the $1 Million deposit a business or individual can chose to receive either 3 Sprinter Cargo Vans, perfect for a business, or chose to receive an S550 Sedan, the Mercedes-Benz flagship sedan."
"C1 Bank has built its reputation on being a being 'A Bank by Entrepreneurs for Entrepreneurs' and this type of product shows the innovative way C1 Bank is able to reach entrepreneurs in our community," added Trevor Burgess.
More information can be found at www.c1bank.com/Mercedes-Benz. The promotion is subject to the following terms and conditions:
C1 Bank's 60 month Certificate of Deposit (CD) special with a minimum opening balance and required minimum balance of $1,000,000.00 is valid through March 31, 2015. Offer applicable to traditional CD accounts only. Individual Retirement Account CDs are not eligible for this special offer. This offer is valid through March 31, 2015 and may be withdrawn at any time without notice. This offer is applicable for NEW funds only and is available for both Consumer and Business deposits. CD accounts must be opened in person at a C1 Bank banking center location and funded with a certified cashier's check drawn on a US financial institution or via wire transfer. Offer valid only for adults US Residents ages 18 years or older with a valid government-issued driver's license and for US business customers (offer not valid for residents or businesses outside the continental US). Offer is limited to two (2) Mercedes packages per household depositor for this promotion. Subject to the terms and conditions of the deposit contract, C1 Bank will pay a pre-calculated interest rate of 1.98% with an annual percentage yield ("APY") of 2.00% in advance on deposited funds at the completion of account opening. The 2.00% APY is available for new accounts only opened on or before March 31, 2015. For new accounts opened after March 31, 2015 the interest rate and APY will be based on the 60 month interest rate offered in connection with this promotion at the time the account is opened and compounded daily. The pre-calculated interest in advance amount $104,123.23 based on the 2.00% APY available through March 31, 2015 can only be used towards the purchase of one of two (2) specific Mercedes Benz vehicle packages from Crown Eurocars Inc. The two (2) promotional packages available for purchase are one (1) 2015 S550 Sedan or three (3) 2015 Sprinter Cargo Vans, subject to dealer availability. The packages have a pre-negotiated price, net of discount of $96,990.51 for the S550 package and $94,512.39 for the Sprinter Cargo Van package, which including sales tax, delivery fee, Florida Lemon Law fee, Florida tire and battery fee, registration/tag and electronic filing fee results in a total purchase price, net of discount, of $104,123.23 (in the case of the Sprinter Cargo Van package the client will also receive $0.22 cash). Client will be responsible for any other fees or charges incurred in connection with purchase. Client may select vehicle from available inventory designated by Crown Eurocars Inc. If Client selects vehicle from other inventory of Crown Eurocars Inc., Client will be responsible for the difference between the pre-calculated interest in advance amount and the purchase price of the vehicle and any related increase in taxes, fees and other costs associated with the purchase of the vehicle. Vehicle color and options subject to availability. Vehicle may not only be registered in the name of the Primary account owner and due to the rules of Crown Eurocars Inc., cannot be exported to any location outside of the continental United States for a period of 12 months from the date of purchase and delivery. Client will be responsible for Insurance, Warranties, Licenses, and any other fees and costs not covered under the terms and conditions of this promotion. Client (or duly authorized officer in the case of a business) is responsible for taking must take delivery of the vehicle in person at Crown Eurocars Inc. located at 6001 34th St N Saint Petersburg, FL 33714. Pre-calculated interest earned and paid in advance on the CD may be subject to applicable State or Federal taxes. C1 Bank will issue a same year (2014 or 2015) 1099-INT Interest Statement for pre-calculated interest earned. Client should consult and discuss any taxation issues with a tax advisor. FDIC deposit insurance covers the standard deposit insurance amount of at least $250,000.00 per depositor, per insured bank, for each account ownership category, as provided by applicable law. FDIC Insurance Coverage can be calculated using the FDIC's online Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie. Significant early withdrawal penalties will apply to the CD available through this promotion. The principal amount will be reduced by any penalty for the early withdrawal of funds. In the event of early withdrawal, C1 Bank will deduct from the $1,000,000.00 principal amount deposited the amount of the pre-calculated, pre-paid interest paid in advance and specifically used for a Mercedes vehicle purchase from Crown Eurocars Inc., including any delivery, tax and costs paid with such interest ($104,123.23). In addition to the early withdrawal penalty, C1 Bank will also deduct an early withdrawal fee of $3,000.00 from the $1,000,000.00 principal amount deposited. The early withdrawal penalty and the early withdrawal fee could reduce the earnings on your CD account. Partial withdrawals are not allowed. Once the CD is opened, client agrees to be bound by the terms and conditions of the promotional offer and deposit account agreement during the 60-month term of the CD and even after the account is closed. At maturity of the full term with no exceptions or withdrawals, the client is entitled to receive from C1 Bank the $1,000,000.00 principal amount of deposited funds only. The CD is not auto-renewable. In addition, by accepting the terms and conditions of the promotional offer, the primary account holder forever releases and holds C1 Bank and C1 Financial, Inc. and Crown Eurocars Inc. harmless from any and all liability for any injury, loss or damage of any kind to persons, including death, and property arising in whole or in part, directly or indirectly, from acceptance, possession, use or misuse of the vehicle, or participation in the offer. This promotion and agreement will be governed by the laws of the State of Florida and applicable federal laws and regulations. C1 Bank is not responsible for any incorrect or inaccurate information provided in advertising by Crown Eurocars Inc. C1 Bank reserves the right to cancel or modify this offer at any time without notice. Please visit C1 Bank for full terms and conditions of this limited time promotional offer.
About C1 Bank:
C1 Bank is a bank by entrepreneurs for entrepreneurs that serves thousands of sophisticated savers and borrowers from 30 locations across Florida and online at www.C1Bank.com. C1 Bank was ranked the sixth fastest-growing bank in the United States, as having the "Coolest Office Space," and ranked in the 2014 Inc. 5000. C1 Bank CEO, Trevor Burgess, won Ernst & Young Entrepreneur Of The Year® 2013 in Florida in the Financial Services category. C1 Bank is a leader in business loans, SBA loan programs, portfolio residential mortgages, association and treasury services, and a wide suite of checking and savings depository products. C1 Bank is the Official Bank of the Tampa Bay Buccaneers, the Official Bank of the Outback Bowl and a Corporate Partner of the Miami HEAT. On August 14, 2014, C1 Financial, Inc., the parent of C1 Bank, became a publicly traded company on the New York Stock Exchange under the ticker symbol "BNK".
SOURCE C1 Bank