Commodore Bank Rates & Review

Commodore Bank Review

Founded in 1928, Commodore Bank provides mortgage, business and personal banking services in a four-county area surrounding Somerset, Ohio.

Founded in 1928 and named for War of 1812 hero Commodore Oliver Perry, Commodore Bank serves the residents and business of a four county area, centered at its headquarters in Somerset, Ohio. The bank is an Equal Housing Lender and a member FDIC. Eligible deposits are FDIC-insured to $250,000 per depositor.

Checking account options and more

Personal banking customers at Commodore Bank can choose from a variety of interest bearing checking account options. The personal savings account has no minimum balance requirement. A "Christmas Club" savings account temporarily pays a higher APY as the Christmas season approaches. A higher yield money market account is also offered.

CD rates depend on the term, which varies from 91 days to 60 months. The 6-month CD has no penalty for early withdrawal. An individual retirement account (IRA) is available.

Commodore Bank provides auto loans, recreational loans and consumer loans to qualified borrowers. The Mortgage Center offers new home mortgage loans, refinances of existing home mortgages, and home equity loans and lines of credit.

Small business services

Commodore Bank offers a business checking account which is free with a $500 minimum balance. Financial services include agricultural loans, equipment loans, letters of credit, real estate and multi-family loans, construction loans, and SBA loans.