Coral Gables Historical Archive
The Coral Gables Times
Thursday, January 4, 1962, page 8 (of 19)
The page
The text of this pageRead by computer from the scan, so some words may be wrong. The page picture is the original.
We Raise Rates Here On Savings
Coral Gables financial institutions have followed the lead and upped their interest rates — but you better read the fine print. The hike resulted from relaxation of restrictions on banks by the Federal Reserve Board and the Federal Deposit Insurance Corp. The long range effect may result in increasing the interest you have to pay for mortgage and other loans. Florida National, First National banks and City National are now paying 4 per cent, but this, by regulation, is only on money left on deposit for 12 months or more. The rate is 31⁄2 per cent on deposits left under 12 months and over six months. Florida National will pay the 4 per cent only on monies placed in certificates of deposit held one year or more. Regular savings deposits will draw 31⁄2 per cent payable twice a year. First National will pay 4 per cent on all time deposits and 31⁄2 per cent twice a year. City National will also pay 4 per cent on annual deposits, but will pay quarterly on these and on 31⁄2 per cent bearing deposits. University Federal Savings and Loan has jumped its rate on its savings accounts from 4 per cent to 41⁄4 per cent compounded quarterly. Coral Gables Federal Savings and Loan has also increased its rate to 41⁄4 per cent but has gone further and made interests payable quarterly and deposits made on or before the 20th of the month bear interest for the entire month.
David Gordon, Steel Man
Funeral services for David Gordon, 75, who died Saturday, were held in Cleveland, Ohio. Mr. Gordon, who lived at 701 Vilabella Ave., was the retired president of American Steel Suppliers Inc. He came here 12 years ago. Surviving are two sons, Sidney R. and Philip, and two daughters, Mrs. Selma Josephs and Mrs. Betty Weiner, all of Cleveland.
WHAT'S COOKING?
Nothing? Then Call ELECTRIX APPLIANCE AND REPAIR SHOP HI 4-0283 Repairs and parts for all make stoves. 20 years experience in this area. Formerly with Clarence Grimm Elec. & Shelleys
Kitty's Florist, Inc.
8736 S.W. 24th St. Your Neighborhood Florist Special rates for Students Flowers for all occasions Free deliveries — 226-1541
Silver Springs
ELECTRIC GLASS BOTTOM BOATS
An Important Announcement ...from the Board of Directors of Coral Gables Federal Savings and Loan Association.
Effective January 1, 1962 CORAL GABLES FEDERAL announces an increase in its DIVIDEND RATE ON SAVINGS TO 41⁄4% PER ANNUM PAYABLE AND COMPOUNDED QUARTERLY In addition to providing a higher return on savings, it is expected that this new dividend rate will continue to make mortgage funds available for home financing — a vital phase of the development of Dade County in which Coral Gables Federal has always played a leading role. Chartered in February, 1934, the Association's fifty-fifth consecutive semi-annual dividend ... amounting to over $2,000,000 ... was paid Friday, December 29. You can share in our next dividend payment at the new higher rate of 41⁄4% per annum, by opening or adding to your insured savings account on or before Monday, January 22, and your funds will earn from January 1. TRANSFER OF FUNDS This is an excellent time to reinvest your savings locally at Coral Gables Federal and benefit from this new, higher dividend rate. Just bring in your present passbook and we will arrange for the transfer of your account from any financial institution in the country. CORAL GABLES FEDERAL SAVINGS AND LOAN ASSOCIATION MAIN OFFICE... 2501 Ponce de Leon Blvd., Coral Gables | HOMESTEAD.... 1101 North Krome Avenue | WEST MIAMI.... 6400 Southwest 8th Street | PERRINE......... 701 Perrine Avenue | BIRD ROAD...... 9843 Southwest 40th Street GEORGE B. CASTER, President All Offices Open Monday Evenings from 6:15 to 8:00 p.m. PERRINE and BIRD ROAD Offices Also Open All Day Friday from 9:00 a.m. to 8:00 p.m. ALL-PURPOSE HOME FINANCING buying, building, selling or refinancing