BANKING/FINANCE
The California Angels may have lost their bid to win the pennant, but Mercury Savings & Loan came out a winner with its “Pennant Fever CDs.”
Mercury picked up about $1.1 million in new deposits through its promotion, which offered certificates of deposit that carried possible interest rate increases depending on how far the Angels went in their quest for the World Series crown.
The special three-month CDs, devised while the Angels were in contention for first place in the American League West division, could have given account holders as much as a 9.15% rate on their CDs. Since the Angels didn’t win their division, depositors must settle for the initial 8.4% rate, an average return on their deposits.
Leonard Shane, Mercury’s chairman, hopes the good will engendered by the pennant race will entice depositors to stay with the S&L.; “These are people who shared the Angels with us,” he said.
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