Washington, DC (August 14, 2008) — NCB, a leading financial services company, is contacting customers nationwide to promote its membership in the CDARS® Network. CDARS®, also known as Certificate of Deposit Account Registry Services®, is a program providing depositors with access to up to $50 million in FDIC-insurance coverage on certificates of deposit (CDs). The additional coverage is comforting to depositors nationwide during this uncertain economic environment, especially those with balances exceeding the $100,000 insured by the FDIC. The CDARS program is available to the Bank’s customers free of charge and an increasing number are taking advantage of the beneficial security service.
“NCB is proud to be a member of the CDARS network, and offer our customers the best protection available to insure the safety of their finances,” stated Charles E. Snyder, President & CEO of NCB. “There is nothing safer than FDIC insurance, and in today’s uncertain financial market, this partnership is just one example of the Bank’s ongoing commitment to provide the best possible products and services available to meet our customer’s financial needs.”
CDARS is a program that divides big deposits into amounts less than $100,000 and spreads the money across a network of FDIC-insured banks. The program enables customers to bank with one institution, but have the benefit of accessing full-insurance coverage for all certificates of deposits. Customers with accounts at NCB consider it the “home base” and can choose between CDs maturities ranging from four weeks to five years, and a single interest rate is set by NCB and applies to the specific CD term. The CDARS service provides one simple, consolidated statement avoiding the need to track multiple accounts, changing collateral values or the use of private surety bonds.
CDARS was launched in January 2003, and currently boasts more than 2,200 institutions in the network and is endorsed by the American Bankers Association. For more information on CDARS, please visit www.ncb.coop.
NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit. Loans and other financial services are provided by NCB, FSB and NCB Capital Impact. Deposit products and services are provided by NCB, FSB, which is a member FDIC. Each is a separate corporation within the NCB Financial Group.
NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.