Friend Bank to Offer Multi-million Dollar Federal Deposit Insurance Coverage on CD Investments
Dothan, Alabama, August 27, 2008 – Beginning today, customers can access multi-million dollar Federal deposit insurance at Friend Bank.
With the Certificate of Deposit Account Registry Service, or CDARS, we can, in effect, provide a customer with the opportunity for a risk-free investment.
“With the safety and convenience that our bank offers through CDARS, our customers have a new, smart option to help them manage their money,” says Friend Bank Dothan President Joseph Johnson “There are few guarantees in life, FDIC Insurance is one of them.”
In 1980, Congress set FDIC coverage limits at $100,000 per account. Inflation over the past 26 years has eroded more than half the value of that coverage. Now, bankers using CDARS can offer customers much more.
“Who needs it? Anyone concerned with FDIC insurance: Retirees, small business owners, nonprofit organization managers – anyone who wants security,” Mr. Johnson added.
How does CDARS work? Through a sophisticated computer network, Friend Bank places customer deposits with other FDIC-insured banks, allowing customers to manage all their funds through one portfolio at Friend Bank.
“Customers benefit from the ease of working with only one institution and receiving only one statement,” Mr. Johnson said.
Slocomb National Bank, now doing business as Friend Bank, has been serving the Wiregrass area for more than100 years. We continually strive to bring our community innovative banking solutions. For more information, visit www.friendbank.net or call