EagleBank New CD Service Increases Access to FDIC Insurance for Its Customers
March 29 2004 - 2:54PM
PR Newswire (US)
EagleBank New CD Service Increases Access to FDIC Insurance for Its
Customers We Now Offer the Highest Level of Security for the
Investor Who Has a Larger Cash Portfolio, and Seeks a Safe Haven in
Today's Uncertain Economy BETHESDA, Md., March 29 /PRNewswire/ --
EagleBank today announced its new CDARS(SM) program, the
Certificate of Deposit Account Registry Service(SM), which provides
a secure savings option for consumers, small businesses, nonprofits
and corporations with large cash reserves. For the first time since
FDIC insurance coverage was increased more than two decades ago,
EagleBank has a new tool to provide customers with access to
greater FDIC insurance coverage. FDIC insurance protects customers'
deposits by providing the backing of the federal government. "We
are proud to bring the convenience and efficiency of the CDARS
program to our customers," said Michael T. Flynn, President &
CEO. "We think it will be very helpful to consumers who are saving
for retirement, a home mortgage or college tuition, as well as to
small businesses, public-sector organizations, and nonprofit
groups, such as churches." Using CDARS, EagleBank can distribute
customer funds among other FDIC- insured banks and thrifts,
allowing customers to manageall their CDs through one relationship.
All statements come from EagleBank and no confidential customer
information is ever transferred to the other financial institutions
issuing CDs. In addition, the CDARS system distributes to EagleBank
the same amount of funds that it transfers out to other banks; this
boosts the amount of funding available to be put to work in the
local community. "CDARS enables us to offer our customers the
convenience of local relationship banking with the security of
investing in FDIC insured deposits. Also, by helping to keep
deposits in the community, CDARS helps make more credit available
locally," said Michael T. Flynn, President & CEO. DATASOURCE:
EagleBank CONTACT: Thomas D. Murphy of EagleBank, +1-240-497-2042
Web site: http://www.eaglebankmd.com/
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