California United Bank Announces Participation in FDIC's Temporary Liquidity Guarantee Program - All Non-Interest Bearing Transaction Accounts Will Be Insured by FDIC without Dollar Limitation.ENCINO, Calif. -- California United Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CUNB) today announced its continued participation in the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. ("FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ") Transaction Account Guarantee Program ("TAGP TAGP Theatre Alliance of Greater Philadelphia TAGP Trans Asian Gas Pipeline ") which provides unlimited insurance coverage of all funds in non-interest bearing transaction accounts. The transaction account guarantee program feature of the FDIC Temporary Liquidity Guarantee Program provides unlimited FDIC insurance of 100 percent of funds deposited in non-interest bearing transaction accounts, such as personal and business non-interest checking and NOW accounts bearing interest rates of less than 0.50 percent, through December 31, 2009. Certain types of attorney trust accounts are also included in this program. The coverage under the TAGP is separate from coverage available under the FDIC's general deposit insurance rules, which currently insure accounts up to $250,000. "Depositors should feel extremely comfortable with California United Bank," explained David I David I, king of Scotland David I, 1084–1153, king of Scotland (1124–53), youngest son of Malcolm III and St. Margaret of Scotland. During the reign of his brother Alexander I, whom he succeeded, David was earl of Cumbria, ruling S of the Clyde . Rainer, President. "Not only do we exceed all regulatory requirements to be categorized as `well capitalized,' the highest rating given by the regulatory agencies, but now our transaction account customers can have the added security of unlimited FDIC insurance on all their standard checking deposits. "Our attorney clients can also feel secure as their IOLTA IOLTA Interest on Lawyers' Trust Accounts accounts are eligible for the same unlimited FDIC insurance. We believe that the cost to the Bank of participating in this program is far outweighed by the additional assurances to our clients in these turbulent times," continued Rainer. California United Bank provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including credit and deposit products, cash management, and internet banking for business and high net worth individuals. The Bank operates from its headquarters office at 15821 Ventura Boulevard, Suite 100, Encino, CA 91436; West Los Angeles
{NOTE}: This news release contains forward-looking statements about the Bank for which the Bank claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations, business, and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Bank's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) economic events and governmental activities; (2) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). or regulatory agencies, (3) changes in interest rates, (4) significant changes in banking laws or regulations, (5) increased competition in the Bank's markets, (6) other-than-expected credit losses due to real estate cycles or other economic events, (7) earthquake or other natural disasters affecting the condition of real estate collateral or the business environment, and (8) the impact of changes in regulatory, judicial, or legislative tax treatment of business transactions. Management cannot predict at this time the extent of the economic recovery, and a slowing or reversal could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in deposit interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels. Forward-looking statements speak only as of the date they are made, and the Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion