Calvert Adds Shorebank to Roster of Banks Participating in Calvert Insured Plus Account.BETHESDA, Md. -- Calvert, the nation's largest family of socially responsible mutual funds, announced that Shorebank, the nation's leading community development and environmental banking corporation, joined the roster of institutions that will participate in Calvert's Insured Plus Account. Founded in 1973 on Chicago's South Shore, Shorebank has invested more than $1.7 billion in communities with lower than average income and housing values, and is headquartered in Chicago, with offices in Cleveland, Detroit, Washington State, and Portland, Oregon. The Calvert Insured Plus Account is a unique money market product which offers investors a competitive current yield and a degree of safety. The account allocates investors' deposits among several of the nation's premier FDIC-insured financial institutions. Calvert Insured Plus' yield is adjusted each week to correspond to changes in the 3-month Treasury bill rate. Under FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). rules, deposits are insured up to $100,000 per participating institution. As a result, with four participating institutions, Calvert Insured Plus Accounts are insured up to $400,000. The other three savings institutions in the program include Acacia Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , JP Morgan Chase, and Bank One. "We are very pleased to add Shorebank to our roster of participating banks, since their commitment to community development and environmental protection so closely mirrors our own," said Ron Wolfsheimer, Calvert Chief Financial Officer. "We believe that their involvement enhances an already innovative and attractive savings product." Calvert, based in Bethesda, Maryland Bethesda is an urbanized, but unincorporated, area in southern Montgomery County, Maryland, just Northwest of Washington, D.C. It takes its name from a church located there, the Bethesda Presbyterian Church, built in 1820 and rebuilt in 1850, which in turn took its name from , is best known as a leader in the field of social investing social investing Limiting one's investment alternatives to securities of firms whose products or actions are considered socially acceptable. For example, an investment manager might decide to eliminate from consideration the securities of all firms engaged . Founded in 1976, today Calvert manages thirty-two funds with approximately $11 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. . In 2000, Calvert created the Calvert Social Index The Calvert Social Index is a stock market index created by the Calvert Group as a benchmark of large companies that are considered socially responsible or ethical. It currently consists of 468 companies, weighted by market capitalization, selected from approximately 1,000 of the (TM), a benchmark for measuring the performance of large, U.S.-based socially responsible companies. For more information on Calvert and its products and services, go to www.calvert.com. Insured Plus is a federally insured money-market deposit account; it is not a mutual fund and is distributed by Calvert Distributors Inc., member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , a subsidiary of Calvert Group, Ltd. (09/05, 5703) |
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