College Savings Bank Begins Twentieth Year Helping Families Save for College.Bank Appoints Gilbert S. Johnson Chief Executive Officer PRINCETON, N.J. -- Princeton NJ based College Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , the exclusive provider of the CollegeSure CD, and a subsidiary of PacificLife Corp, has begun its twentieth year of operation. Founded in 1987, the Bank has already helped more than 25,000 families nationwide save for higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. . As the exclusive provider of the CollegeSure CD, a certificate of deposit indexed to college costs, College Savings Bank offers a safe means for families to save for a child's college education through an investment that is indexed to college costs. College Savings Bank manages two state 529 programs, The Montana Family Education Savings Program and the Arizona Family College Savings Program. In February 2007, College Savings Bank announced Gilbert S. Johnson has been promoted to Chief Executive Officer of College Savings Bank. Mr. Johnson joined College Savings Bank in 1989 and previously served as its Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Chief Financial Officer and Chief Compliance Officer. During his tenure with the Bank, the Company has grown from $50 million in assets to over $650 million as of December 31, 2006. "Based upon Gil's deep understanding of the Bank's operations, his strategic insight and exceptional guidance in financial and regulatory matters, we expect great things from College Savings Bank through his leadership," said Khanh T. Tran, chairman of College Savings Bank and Chief Financial Officer of Pacific LifeCorp - College Savings Bank's parent company. "Gil has effectively been with College Savings Bank since the business began and has been instrumental in its development." Prior to his career at College Savings Bank, Mr. Johnson served from 1976 to 1989 as a certified public accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. at the Chicago and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of offices of Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing & Co. He was the advisor to domestic and foreign, commercial and investment banking institutions on accounting ramifications ramifications npl → Auswirkungen pl of new financial products, public and private securities offerings, mergers and acquisitions, and financial techniques as well as financial reporting and compliance. Mr. Johnson has a B.S. in business administration from the University of Notre Dame Notre Dame IPA: [nɔtʁ dam] is French for Our Lady, referring to the Virgin Mary. In the United States of America, Notre Dame . According to Johnson, the CollegeSure CD is an ideal investment for any family interested in helping a loved one earn a diploma -- and the financial and socioeconomic benefits that accompany a college education. They include a higher lifetime earning potential, reduced unemployment rate, greater opportunity to hold health care insurance, even a longer life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. . "While overall investing strategies include conservative, aggressive and moderate approaches," explains Johnson, "I believe everyone should take a conservative view to saving for college because of what is at stake." Some of the advice that Johnson gives to parents interested in saving for college: * Start by evaluating your state's 529 plan. Some states, such as Montana, offer taxpayers additional state tax incentives for investing in the state-sponsored program. * Invest in a 529-plan product that charges little or no fees that will erode your earnings. * Look for a 529-plan product that offers a good rate of return on your money without risking principal, such as the CollegeSure CD, which is FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured and indexed to college costs. Supporting Johnson's leadership at the Bank are Dan Davenport, Chief Marketing Officer; Elizabeth Mahoney, Vice President Operations; and Marie Mueller, Chief Accounting Officer. About College Savings Bank Founded in 1987, College Savings Bank is a member of 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), and the first savings bank chartered by New Jersey since 1893. The Bank helps families across the country meet the rising costs of postsecondary education by offering safe and effective financial products. College Savings Bank is the exclusive provider of the CollegeSure CD, an innovative, unique, saving-for-college investment backed by the full faith and credit of the U.S. Government up to $100,000 per depositor. College Savings Bank is a program manager to the Montana and Arizona qualified tuition programs. In 2002, Pacific LifeCorp acquired College Savings Bank. College Savings Bank can be reached online at www.collegesavings.com or by calling 800-888-2723. |
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