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For Immediate Release
MILWAUKEE, April 29, 2004 – First Business Bank announced today its participation in the Certificate of Deposit Account Registry Service (CDARS), providing local businesses and business owners further insurance and safety measures on large Certificate of Deposits (CDs).
Until now, CDs, a popular choice for investors looking to capture extra income in this extremely low interest rate environment, were FDIC-insured to a maximum value of $100,000 per client per financial institution. Many businesses and private investors looking to invest a greater amount were forced to open multiple CDs capped at $100,000 at multiple financial institutions.
Many inconveniences followed as investors were forced to seek out several financial institutions, give private and detailed information to each, establish separate relationships with each, consolidate separate investment documentation from each, and manage the corresponding tax documents.
First Business Bank can now offer FDIC insurance for CDs up to $1 million or more through its participation in the CDARS program. Clients may take advantage of this program by placing a CD with First Business Bank who, in turn, places the funds with a network of other banks participating in the program. The client is alleviated of any inconvenience, and simply gains the benefits investors have always gained through CDs.
“We are excited about CDARS as it provides depositors a way to manage their CDs through one source which means our clients are able to deal solely with the banker they have come to know and trust,” stated Mark Meloy, President and CEO of First Business Bank. “The reporting is simple as depositors receive a consolidated monthly statement and one 1099 at the end of the year. It really takes the hassle and time out of the process for CD clients.”
About First Business Bank
First Business Bank serves businesses in greater Milwaukee, focusing on small and medium sized businesses, their owners and managers, and professionals. The organization offers a full line of deposit and loan products for business and individuals, including cash management products, Internet banking, retirement plans/investment management services/trustee services, asset based lending, and leasing. For additional information, visit www.fbbmilwaukee.com or call 262-792-1400.