CONTACT:
Kelly Mlsna
AnchorBank
608.252.8708
MADISON, Wis.— AnchorBank, fsb, was recently named a “Network Leader” by Promontory Interfinancial Network for annual sales using its service, CDARS. With CDARS, banks can offer a customer up to $20 million in Federal deposit insurance. AnchorBank’s deposits placed through CDARS ranked in the top 20% of network member institutions. Over 900 banks are part of the network. AnchorBank joined the network in June of 2004.
With CDARS, AnchorBank is able to offer its customers the convenience of working with one bank, negotiating one rate for all CDs, and receiving one consolidated statement. “We have the opportunity to provide access to significantly greater amounts of deposit insurance coverage with CDARS. The service has been a great tool for building our customer relationships,” said Christopher Boyce, 1st vice president, product management. “Our customers are very satisfied!”
CDARS is a deposit placement service. To offer CDARS, a bank must be a member of the Promontory Network. When a customer places a large deposit with a network member, the bank arranges for the placement of funds into certificates of deposit issued by other network banks—in increments of less than $100,000 to endure that both principal and interest are eligible for full FDIC protection.
Based in Arlington, VA, Promontory Interfinancial Network was founded in 2002 by former Comptroller of the Currency Eugene Ludwig and other leading figures in the banking industry to develop and provide creative solutions to issues confronting bank management. To learn more about Promontory, go to www.promnetwork.com. To learn more about CDARS, go to www.cdars.com.
Founded in 1919, AnchorBank is one of the state’s largest financial institutions with 57 full-service and two lending-only facilities located throughout Wisconsin. AnchorBank, fsb is a wholly-owned subsidiary of Anchor BanCorp Wisconsin, Inc. Anchor BanCorp’s stock is currently traded on the over-the-counter market under the NASDAQ symbol ABCWE. To learn more about AnchorBank, please visit www.anchorbank.com.
