Arrowhead Community Bank Named Leading
Member for FDIC Insurance Service
GLENDALE, Ariz. -- April 12, 2006 -- Promontory Interfinancial Network has named Arrowhead Community Bank a "Network Leader" based on the annual dollar volume the bank placed through the network's Certificate of Deposit Account Registry Service (CDARS) in 2005.
Arrowhead Community Bank's deposits placed through CDARS ranked in the top 10 percent of the Promontory Network member institutions. More than 1,000 banks are part of the network which enables banks to offer their clients up to $25 million FDIC insurance coverage on their CDs. Participation in CDARS also enables a client to work with one bank and receive one consolidated statement on their CDARS CDs.
Arrowhead Community Bank joined the CDARS network in June 2004. In 2005, the bank placed nearly $21 million in CDARS.
"Our clients have been very happy using the CDARS service," said Cathy Mireles, senior vice president/chief credit officer of Arrowhead Community Bank. "They have FDIC insurance security and the convenience of working with one bank rather than running between numerous financial institutions to secure FDIC insured deposits. They also receive competitive rates on their CDs. CDARS has been a great tool for building our customer relationships."
Promontory's chief executive officer Gene Ludwig said: "CDARS continues to help banks manage their balance sheet in many ways - allowing banks to generate deposits or to offload unneeded assets. By offering CDARS, our members can meet their own needs as well as provide customers with a unique service. We commend our Network Leaders for their impressive efforts with CDARS."
In addition to Mireles, the Arrowhead Community Bank retail team members involved in signing up clients for CDARS are Heather Innis, financial services specialist, and Sarah Teixeira, business development specialist.
About Arrowhead Community Bank
Arrowhead Community Bank is a full service financial services institution that has been part of the West Valley since opening its doors in September 2000. The bank and its staff are deeply committed to community involvement and three years in a row, Arrowhead Community Bank was recognized as a top small business (less than 50 employees) in Corporate Volunteerism by the Maricopa County Volunteer Center. Arrowhead Community Bank also recently raised enough cash and in-kind donations to build two homes for Habitat for Humanity of the West Valley.
About Promontory Interfinancial Network
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.
