Access National Bank Announces Decision To Continue Participation In FDIC Program With Unlimited Coverage
Access National Bank, a subsidiary of Access National Corporation (NASDAQ:ANCX), announced it will continue participation in the FDIC Temporary Liquidity Guarantee Program (TLPG) that provides unlimited FDIC coverage of qualified accounts.
Access National Bank serves the business community in the Washington D.C. Metropolitan area. Access President and CEO Michael W. Clarke said, “We are pleased to continue providing unlimited FDIC coverage to businesses and individuals during these challenging economic times. Participation in the FDIC TLGP, as well as our suite of depository products, provides our clients with a variety of options to ensure the protection and safety of their hard-earned wealth. We are also continuing to provide credit to deserving and profitable clients and seek to develop new relationships.”
While many Banks have chosen to opt out of the TLPG, Access National Bank intends to participate in the program for so long as it is available. The program provides coverage for all deposit accounts up to $250,000, unlimited coverage for all non-interest bearing deposits and other qualifying accounts, and is currently in place through December 31, 2010.
In addition to the security of the TLPG, Access National Bank provides depositors further assurance of safety through its regulatory rating of “Well Capitalized” as of March 31, 2010, and its four star rating from Bauer Financial , Inc. The banking company recently announced its 39th consecutive quarterly profit.Access National Bank, an independent, nationally chartered bank, is a subsidiary of Access National Corporation, headquartered in Reston, Virginia with $637 million in assets reported as of March 31, 2010. Additional information is available on our website at www.AccessNationalBank.com. The shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX". This press release contains “forward-looking statements” within the meaning of the federal securities laws. These statements may be identified as “may”, “could”, “expect”, “believe”, anticipate”, “intend”, “plan” or variations thereof. These forward-looking statements may contain information related to those matters such as the Company’s intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond control of the company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K and other SEC filings.
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