The Board of Directors’ of CommerceWest Bank (OTCBB:CWBK) elected to extend its participation in the FDIC’s Transaction Account Guarantee Program (TAGP).
The FDIC recently gave the nation’s banks the ability to extend their participation in the TAGP through December 31, 2010. While many financial institutions have opted out due to the high assessment fees, CommerceWest Bank feels that their continued participation is critical to the partnerships that they have with their clients.
In 2008, FDIC created the TAGP to give businesses a peace of mind at a time of economic uncertainty. The TAGP enabled the FDIC to provide full guarantee of the entire amount of deposits held in non-interest bearing transaction accounts, NOW checking accounts paying 0.50 percent interest or less and Interest on Lawyers Trust Accounts. This coverage is separate from and in addition to the coverage under the FDIC’s general deposit insurance rules, which insures balances up to $250,000 per depositor ownership category through December 31, 2013 – an increase over the traditional amount of $100,000.
Clients of CommerceWest Bank can expect the following CommerceWest Bank accounts to be fully guaranteed by the FDIC though December 31, 2010: