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:
- All non-interest bearing checking account deposits, including IOLTA accounts
- NOW accounts with an interest rate capped at 0.50% as of December 31, 2008 Beyond this coverage, by choosing CommerceWest Bank clients have chosen a banking partner that:
- is found to be financially secure with capital levels well above federal requirements
- did not require nor receive any government support programs
Additional information on the FDIC’s Transaction Account Guarantee Program can be found at
CommerceWest Bank is headquartered at 2111 Business Center Drive in Irvine, CA, with Regional Offices in Orange County at 4685 MacArthur Court in Newport Beach, CA, in the Inland Empire at 1611 Pomona Road in Corona, CA, in Los Angeles at 19300 South Hamilton Avenue in Gardena, CA, and in San Diego at 338 Via Vera Cruz, San Marcos, CA. We offer a wide range of commercial banking services, including, concierge services, remote deposit solution, full-service internet banking, lines of credit, term loans, commercial real estate lending, SBA lending, full cash management and treasury management.