Falcon International Bank Extends Deposit Coverage to $25 Million (October 31, 2005)
Falcon International Bank Extends Deposit Coverage to $25 Million (October 31, 2005)Falcon International Bank has provided more than $100 million of Federal Deposit Insurance Coverage
Promontory Interfinancial Network announced this week that Falcon International Bank, based in Laredo, has provided more than $100 million of Federal deposit insurance coverage to customers through Promontory's premier service, CDARDS.
With CDARS, banks can offer a customer up to $25 million in Federal deposit insurance coverage. CDARDS, or the Certificate of Deposit Account Registry Service, has been endorsed by the American Bankers Association.
Mark Jacobsen, President and COO of the Network, and a former FDIC chief of staff, noted, "The largest financial institution in the country can not offer anything safer than CDARDS. There are few guarantees in life - FDIC insurance is one of them. And with interest rates rising, CD's are becoming a more attractive cash management and investment option."
To offer CDARDS, a deposit placement service, a bank must be a member of Promontory Interfinancial Network, a nationwide network of more than 1,000 banks.
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 ensure that both principal and interest are eligible for full FDIC protection.
Falcon offers traditional deposit products, loan origination, and trust services from four branches in Laredo, and a single branch in San Antonio. As the "International" in its name implies, the bank also provides services such as foreign currency exchanges, international wire transfers, letters of credit, and foreign drafts.