CCB Offers Multi-million Dollar FDIC Insurance Coverage
Community Capital Bank of Virginia to Offer Multi-million Dollar
Federal Deposit Insurance Coverage on CD Investments
Christiansburg, VA, 7/2/09-Beginning today, customers can access multi-million dollar Federal Deposit Insurance coverage on certificate of deposit investments at Community Capital Bank of Virginia (CCB), Virginia’s only community development banking entity. CCB’s mission is to provide innovative, flexible financial products designed to support projects that have a positive community impact in low-to-moderate-income communities in underserved geographies and markets.
With the Certificate of Deposit Account Registry Service, or CDARS, CCB can, in effect, provide a customer with the opportunity for a risk-free investment of up to $50 million.
“With CDARS, customers can enjoy peace of mind that comes from knowing their savings are safe. Socially responsible investors, banking institutions, small businesses, and nonprofits can invest their money with no risk of losing it,” Jane Henderson, President and CEO said. “Equally important, CDARS will enable us to increase lending to create opportunities for homeownership, jobs, and small business development in underserved and rural markets throughout the Commonwealth”.
How does CDARS work? Through a sophisticated computer network, CCB creates partnerships with other FDIC-insured banks, allowing customers to manage all their funds through one portfolio at CCB, while increasing their FDIC insurance coverage for their portfolio of CD’s.
“Customers benefit from the ease of working with only one institution – CCB – and receiving only one statement, while still having up to $50 million in deposits fully insured by FDIC insurance coverage” Mrs. Henderson said.
For more information on CDARS, please call us at (540)260-3126.
About Virginia Community Capital:
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, deposits, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low-to-moderate income communities in underserved geographies and markets. Learn more at vacommunitycapital.org.