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.

 

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Virginia Community Capital (VCC) is a multi-million dollar non-profit, community development financial institution (CDFI) and banking entity providing innovative loan and investment solutions for affordable housing and economic development projects in the Commonwealth of Virginia. Our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs and build sustainable communities. VCC offers loan capital that is broader than bank lending to projects that have a positive community impact in low- to moderate-income communities in underserved geographies and markets

 

Community Capital Bank of Virginia (CCB), a wholly owned subsidiary of VCC, is the Commonwealth of Virginia’s first community de­velopment financial institution (CDFI), providing deposit services that are targeted to institutional investors, commu­nity banks, and socially conscious investors. Deposits raised in the bank are utilized to support community lending activity.