Bank News

Clear Mountain Bank offers up to $50 Million in Federal Deposit Insurance Coverage

FOR IMMEDIATE RELEASE

Contact: Clint McCabe

304.379.2265

Bruceton Mills, WV Updated: 9/6/07 – Customers can now access up to $50 million in Federal Deposit Insurance at Clear Mountain Bank.

With the Certificate of Deposit Account Registry Service, or CDARS, banks can, in effect, provide a customer with the opportunity for a risk-free investment.

“With the safety and convenience that our bank offers through CDARS, our customers have a new, smart option to help them manage their money,” says Clear Mountain Bank President & CEO Brian F. Thomas.  “There are few guarantees in life, FDIC Insurance is one of them.”

In 1980, Congress set FDIC coverage limits at $100,000 per account.  Inflation over the past 26 years has eroded more than half the value of that coverage.  Now, bankers using CDARS can offer customers much more.

“Who needs it?  Not just the wealthy.  Retirees, small business owners, non-profit organization managers – anyone who wants security,” Mr. Thomas added.

How does CDARS work?  Through a sophisticated computer network, Clear Mountain Bank places customer deposits with other FDIC-Insured banks, allowing customers to manage all of their funds through one portfolio at Clear Mountain Bank.

“Customers benefit from the ease of working with only one institution – Clear Mountain Bank – and receiving only one statement,” Mr. Thomas said.

Clear Mountain Bank operates ten full-service branches throughout Monongalia, Preston and Garrett counties.  Clear Mountain Bank also operates 12 ATM’s throughout the area.  Clear Mountain Bank offers a comprehensive array of banking services.  The company is a leader in providing electronic banking services, including electronic bill payment services.  Additional information is available at www.clearmountainbank.com.

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