Bank to offer multi-million dollar coverage on CDs

To the Leader-Call

October 09, 2008 10:33 am

— Effective immediately, customers can access multi-million dollar Federal deposit insurance at Magnolia State Bank.
With the Certificate of Deposit Account Registry Service, or CDARS, the bank 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 Magnolia State Bank President and CEO Thomas Brown. “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 27 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, nonprofit organization managers — anyone who wants security,” Brown added.
How does CDARS work? Through a sophisticated computer network, Magnolia State Bank places customer deposits with other FDIC-insured banks that are approved for membership in CDARS, allowing customers to manage all their funds through one portfolio at Magnolia State Bank.
“Customers benefit from the ease of working with only one institution — Magnolia State Bank — and receiving only one statement,” Brown said.
Magnolia State Bank has been serving Jasper, Smith, Jones and Forrest Counties for more than 30 years. For more information, visitwww.bankmagnolia.com or call 601-764-BANK (2265).