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First Commerce Bank Announces Participation in FDICs Temporary Liquidity Guarantee Program " All Non-Interest Bearing Transacti

^{Published on 2008-12-18 07:35:58 - Market Wire}
 

ENCINO, Calif.--([ BUSINESS WIRE ])--First Commerce Bank (OTCBB:FCCC) has elected to participate in the FDIC's Transaction Account Guarantee Program (TAGP). This program, through December 31, 2009, provides unlimited insurance coverage of all funds held in non-interest bearing transaction accounts.

Specifically, the program provides unlimited FDIC insurance of 100% of funds deposited in non-interest bearing transaction accounts, both personal and business. Also covered with unlimited FDIC insurance are Negotiable Orders of Withdrawal or NOW accounts bearing interest rates of 0.50% or less, as well as certain types of attorney trust accounts known as IOLTA accounts. The TAGP insurance coverage is in addition to the increased coverage provided by the Emergency Economic Stabilization Act of 2008 which temporarily raises the basic FDIC insurance coverage limits to $250,000 through December 31, 2009, from the normal coverage limit of $100,000.

"We are pleased to participate in the FDIC's program for the benefit of our customers," said John J. Feldman, President and CEO. "We believe the benefit of this insurance coverage, in addition to our ranking as a 'well capitalized' (the highest rating given by the regulatory agencies) bank assures our customers of a safe and sound financial institution."

First Commerce Bank is an independent community bank, with its main office located at 16861 Ventura Boulevard, Encino, CA, a regional office in Los Angeles, CA and a regional office in Glendale, CA. The Bank has been designated a Super Premier Performing Bank for the past six years by The Findley Reports, an independent service which rates the financial performance of California banks. Also, Bauer Financial, a national bank rating service, has designated the Bank as a 5-star superior institution, its highest rating. The holding company's stock (First Commerce Bancorp) trades on the Over the Counter Bulletin Board (OTCBB) under the symbol FCCC.

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements.