Business & Finance
Thu, May 13, 2010Wed, May 12, 2010Tue, May 11, 2010Mon, May 10, 2010Sun, May 9, 2010Sat, May 8, 2010Fri, May 7, 2010California United Bank Announces Extended Participation in FDIC Transaction Account Guarantee Program
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Published in Business and Finance on Tuesday, May 11th 2010 at 6:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
ENCINO, Calif.--([ BUSINESS WIRE ])--California United Bank (OTCBB: CUNB) today announced its continued participation in the Federal Deposit Insurance Corporationa™s Transaction Account Guarantee program (TAG), which the FDIC recently extended through December 31, 2010.
"Although the Bank continues to maintain a sufficiently strong capital position, to provide substantial security to its customers without the TAG program, the additional security and safety afforded through full FDIC insurance on both individualsa™ and organizationsa™ qualifying accounts provide peace of mind to our customers"
aAlthough the Bank continues to maintain a sufficiently strong capital position, to provide substantial security to its customers without the TAG program, the additional security and safety afforded through full FDIC insurance on both individualsa™ and organizationsa™ qualifying accounts provide peace of mind to our customers,a said David Rainer, Chairman, President and Chief Executive Officer. aWe view our continued participation in TAG as a beneficial service that enables CUB to provide unlimited insurance on eligible checking accounts.a
On April 13, 2010, the FDIC extended the term of the voluntary TAG program by six months to December 31, 2010. Under this program, which was initially established in September 2008, non-interest-bearing transaction accounts and NOW checking accounts (with interest rates of .25% or lower) are guaranteed by the FDIC without any limit. Attorney Trust IOLTA accounts are also fully insured under the program.
For more information on the TAG program and FDIC insurance coverage, please visit [ www.fdic.gov ].
About California United Bank
California United Bank provides a full range of financial services, including credit and deposit products, cash management, and Internet banking for business, professionals and high net worth individuals. The Bank operates from its headquarters office at 15821 Ventura Boulevard, Suite 100, Encino, CA 91436; Los Angeles Regional Office at 1640 South Sepulveda Boulevard, Suite 114, Los Angeles, CA 90025; Santa Clarita Valley Regional Office at 25350 Magic Mountain Parkway, Suite 100, Valencia, CA 91355; Conejo Valley Loan Production Office at 4333 Park Terrace Drive, Suite 215, Westlake Village, CA 91361; South Bay Commercial Center at 1025 W. 190th Street, Gardena, CA 90248; and Glendale/San Gabriel Valley Loan Production Office at 801 N. Brand Blvd., Suite 610, Glendale, CA 91203. To view the Banka™s most recent financial information, please visit the [ Investor Relations ] section of the Companya™s Web site. Information on products and services may be obtained by calling 818-257-7700 or visiting the Banka™s Web site at [ www.californiaunitedbank.com ].
SAFE-HARBOR LANGUAGE
This news release contains forward-looking statements about the Bank, for which the Bank claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Bank's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) difficult and adverse conditions in the global and domestic capital and credit markets, (2) continued volatility and further deterioration of the capital and credit markets, (3) significant changes in banking laws or regulations, (4) a more adverse than expected decline or continued weakness in general business and economic conditions, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense, (5) changes in market rates and prices which may adversely impact the value of financial products, (6) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (7) increased competition in the Bank's markets, (8) changes in the financial performance and/or condition of the Bank's borrowers, (9) increases in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (10) earthquake, fire, pandemic or other natural disasters, (11) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (12) the success of the Bank at managing the risks involved in the foregoing.
Forward-looking statements speak only as of the date they are made, and the Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance, including the factors that influence earnings.
For a more complete discussion of these risks and uncertainties, see the Bank's Annual Report on Form 10-K for the year ended December 31, 2009, and particularly Part I, Item 1A, titled "Risk Factors."
