We are pleased to announce an innovative new service with significant advantages for deposits with more than $250,000 in cash or other assets.
Through our participation in the Certificate of Deposit Account Registry Servicesm (CDARSsm), depositors can enjoy the following benefits:
- The safety of FDIC insurance for large deposits. We place your funds through CDARS, with deposits over $250,000 divided into smaller CDs at multiple institutions. This permits the full amount, up to $50 million, to be eligible for FDIC insurance.
- CD interest rates. You agree to an interest rate with us for the CD maturity period you’ve selected. Rates may compare favorably with those of other high-quality, fixed-income investments.
- Management convenience. You can manage all of your CD investments through one relationship.
- The security of working with a trusted, local source. When you make a deposit through CDARS, you deal only with the people you know and trust here at Mascoma Bank. You receive a single, consolidated, monthly statement summarizing your deposits. And your private financial information is protected and secure.
As a member of the Promontory Interfinancial Network, which developed and administers CDARS, we place funds in CDs at other banks and thrifts. At the same time, your deposits strengthen our financial position, and make it possible for us to support our lending programs here in our community.
At Mascoma Bank, we are very excited about the opportunities created by CDARS for our depositors. If you would like more information, please contact your local Branch Manager or Personal Banker at 603-448-3650 or 888-627-2662.