TEMECULA, Calif.
– Mission Oaks Bank has joined the Certificate of Deposit Account
Registry Service (CDARs) allowing it to safeguard customer accounts
with up to $50 million in federal deposit insurance.
Individuals, corporations,
small businesses and nonprofits now can confidently deal with a single
financial institution, receive one monthly statement and one 1099.
Mission Oaks is
among only a handful of banks operating in Inland Southern California
offering its customers this unique service that streamlines what had
been a cumbersome and time-consuming process.
"CDARs is a
valuable tool for managing cash reserves," explains Gary Votapka,
Mission Oaks president and chief executive. "By providing access
to $50 million in Federal Deposit Insurance Corporation insurance through
a single bank, Mission Oaks is making life easier for hundreds of nonprofits
and companies that operate in Inland Southern California and Northern
San Diego County."
Typically, customers
seeking FDIC insurance coverage on accounts with more than $100,000
must open accounts with multiple banks or share account ownership. But
through CDARS, Mission Oaks places large deposits in competitive rate
CDs from multiple institutions, making them eligible for full FDIC coverage
beyond the existing $100,000 limit and creating risk-free investments
for the consumer.
"It's a win-win
for both the customers and the banks," said Linda Kissam, president
of Kissam Consulting, a Murrieta based nonprofit training company, and
executive director of the Fallbrook Area Visitors Bureau, one of nearly
180 non-profits that operates in Fallbrook. "This program safeguards
deposits and reduces the administrative burdens for a non-profit."
Mission Oaks National
Bank is a wholly owned subsidiary of Mission Oaks Bancorp, a one-bank
holding company. It is a federally chartered bank with assets of more
than $200 million that is committed to serving consumers and businesses
in Southern California. The bank offers personalized services and products
through three full-service branch offices in Temecula and Ontario and
loan production offices in San Diego and Phoenix.
Mission Oaks Bancorp
common stock is traded over the counter under the stock symbol MOKB.OB.
