MEDIA ALERT
December 5, 2008
Sonoran Bank Offers Unlimited FDIC Insurance on Noninterest-Bearing Deposit Accounts
PHOENIX, Arizona—December 5, 2008— In the midst of a U.S. recession, Sonoran Bank is taking another measure to help small business owners. The Phoenix, AZ-based business bank announced that it will provide unlimited FDIC insurance coverage to noninterest-bearing checking account, NOW account, and IOLTA account holders. The guarantee is in addition to the coverage provided under the FDIC's general deposit insurance regulations.
Sonoran Bank will also offer up to $250,000 in FDIC insurance coverage on regular savings and money market deposit accounts, and certificates of deposits (CDs). All limit increases on FDIC insurance will be available until December 31, 2009. On January 1, 2010, the coverage limit for deposit accounts will return to $100,000. Customers are not required to request FDIC insurance; it is automatically applied to accounts at FDIC-insured depository institutions.
On October 14, the Federal Deposit Insurance Corporation instituted its Temporary Liquidity Guarantee Program (TLGP), which provides “full deposit insurance coverage for non-interest bearing deposit transaction accounts in FDIC-insured institutions, regardless of the dollar amount.” The program was open to FDIC-insured institutions, with the election to opt out by December 5.
About Sonoran Bank
Sonoran Bank proudly serves for profit and nonprofit businesses in the Phoenix, AZ area. Based on a foundation of relationship banking, Sonoran Bank specializes in commercial banking services for small- to medium-sized businesses, particularly those owned by Hispanic minorities. Sonoran Bank is one of just two Arizona banks to be named a Minority Depository Institution by the FDIC. With a mission to value and respect its customers and employees, Sonoran Bank provides each customer with superior service that creates trust and focuses on total financial relationships. Sonoran Bank has been approved to bid on failing banks in Arizona, Nevada, New Mexico, and Utah. For more information about Sonoran Bank, visit www.sonoranbank.com. Member FDIC.
