CDARS
The First State Bank can offer you extended FDIC coverage, up to $50 million, because we are members of a special network known as CDARS. CDARS® is the Certificate of Deposit Account Registry Service®.
When you place a large deposit with The First State Bank, we use CDARS to place your funds into certificates of deposit issued by banks in the CDARS network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance. Other network members do the same thing with their customers' deposits.
With CDARS you sign one agreement, earn one interest rate and receive one statement all from one bank… The First State Bank.
To learn more about how CDARS works, visit their website at www.cdars.com or watch this informational video.
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