Florida Capital Bank Joins CDARS Network

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Florida Capital Bank, N.A. is pleased to offer customers even more financial security through its membership in the CDARS^® Network. Florida Capital Bank depositors can now enjoy access to full FDIC insurance on deposits of up to $50 million.

With CDARS, any type of depositor – from non-profits and public funds, to businesses, advisors (including trustees, CPAs, financial planners and lawyers) and individuals – can work with one financial institution, earn one interest rate, and receive one regular statement while still keeping their deposits fully FDIC insured up to $50 million.

“With the turmoil in the banking sector lately, people are understandably nervous about securing their deposits,” says Steve Morrill, Chief Financial Officer of Florida Capital Bank. “Through our membership in the CDARS network we are able to offer more peace of mind for investors from a risk perspective but with significantly more yield on their deposits compared to other risk-free investments such as US Treasuries.” All 15 Florida Capital Bank offices offer the CDARS service.

How CDARS Works

When a large deposit (from $10,000 to $50,000,000) is placed with a CDARS network member, that institution uses CDARS to place these funds into certificates of deposit (CDs) issued by one of the more than 2,400 banks in the network. This occurs in increments of less than $100,000 to ensure that both principal and interest are eligible for full FDIC insurance. The funds are exchanged on a dollar-for-dollar basis making the full amount of deposits available for local community lending purposes.

The American Bankers Association (ABA) has endorsed CDARS as an innovative tool that helps banks, particularly community and regional banks, attract and retain larger local deposits.

About Florida Capital Bank

Florida Capital Bank N.A. is a nationally chartered statewide banking organization with a commitment to serving the business community of Florida. Headquartered in Jacksonville, our banks are currently serving customers in Boca Raton, Daytona Beach, Ft. Lauderdale, Gainesville, Jacksonville, North Palm Beach, Orlando, Pinellas Park, St. Augustine Beach, St. Petersburg, Tampa (2 locations), Tarpon Springs and Winter Park. In addition, Florida Capital Bank N.A. has a loan production office in Jacksonville.

For more information, please visit www.flcb.com.