LOS ANGELES–(Public Wire)– The Private Bank of California (the “Bank”) (OTCBB: PBCA) today announced that the Bank has elected to remain in the FDIC`s Transaction Account Guarantee Program (TAGP) as a result of the FDIC`s recent announcement to extend the program to June 30, 2010.
President Richard A. Smith commented that, “The Bank was pleased to have participated in this program when it was established by the FDIC. We believe that the Bank`s continued participation through June 30, 2010, along with our strong and liquid balance sheet, enables the Bank to provide our clients with a safe and secure banking experience during the current economic environment.”
The TAGP program provides full FDIC insurance coverage for all non-interest bearing transaction accounts. This includes traditional non-interest bearing checking accounts and certain types of attorney trust accounts, as well as negotiable order of withdrawal (NOW) accounts with interest rates of 0.50 or less. The TAGP insurance coverage is in addition to the increased coverage provided by the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic FDIC deposit insurance coverage limits to $250,000 through December 31, 2013.
About The Private Bank of California: The Bank is a California-chartered commercial bank providing a wide range of financial services, including credit and deposit products as well as cash management services, from its headquarters office at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles, California 90067. The Bank`s target clients include high net worth and high income individuals, business professionals and their professional service firms, business owners, entertainment service businesses, local businesses, and non-profit organizations. Additional information is available at www.tpboc.com or by calling 310.286.0710.
Forward-Looking Statements: Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to The Private Bank of California`s current expectations regarding deposit and loan growth and operating results. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, (2) a decline in economic conditions, (3) an increase in competition among financial service providers impacting on the Bank`s operating results and ability to attract deposit and loan customers and the quality of the Bank`s earning assets and (4) an increase in government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events orcircumstances after the date of such statements.
Private Bank of California
Steven D. Broidy, Chairman and Interim CEO