has worked closely with the Kentucky DOC to develop and implement eight protocols in the state's prison-based substance abuse programs.
Hune said if credit unions are not allowed to become CDARS members, there has been talk with CUNA and the Promotory Interfinancial to possibly develop an exchange strictly for credit unions.
The idea for CDARS came from the experiences of three bank regulators who observed large public deposits being channeled out of local community banks and into the money markets during the 1990s.
During the first month that the new program was offered, Community Bank took in $4 million in CDARS accounts, Jackson said.
The breakthrough of CDARS is its sophisticated matching engine, which allows banks to work together to provide federal deposit insurance to customers with large accounts," says Mark Jacobsen, president and chief operating officer of Promontory.
What is CDARS and what can it do for your institution?
CDARS is a program that divides big deposits into amounts less than $100,000 and spreads the money across a network of FDIC-insured banks.
Certificates of Deposit and CDARS at June 30, 2011 were up $11.
He said that some of the new deposits that Metropolitan National has been attracting because of its CDARS program have been far in excess of seven figures.
MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS C a solution that provides FDIC insurance on deposits up to $55 million.
Burdette said, "there are only two programs in the marketplace that have received FDIC opinions indicating that they are 'reciprocal deposits' as defined by the FDIC - (1) the CDARS product offered by Promontory Interfinancial and (2) IDC's money market deposit program.
CBB is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with offices in Danville, San Jose and San Mateo, CA.