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TRANSACTION ACCOUNT GUARANTEE PROGRAM

NOTICE: FULL COVERAGE
First National Bank of Central Florida is participating in the Federal Deposit Insurance Corporation’s (FDIC) Transaction Account Guarantee Program (TAGP).  Under this program, all non-interest-bearing transaction accounts (unlimited check writing accounts) are fully insured by the FDIC for the entire amount in the account.  In addition, under this program IOTA’s are fully insured and NOW Accounts (unlimited check writing accounts for personal and business) that earn a .50% interest rate or less are fully insured.  This program is scheduled to expire on June 30, 2010. 

NOTE: You can find out more about this additional coverage from the FDIC by copying the following link into your browser: http://www.fdic.gov/news/news/financial/2008/fil08103.pdf

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For more information about
FDIC COVERAGE and CDARS,

please contact the Business Development Officer at the office nearest you.

  View How CDARS Works (video link opens in a new window)

CDARS Features (CDARS is Certificate of Deposit Account Registry Service)

Safety: CDARS is a service comprised of a network of over 3,000 banks nationwide that allows our financial institution to provide our customers with access to full FDIC insurance on CD investments up to $50 million. (Some restrictions apply, please contact one of our Business Development Officers for details - locate branch office nearest to you here).

Convenience: One relationship. Everything is handled through our financial institution. Your large deposit is broken into smaller amounts and placed with other institutions that are members of the CDARS network. Then, those members issue CDs in amounts under $250,000*, so that your entire investment (principal plus interest) is eligible for FDIC insurance. By working with just one institution, First National Bank of Central Florida , you can receive insurance from many.

One Rate: You earn one rate on your entire investment so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.

One Statement: You receive one regular account statement listing all of your CDs, along with their issuing banks, maturity dates, interest earned, and other details. With CDARS, there's no need to manually consolidate statements.

No Fee: There is no fee to our customers for placing deposits through the CDARS network.

*On October 3, 2008, Congress temporarily raised the FDIC maximum from $100,000 to $250,000 per insured capacity per bank.

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How does CDARS work?

When you are ready to take advantage of CDARS, here's what happens:

1) You complete an Order Form, CDARS Deposit Placement Agreement, and Custodial Agreement

2) You select an interest rate and a maturity. Based on our current CD options (4 weeks, 13 weeks, 26 weeks, 52 weeks, 2 years, 3 years, and 5 years), you decide on a rate and a maturity that best matches your investment goals. Orders for placement through the CDARS network are weekly and must be completed by Tuesday at 4:00 p.m. for funds placement on Thursday; thus, collected funds must be in our institution by Tuesday at 4:00 p.m.

3) Funds are deposited – Using CDARS, we submit your funds for placement at member banks.

4) CDs are issued – Member Banks issue CDs in denominations under $250,000*.

5) Confirmation is received –You receive written confirmation (New Account Statement) of your deposits and a listing of all of your CDs.

*On October 3, 2008, Congress temporarily raised the FDIC maximum from $100,000 to $250,000 per insured capacity per bank.

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What else do you need to know?

•  You deal directly through us for all of your account needs.

•  You receive a single year-end 1099.

•  Your confidential information remains protected.

•  Early withdrawal penalties will be imposed by the institution that issued the CDs.

  View How CDARS Works (video link opens in a new window)

For additional information, please contact your local branch office.


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