Neighborhood National Bank Continues To Set Trends In Public Investing With Otay Water District Deposit
SAN DIEGO, CA—December 19, 2007—Neighborhood National Bank (NNB) announced today that it has received a significant deposit from the Otay Water District made possible by the innovative Certificate of Deposit of Account Registry Service (CDARS) program. The $1 million deposit is the third such transaction made to the bank by a municipality this year, the first being from the city of National City followed by the County of San Diego.
“As a district, we wanted to find a way to invest our funds locally so that they could be used to benefit our community and provide us with security of principal—NNB and the CDARS program provide both,” stated Otay Water District’s General Manager Mark Watton. “That, coupled with the competitive return that Neighborhood National Bank offers, this is a program that fits well within the investment policy of the district.”
As the first bank in Southern California to offer the Certificate of Deposit Account Registry Service (CDARS) to municipalities and agencies —a program that allows government agencies to receive up to $50 million of Federal Deposit Insurance—NNB has been a consistent leader in community banking trends.
The CDARS program encourages public investing which is a big draw for municipalities as resources can be reinvested back into their own communities as opposed to being distributed amongst other banks—and allows NNB to carry out its mission to redevelop and augment business activity in San Diego’s underserved regions.
About Neighborhood National Bank
Neighborhood National Bank (NNB) opened to the public in 1997 and was the first bank to be designated by the U.S. Treasury as a nationally chartered Community Development Bank (CDB), and a Community Development Financial Institution (CDFI). As a CDB and CDFI, NNB’s commitment and mission is to rebuild and generate growth in underserved San Diego neighborhoods by providing real estate loans, commercial business loans, consumer loans, lines of credit and other banking services—particularly services to businesses that are woman or minority-owned. NNB is a full-service bank with assets exceeding $100 million.
Neighborhood National Bank operates from three banking locations, one in San Diego, one in National City, and the newest location in East County. In addition, NNB maintains standalone ATM sites in Paradise Valley and Mission Hills. For more banking information, please call 619-789-4400 or visit: www.mynnb.com.