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Herald National to participate in FDIC’s transaction account guarantee programme

Under TAGP all non-interest-bearing transaction accounts are fully guaranteed by FDIC

US-based Herald National Bank, formerly Heritage Bank, has elected to participate in the Federal Deposit Insurance Corporation’s transaction account guarantee programme.

Under the transaction account guarantee programme (TAGP), all non-interest-bearing transaction accounts are fully guaranteed by the Federal Deposit Insurance Corporation (FDIC) for the entirety of the account. This additional coverage will be extended by the FDIC through December 31, 2009, and is separate from the coverage currently available under the FDIC’s general deposit insurance rules.

David Bagatelle, president and CEO of Herald National Bank, said: Through our participation in the TAGP and recent increases to basic FDIC insurance limits, our banking teams are able to put Herald’s strong capital base and clean balance sheet to work for clients by delivering a broader scale of products and services.

Federal Deposit Insurance Corporation’s (FDIC’s) Transaction Account Guarantee Programme (TAGP) provides both personal and business clients with unlimited insurance coverage for non-interest bearing transaction deposit accounts through December 31, 2009.

Herald National Bank is a relationship-based banking institution dedicated to serving the commercial and private banking needs of small to mid-size businesses and high net worth individuals in the New York metropolitan area. Herald National Bank is the operating name for Heritage Bank, N.A., member FDIC.