1st Century Bancshares participates in FDIC's TLGP
Under the Temporary Liquidity Guarantee Program's (TLGP) Transaction Account Guarantee Program (TAGP), the Federal Deposit Insurance Corporation (FDIC) will provide deposit insurance coverage for the full amount in all of the bank's customers' non-interest bearing deposit accounts through December 31, 2009. This includes traditional non-interest bearing checking accounts and certain types of attorney trust accounts, as well as negotiable order of withdrawal 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, 2009, from the normal coverage limit of $100,000. Alan Rothenberg, chairman and CEO of 1st Century Bancshares, said: "We believe the benefit of this full insurance coverage, in addition to 1st Century Bank's positioning as one of the strongest capitalized financial institutions in our geographic market, provides even greater comfort for our customers in the security of their deposits."