Statement by Countrywide Bank on Its Depository Franchise
Calabasas, CA (PRWEB) August 17, 2007 -- In light of recent media attention, Countrywide Bank, FSB today made the following statement regarding its depository franchise.
“It is important for Countrywide Bank’s valued customers to know that the highly publicized issues related to the mortgage market do not impact the safety of FDIC insured deposits at Countrywide Bank,” said Tim Wennes, president of Countrywide Bank.
Key facts about Countrywide Bank:
| | - Countrywide Bank is a federal savings bank with more than $107 billion in assets
- Countrywide Bank offers depository products that are FDIC insured
- Bank representatives are trained experts in helping customers structure their accounts to maximize the FDIC protections available to them
- Countrywide Bank continues to receive “investment-grade” ratings by the three major credit rating agencies
- Countrywide Bank offers high-yield depository products for retail and commercial customers.
- The Bank currently has 105 financial centers throughout the U.S. Countrywide Bank provides a wide array of consumer finance products, including high-yield CDs, and the Bank’s high-yield online savings account called SavingsLink(SM).
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“Offering consumers highly competitive rates on savings products has always been at the core of Countrywide Bank’s business model. Our current 5.65% (1) rate on a 12-month CD is among the highest in the nation and demonstrates our commitment to meeting the needs of consumers eager to maximize their savings,” concluded Wennes.
For more information, visit http://www.countrywidebank.com.
(1) The Annual Percentage Yields (APY) effective as of August 16, 2007 at 8:30 AM EST and are subject to change without prior notice until account opening. APYs shown apply to only individual and joint consumer accounts opened via the internet. The minimum deposit to open a CD account and obtain the APY is $10,000 for a regular CD and $2,500 for an IRA CD. A penalty may be imposed for early withdrawal. See Application Disclosure Handbook for details. There may be additional IRS penalties for early withdrawal from an IRA account. Consult your tax advisor.
*About Countrywide Bank
Countrywide Bank, FSB is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers investment and insurance products.* Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of the financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. Since its launch in 2001, Countrywide Bank has steadily expanded the reach of its financial centers to 15 states including: California, Arizona, Colorado, Texas, Florida, Arkansas, Illinois, Michigan, Ohio, Pennsylvania, New York, New Jersey, Massachusetts, Virginia and Washington. For more information about Countrywide Bank, visit www.countrywidebank.com. Member FDIC. Equal Housing Lender.
*Countrywide Investment Services and Countrywide Insurance Services Products
Not FDIC Insured Not Guaranteed By Any Bank Not A Deposit
May Lose Value Not Insured By Any Federal Government Agency
For media inquiries:
Media Hotline
800-796-8448
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