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Presentation for
Ohio Association of Public Treasurers
Annual Conference - 2007
Erich Buckenmaier, Regional Director
Promontory Interfinancial Network
Founders, Board Members,
and Bank Advisory Board
Founders Board Members & Bank Advisory Board Representation
Eugene A. Ludwig Donald G. Ogilvie
Chairman & CEO, Promontory Interfinancial Network Chairman, American Bankers Association International
Former Comptroller of the Currency Former President and CEO, ABA
Eugene A. Ludwig Anne L. Armstrong Warren Rudman
Chairman, Executive Committee of the Board of Trustees, Partner, Paul, Weiss, Rifkind, Wharton & Garrison
Chairman & CEO Center for Strategic International Studies Former U.S. Senator
Former Comptroller of the Former U.S. Ambassador to the United Kingdom
Currency Jeffrey B. Schreier
Alan S. Blinder Managing Director, The Bank of New York
Vice Chairman, Promontory Interfinancial Network
Former Vice Chairman, Federal Reserve Board L. William Seidman
Chief Commentator of CNBC-TV
James M. Culberson Former Chairman, FDIC
Chairman Emeritus, First National Bank & Trust
Former President, American Bankers Association J. Michael Shepherd
Alan S. Blinder President & COO, Bank of the West
Vice Chairman Art Certosimo
Vice Chairman, Promontory Interfinancial Network O. Jay Tomson
Former Vice Chairman of the Chairman, First Citizens National Bank, Mason City, IA
EVP and Head of Broker Dealer Services,
Board of Governors of the The Bank of New York Former President, Independent Community Bankers
Federal Reserve System of America
Kenneth M. Duberstein
Chairman & CEO, The Duberstein Group Frank G. Zarb
Former White House Chief of Staff Chairman, Frank Zarb Associates
Former Chairman & CEO, NASD
Mark P. Jacobsen
President & COO, Promontory Interfinancial Network
Mark P. Jacobsen Former Chief of Staff, Comptroller of the Currency and FDIC William Isaac, Chairman, Bank Advisory Board
President & COO Chairman, The Secura Group
Edward W. Kelley, Jr.
Former Chief of Staff of the Former Governor, Federal Reserve Board Former Chairman, FDIC
FDIC and Office of the
Frank N. Newman
Comptroller of the Currency Chairman & CEO, Shenzhen Development Bank, China
Chairman Emeritus, Bankers Trust Company
Now available
in Ohio
5
Now Available
in Ohio A law, authorizing the investment of local
government funds through CDARS,
became effective on July 3, 2006.
Therefore, local governments can now gain
access to CDARS just like businesses,
organizations, and individuals have
enjoyed over the previous four years.
Availability of CDARS
for Local Governments
WASHINGTON
MONTANA NORTH MINNESOTA MAINE
DAKOTA
VT
OREGON
NH
WISCONSIN
MASS
IDAHO SOUTH
DAKOTA NEW YORK
MICHIGAN
WYOMING RI
CONN
IOWA
PENN NEW
NEBRASKA JERSEY
NEVADA OHIO
DELAWARE
INDIANA
UTAH ILLINOIS
COLORADO MARYLAND
WV
KANSAS
VIRGINIA
MISSOURI
KENTUCKY
CALIFORNIA NORTH
CAROLINA
TENNESSEE
ARIZONA ARKANSAS
OKLAHOMA SOUTH
CAROLINA
NEW MEXICO
MISS GEORGIA
ALABAMA
TEXAS
FLORIDA
LOUISIANA
CDARS
ALASKA Authorized
Pending
Legislation
to Authorize
HAWAII
7
It’s Everything
in One Place
CDARS is the smartest, most secure and
convenient way for public fund managers to
invest in large dollar FDIC-insured CDs.
Why is that? With the CDARS service, your
organization can have it all:
It’s Everything
• CD-level returns.
in One Place • Access to multi-million dollar FDIC insurance.
• Freed-up time / significantly less paperwork.
• The ability to support local communities.
8
CD-level Returns
Earn rates that may compare
favorably with other investment
alternatives, including U.S.
Treasuries and money
market funds.
CD-level Returns
Peace of Mind
Peace of Mind
Enjoy the security associated
with access to up to $50 million
in FDIC insurance on CD
investments.
9
Capitalize on the ease:
• Work with just one bank – any local bank
that’s a member of the CDARS network – to
Time-saving obtain full FDIC insurance.
• Earn one interest rate per maturity.
Conveniences • Receive just one regular statement.
10
Forego the hassle of:
• Tracking and “marking to market” changing
collateral values.
• Requiring surety bonds (and potentially
being offered a lower interest rate as a
result).
Time-saving • Footnoting uninsured investments in
Conveniences financial statements.
• GASB 40 issues.1
• Manually consolidating account statements.
• Having to calculate blended rates and to
manually consolidate interest
disbursements on a recurring basis.
Footnote
(1) CDs issued to governments
through CDARS should not be
regarded as being exposed to
custodial credit risk or requiring
an adverse disclosure on the
11
Feel good knowing that
the full value of your
organization’s money stays
local to support lending
opportunities that build a
stronger community; with
Community CDARS, your organization
Investment invests not just in CDs, but in
its own backyard.
12
There are six choices for your
organization’s convenience:
• 4 weeks
• 13 weeks
• 26 weeks
• 52 weeks
Investing is Flexible • 2 years (104 weeks)
to Match Your • 3 years (156 weeks)
Organization’s Needs Additionally, if desired, your organization
can ladder CDs or combine maturities to
effectively create a customized term.
13
Banks that offer CDARS are members of a
special network.
When your organization places a large deposit
with a CDARS network member, that bank
places your funds into CDs issued by other
banks in the network. (This occurs in
increments of less than $100,000, so that both
principal and interest are eligible for complete
FDIC protection.)
We Make It Easy
At the same time, other network members do
the same thing with their customers’ funds.
With help from a sophisticated matching
system, network members exchange deposits
on a dollar-for-dollar basis (this means each
bank comes out “whole”). As a result, your
organization can access FDIC insurance
coverage from many banks while working with
just one. In effect, the full amount of your
deposit stays in your local bank and supports
lending in your community.
14
Your organization deposits money with a
1 bank that offers CDARS.
Funds are placed using the CDARS
2 service.
Your organization’s CDs are issued by other
Investing is Simple 3 banks in the CDARS network.
Your organization receives confirmation
4 of its CDs.
Your organization receives consolidated
5 interest payments and statements through
its local CDARS bank.
15
Sample
New Account
Notice
Reporting is
Straightforward
16
Sample
Monthly
Statement
Reporting is
Straightforward
17
Confidential information remains protected.
Confidential It is shared only with the relationship bank
(the bank you choose to conduct business
Information Remains with directly) and the servicing institution
Protected that generates your CDARS account
statements.
18
The CDARS program is something every
county, city, and town should investigate.
With CDARS, our deposits are eligible for
Hear What Other multi-million dollar FDIC insurance, so we
Public Fund Managers don’t have to track those constantly
changing collateral values, and they earn
Are Saying a decent rate.
Bonita Stadler
Payne County Treasurer
Stillwater, OK
19
I have found participation in the CDARS
program to be simple and a time saver.
We earn very competitive interest rates
Hear What Other on our investments while freeing up staff
Public Fund Managers time. We were in the CDARS program
during our last audit and passed with
Are Saying flying colors!
Christina J. Johnson
Treasurer
Dekalb County, IL
ADA CAMBRIDGE DEFIANCE (cont’d)
Liberty National Bank Advantage Bank The State Bank and Trust Company
Patricia Arnett, Senior Vice President Jo Sexton Kristen Nusbaum, Vice President
(419) 634-5015 (740) 432-5641 (419) 783-8876
parnett@lnbbank.com jsexton@advantagebank.com kristen.nusbaum@thebank-sbt.com
ARCHIBOLD CALDWELL DUBLIN
The Farmers & Merchants State Bank Community Savings Bank Ohio Central Savings
Barbara Britenriker, Chief Financial Officer Barry Parmiter Diane Gregg, Chief Operating Officer
(419) 446-2501 (740) 732-5678 (614) 761-2302
bbritenriker@fm-bank.com barry@mycommunitysavings.com diane@ocsavings.com
ATTICA CINCINNATI EAST LIVERPOOL
Sutton Bank Cincinnatus Savings and Loan Company 1st National Community Bank
Anthony Gorrell, Chief Financial Officer Jeff Beerman Robin Moadus, COO
(419) 426-3641 (513) 661-6903 330-385-9200
tgorrell@suttonbank.com jbeerman@cincinnatussl.com r_moadus@1stncb.com
BAINBRIDGE COLUMBUS GROVE FAIRLAWN
The Rockhold, Brown & Company Bank The Union Bank Company CF Bank
William Hubbard Norm Schnipke Nanci Dodgson
(740) 634-2331 (419) 659-2141 (330) 576-1203
billrbcobk@horizonview.net nschnipke@theubank.com nancidodgson@cfbankmail.com
BEACHWOOD CROOKSVILLE GALLAPOLIS
Ohio Commerce Bank The Community Bank The Ohio Valley Bank Company
Richard Miller Dan Boyle, CFO Scott Shockey, Chief Financial Officer
(216) 910-0554 (740) 454-2265 (740) 441-9148
richard.miller@ohiocommercebank.com dboyle@thecombank.com swshockey@ovbc.com
BELLEVUE DAYTON GENOA
First National Bank of Bellevue Liberty Savings Bank, F.S.B. Genoa Banking Company
Missy Walker Geoffrey Phillips, Vice President Government Douglas Juergens
(419) 734-7340 Banking and Government Relations (419) 855-8381
walkerm@fnblifetime.com (800) 860-1007 ext 7608 djuergens@genoabank.com
geoffrey.phillips@libertysavingsbank.com
BLUFFTON HAMILTON
The Citizens National Bank of Bluffton DEFIANCE First Financial Bank
Janet Dukes, Chief Operating Officer First Federal Bank of the Midwest Larry Mulligan
(419) 358-8040 Darlene Howard (513) 867-4985
janet@cnbohio.com (419) 782-4148 larry.mulligan@ffbc-oh.com
dhoward@first-fed.com
HILLSBORO MARIETTA PARMA
NCB, FSB Peoples Bank, National Association Century Bank
Frank Guerrero Jeff Welch Daniel Lamparyk, CFO
703-302-8175 (740) 374-6134 216-351-7000
fguerrero@ncb.coop jwelch@pebo.com d.lamparyk@centurybankoh.com
JACKSON Settlers Bank
Donn Schafer, CFO PORTSMOUTH
Oak Hill Banks
(740) 373-9200 American Savings Bank, fsb
David Ratz
dschafer@settlersbank.com Kathy Fish
(740) 286-3283
(740) 354-3177
dratz@oakf.com
kfish@asbportsmouth.com
METAMORA
LANCASTER The Metamora State Bank
Joe Damman RAVENA
Standing Stone National Bank
(419) 644-2361 Portage Community Bank
Jim Gilmore
jdamman@metamorabank.com Connie Bennett, Chief Operations Officer
(740) 653-5115
(330) 296-8090
jgilmore@greenapple.com
cbennett@pcbbank.com
MINERVA
LEBANON Consumers National Bank
Renee Wood, CFO WARREN
Lebanon Citizens National Bank
(330) 68-7701 First Place Bank
Ann Smith, Vice President
rwood@consumersbank.com Jeanette Brown
513-932-1414
(330) 373-1230
asmith@lcnb.com
jbrown@fpfc.net
MINISTER
LEWIS CENTER Minster Bank
Kenneth Wuebker, Chief Financial Officer WILMINGTON
The Delaware County Bank and Trust
(419) 628-2351 The National Bank and Trust Company
Company
kwuebker@minsterbank.com Mary Jane West, Vice President / Direct
Donna Grimmett, Financial Analyst
Sales Manager
(740) 657-7240
(937) 382-1441
dgrimmett@dcb-t.com OLD FORT mjwest@nbtdirect.com
The Old Fort Banking Company
LORAIN Mike Daniel, Chief Financial Officer
The Lorain National Bank (419) 992-4227 WOOSTER
Judy Murphy, Vice President, Public Funds miked@oldfortbank.com Ohio Legacy Bank
(800) 244-6000 Derek Williams, Chief Deposit Officer, SVP
TWhite@4lnb.com (330) 244-2989
ORRVILLE dwilliams@ohiolegacybank.com
First National Bank
MANSFIELD Paul Kubiak
Mechanics Savings Bank (330) 682-1010
Amie Hardin spkubiak@fnborrville.com
419-524-0831
ahardin@mechanicsb.com
23
We are here to answer any questions
you have, including which banks in your local
area make an offering of CDARS.
Erich Buckenmaier
Call Toll-free: Regional Director
(866) 776-6426 ext. 3354
(866) 776-6426 ebuckenmaier@promnetwork.com
Or visit our website at: www.cdars.com
24
Footnotes
1CDs issued to governments through CDARS should not be regarded as being exposed to custodial
credit risk or requiring an adverse disclosure on the government's financial reports.
Disclosures
The CDARS service has been designed to satisfy the FDIC’s requirements for pass-through
deposit insurance coverage. Public fund deposits must be placed through a CDARS ReciprocalSM
transaction to ensure that the total dollar amount is maintained by the financial institution that offers
CDARS.
If you are subject to restrictions with respect to the placement of funds in depository institutions, it is
your responsibility to determine whether the placement of your funds through CDARS satisfies
those restrictions.
Footnotes and When funds are exchanged on a dollar-for-dollar basis with other banks in the network, we can use
Disclosures the full amount of a deposit placed through CDARS for local lending, satisfying some depositors’
local investment goals/mandates. Alternatively, with your consent, our bank may choose to receive
fee income instead of deposits from other banks. Under these circumstances, deposited funds
would not be available for local lending. If you are subject to restrictions with respect to the
placement of funds in depository institutions, it is your responsibility to determine whether the
placement of your funds through CDARS satisfies those restrictions.
Funds may be submitted for placement only after entering into a CDARS Deposit Placement
Agreement. This agreement contains important information and conditions regarding the placement
of funds. A copy of this agreement has been included on the same CD that contains this
presentation.
CDARS and Certificate of Deposit Account Registry Service are registered service marks of
Promontory Interfinancial Network, LLC.
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