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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 email@example.com firstname.lastname@example.org email@example.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 firstname.lastname@example.org email@example.com firstname.lastname@example.org 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 email@example.com firstname.lastname@example.org email@example.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 firstname.lastname@example.org email@example.com firstname.lastname@example.org 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 email@example.com firstname.lastname@example.org email@example.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 firstname.lastname@example.org (800) 860-1007 ext 7608 email@example.com firstname.lastname@example.org 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 email@example.com (419) 782-4148 firstname.lastname@example.org email@example.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 firstname.lastname@example.org email@example.com firstname.lastname@example.org JACKSON Settlers Bank Donn Schafer, CFO PORTSMOUTH Oak Hill Banks (740) 373-9200 American Savings Bank, fsb David Ratz email@example.com Kathy Fish (740) 286-3283 (740) 354-3177 firstname.lastname@example.org email@example.com METAMORA LANCASTER The Metamora State Bank Joe Damman RAVENA Standing Stone National Bank (419) 644-2361 Portage Community Bank Jim Gilmore firstname.lastname@example.org Connie Bennett, Chief Operations Officer (740) 653-5115 (330) 296-8090 email@example.com firstname.lastname@example.org MINERVA LEBANON Consumers National Bank Renee Wood, CFO WARREN Lebanon Citizens National Bank (330) 68-7701 First Place Bank Ann Smith, Vice President email@example.com Jeanette Brown 513-932-1414 (330) 373-1230 firstname.lastname@example.org email@example.com 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 firstname.lastname@example.org Mary Jane West, Vice President / Direct Donna Grimmett, Financial Analyst Sales Manager (740) 657-7240 (937) 382-1441 email@example.com OLD FORT firstname.lastname@example.org 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 email@example.com Ohio Legacy Bank (800) 244-6000 Derek Williams, Chief Deposit Officer, SVP TWhite@4lnb.com (330) 244-2989 ORRVILLE firstname.lastname@example.org First National Bank MANSFIELD Paul Kubiak Mechanics Savings Bank (330) 682-1010 Amie Hardin email@example.com 419-524-0831 firstname.lastname@example.org 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 email@example.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.