ASHEVILLE, N.C., Dec. 12 /PRNewswire-FirstCall/ -- Weststar Financial Services Corporation (BULLETIN BOARD: WFSC) announced today that its subsidiary, Bank of Asheville, is participating in the FDIC's Temporary Account Guarantee Program ("TAGP"), which is a part of the FDIC's Temporary Liquidity Guarantee Program ("TLGP"). The purpose of the TLGP is to strengthen confidence and encourage liquidity in the banking system.
Under the TAGP, funds in non-interest-bearing accounts, in interest-bearing transaction accounts with interest rate of 0.50% or less and in Interest on Lawyers Trust Accounts will have a temporary unlimited guarantee from the FDIC until December 31, 2009. The coverage of the TAGP is in addition to and separate from coverage available under the FDIC's general deposit insurance rules, which insure accounts up to $250,000.
"We are pleased to announce that we have selected to participate in the FDIC's Temporary Liquidity Guarantee Program. As a BauerFinancial 5-Star rated bank, this program provides additional assurance to our customers regarding the safety and security of their deposits," stated President and Chief Executive Officer, G. Gordon Greenwood.
Weststar Financial Services Corporation is the parent company of The Bank of Asheville. Weststar Financial Services Corporation owns 100% interest in Weststar Financial Services Corporation I, a statutory trust. The Bank operates five full-service banking offices in Buncombe County, North Carolina -- Downtown Asheville, Candler, Leicester, South Asheville and Reynolds.
This news release contains forward-looking statements. Such statements are subject to certain factors that may cause the company's results to vary from those expected. These factors include changing economic and financial market conditions, competition, ability to execute our business plan, items already mentioned in this press release, and other factors described in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events and circumstances that arise after the date hereof.
