SEATTLE, Oct. 7 /PRNewswire-FirstCall/ -- First Sound Bank (OTC Bulletin Board: FSWA) today announced its continued participation - through June 30, 2010 - in the Federal Deposit Insurance Corporation's (FDIC) voluntary Transaction Account Guarantee (TAG) portion of the Temporary Liquidity Program. Under TAG, non-interest bearing accounts and qualified NOW checking accounts are fully guaranteed by the FDIC for an unlimited amount. This coverage is separate from, and in addition to, the FDIC's general deposit insurance protection coverage.
In August 2009, the FDIC extended its voluntary TAG program an additional six months to an expiration date of June 30, 2010. During the extension period, the annual assessment rate for participating institutions will be either 15, 20 or 25 basis points based on the institution's risk category as determined under the FDIC's risk-based premium system.
Certain statements in this press release, including statements regarding the anticipated development and expansion of First Sound Bank's business, and the intent, belief or current expectations of the company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
About First Sound Bank
Seattle-based First Sound Bank offers customized banking for small- to medium-sized businesses, organizations, not-for-profits and professionals in the Puget Sound region. Founded by a team of veteran local banking executives, it is committed to delivering personalized service, convenient access and competitive rates to support the needs of the business community. The bank offers online banking at http://www.firstsoundbank.com/ plus an expansive banking network in the western U.S., as well as ATM banking throughout the country and abroad. On March 1, 2008, First Sound Bank purchased a majority of the assets of Puget Sound Leasing Company, Inc. - a small ticket, business-to-business leasing company and established Puget Sound Leasing as a division of First Sound Bank.
First Sound Bank
CONTACT: Don L. Hirtzel, Chairman and CEO or Steven M. Shaughnessy,
President and COO, both of First Sound Bank, +1-206-515-2004
Web Site: http://www.firstsoundbank.com/
