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Citizens Progressive Bank offers many useful
services for your convenience.


Keep Large Deposits Safe

Ask us about CDARS (the Certificate of Deposit Account Registry Service). One Bank, One Rate, One Statement.℠

It’s a great solution for:

  • businesses
  • nonprofit organizations
  • public funds managers
  • trustees
  • financial advisors
  • individuals
  • credit unions

With CDARS, you can access multi-million-dollar FDIC insurance protection working directly with just Citizens Progressive Bank. There are few guarantees in life, and FDIC insurance is one of them. CDARS can be a valuable cash management or longer term investment tool for you or your business.


Safety - Your money can be eligible for FDIC insurance coverage¹

Convenience - You earn one interest rate per maturity and receive one regular statement

Community Investment - Your money can support lending opportunities in your community²

CD Rates - Your money earns CD returns

How does CDARS work?

We are members of the CDARS Network. When you place a large amount with us, we place your funds into certificates of deposit issued by other banks in the Network - in increments under the standard FDIC insurance maximum ($250,000) so that both your principal and interest are eligible for FDIC protection. With help from a sophisticated matching system, we exchange deposits with other banks that are members of the Network.

These exchanges, which occur on a dollar-for-dollar basis, can bring the full amount of your original deposit back to our bank. As a result, we can make the full amount of your deposit available for lending in the local community.

What else should I know?

Now, you no longer have to spend time managing multiple bank relationships, administering various interest rates, organizing interest disbursements from various sources, or manually consolidating monthly statements. This reduces your administrative burden, especially during tax and financial reporting seasons.

And with CDARS, you can eliminate the need to monitor changing collateral values on an ongoing basis - another time saving convenience. Of course, your confidential account information remains protected.

Ask us about how CDARS can work for you the next time you visit one of our branches for more information.

¹ Limits apply. Funds may be submitted for placement only after a depositor enters into the CDARS Deposit Placement Agreement with Citizens Progressive Bank. The agreement contains important information and conditions regarding the placement of funds.

² When deposited funds are exchanged on a dollar-for-dollar basis with other banks in the CDARS Network, we can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s 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.

CDARS is a registered service mark of IntraFi Network, LLC.