CDARS Program

Our CDARS program is a way for you to keep your large deposits safe.  With CDARS, you can receive up to $50 million in FDIC protection through WesternBank.  CDARS can be a valuable cash management or longer-term investment tool for you or your business.  It's a great solution for individuals, businesses, nonprofit organizations, public funds managers, trustees, financial advisors, and IRAs.


How CDARS works

WesternBank is a member of a special network.  When you place a large amount with us, we place your funds into certificates of deposit issued by other banks in the network.  These deposits are placed in increments of less than $100,000 - so that both your principal and interest are eligible for complete FDIC protection.  With help from asophisticated matching system, we exchange deposits with other banks that are members of the network.


These exchanges, which occur on a dollar-for-dollar basis, brings 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 community lending.


Benefits of CDARS

One stop shopping!  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 seasons.  CDARS allows you to to eliminate the need to monitor changing collateral values - another time saving convenience.


Safety - Your money can recieve up to $50 million in FDIC insurance coverage.  Your confidential account information remains protected.


Convenience - You work directly with us.  You earn one interest rate and one regular statement.  Individual investors receive one year-end tax form.


Community Investment - The full value of your money supports lending opportunities in your local community.


CD-Level Rates - Your money earns CD-level returns which may compare favorably with other investment alternatives, including Treasuries, corporate sweep accounts, and money market funds.   


To find out more information about our CDARS program, please call us at 218-335-4131 or Click Here to request additional information.