Corporate managers listening to a presentation in a conference room
COREBANK takes pride in supporting local businesses by offering financial products and services to help you reach your financial goals. Our services are designed to make your business more efficient and profitable.
Listed below are our products and services. However, for a complete understand of how we can match up your needs with our products to form a long and prosperous relationship, click on Contact Us to arrange a time for us to meet with you.
Beneficial ownership information reporting is a federal law requirement that requires businesses or legal entities to provide identifying information about those with control over them. The Corporate Transparency Act, passed in 2021, requires small business entities such as LLCs and corporations to report identifying information on their “beneficial owners”. A beneficial owner is defined as any individual who, directly or indirectly, either exercises substantial control over a reporting company, or owns or controls at least 25 percent of the ownership interests of a reporting company. Follow this link https://boiefiling.fincen.gov/ for more information.
Through Promontory’s new ICS (or Insured Cash Sweep) service, banks can offer their customers a savings product that earns interest and provides access to multi-million-dollar FDIC insurance. By using ICS to transfer, or “sweep,” customer funds from a transaction account at the bank into savings accounts (money market deposit accounts) at multiple banks, institutions can attract sophisticated, safety-conscious customers of all types, including businesses, nonprofits, public entities, and other large-dollar depositors.
Why ICS?
ICS enables banks to receive matching deposits for their placements – true reciprocal funding to help fund the asset side of the balance sheet – while offering a savings product with access to multi-million-dollar FDIC insurance.* 
How does ICS compare to other alternatives?
How does ICS work?
As a member of the Promontory Network, a bank can transfer a customer’s funds from a transaction account at that bank into interest-bearing savings accounts at other member banks in amounts below the standard FDIC insurance maximum ($250,000). This process makes the customer’s funds eligible for FDIC protection. As a result, customers can access coverage from many institutions while working directly with just one. Customers communicate with their bank’s service team and receive monthly statements from that bank. And, as always, customers’ confidential information is protected. Each customer maintains liquidity in the transaction account at his/her bank and can access ICS funds in the money market deposit accounts up to six times per month.
CDARS® is a safe, simple way to access multi-million-dollar FDIC insurance for CDs through a single bank relationship.
Peace of mind made simple! With CDARS, you can access multi-million-dollar
FDIC insurance through us, the bank you know and trust. Plus, enjoy the option of reinvesting funds through a simple process.
WHAT IS CDARS?
CDARS®, the Certificate of Deposit Account Registry Service®, is the easiest, most convenient way to access FDIC insurance on large deposits.
One Bank
Everything is handled through our bank. Your large deposit is broken into smaller amounts and placed with other banks that are members of the CDARS Network. Then those banks issue CDs in amounts under the standard FDIC insurance maximum so that your investment is eligible for FDIC protection. By working directly with just one bank—our bank—you can receive insurance through many.
One Rate
You earn one rate per maturity on your entire investment—so you can forget about multiple rate negotiations and the need to consolidate multiple disbursement checks.
One Statement
You receive one regular account statement listing all of your CDs along with their issuing banks, maturity dates, and other details. With CDARS, there’s no need to manually consolidate statements or track collateral values on an ongoing basis.
