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Success Story
Mission Valley Bank Retains a $10MM Nonprofit Depositor with NBID and Finds a One-Stop Insurance Solution
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“If you’re interested in an easy to use platform at lower costs for reciprocal deposits, NBID is definitely the place to go. Once they get there and get the service that NBID provides, you’ll be locked in. Pricing at that point becomes secondary, because they are head and shoulders above the rest.”
Tony Rodriguez, SVP of Operation Solutions, Mission Valley Bank
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We’re excited to share our newest success story featuring Mission Valley Bank, a community bank headquartered in Sun Valley, California, founded in 2001 by local business people and bankers with deep roots in the San Fernando Valley.
A core depositor to Mission Valley Bank is a large 50-year-old nonprofit that supports families and children. This nonprofit had over $10 million in deposits and was actively being questioned by board members about FDIC coverage. The organization was considering moving its funds elsewhere. Mission Valley joined NBID to solve exactly that problem. Through NBID’s reciprocal deposit network, the nonprofit could access aggregate FDIC insurance coverage through network institutions*, eliminating the need to spread deposits across multiple banks to stay fully covered.
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