The Virginia Bankers Association and its subsidiary, VBA Management Services Inc., announce the endorsement of Anova® Financial Corporation, a North Carolina-based company established in 2002 as a result of a community bank focus group to provide alternative funding solutions for banks.
“ANOVA® provides FDIC-insured, flexible, innovative solutions tailor-made
for the way community banks do business and we look forward to working with the
Virginia Bankers Association member banks,” says Kim B. Winslow, President/CEO
of ANOVA. “Whether your bank needs funds to meet loan demands or has excess
liquidity, ANOVA provides a FDIC-insured, high yield liquid alternative that is
backed by an experienced organization, proven technology and optimum security.
It’s simple and accessible 24/7 within the online ANOVA Bank Community.”
Virginia Bankers Association President & CEO Bruce Whitehurst describes the ANOVA services as both attractive and timely: “With the FDIC’s Transaction Guaranty Program set to expire on June 30th, this is the perfect time for banks to add ANOVA and offer uninterrupted FDIC coverage on transaction accounts up to the $10 million per depositor limit.”
ANOVACORE® - is a wholesale funding solution for banks that is an alternative to
gathering brokered deposits or relying on the Federal Home Loan Bank as a
lending source to meet loan demands. Funds are offered on a fixed monthly
interest rate without broker or other fees of any sort. There is no
collateralization or compensating balance requirements and funds are completely
ANOVAFUNDS® - offers bankers an alternative Treasury Service and your bank customers with a liquid and entirely FDIC insured way to spread deposits over $250,000 and earn a high interest rate. Accounts are fully FDIC Insured up to $10 million with daily liquidity and no early withdrawal fees. Depositors earn a fixed deposit rate which is set monthly and advantageous when compared to alternative short term investments.
Reciprocal Exchange Deposit Program® - banks providing additional peace of mind to your deposit customers by stretching FDIC Insurance up to $10 million per depositor account. ANOVA’s REDP® consists of a network of banks to provide their deposit customers a means to move uninsured deposits into fully 100% FDIC insured deposits. Each participating bank offers its depositors the advantage of setting up an ANOVA insured deposit account for all customer deposits over $250,000. Uninsured deposits are then exchanged through ANOVA’s account structure to other network member banks in increments of $245,000 or less, and deposited within a Master MMDA account at each member bank. In return each initiating bank receives reciprocal deposits from within the network on a dollar for dollar basis.
ANOVA employs a network of member banks that allows us to divide deposits into insured amounts that can be monitored by depositors in real time through the www.AnovaFinancial.com web portal.
For more information about how ANOVA can help you increase your deposits and the comfort of your customers call Dawn Bunch, CFO, at 888-266-8293 (1-888-ANOVA-YES) or email her at DBunch@anovafinancial.com.