First Financial Service Corporation Continues Participation in the FDIC’s Temporary Liquidity Guarantee Program
December 12 2008 - 4:01PM
Business Wire
First Financial Service Corporation (the Company) (Nasdaq: FFKY)
today announced that its wholly-owned subsidiary, First Federal
Savings Bank, has elected to continue to participate in the
Transaction Account Guarantee Program (�TAGP�). Additionally, First
Financial Service Corporation and First Federal Savings Bank have
also elected to continue to participate in the Debt Guarantee
Program (�DGP�). Both programs are part of the Federal Deposit
Insurance Corporation�s (�FDIC�) Temporary Liquidity Guarantee
Program (�TLGP�). Under TAGP, the FDIC will provide unlimited
deposit insurance coverage for all non-interest bearing transaction
accounts through December 31, 2009. This includes traditional
non-interest bearing checking accounts, certain types of attorney
trust accounts and NOW accounts as long as the interest rate does
not exceed one half percent. Under DGP, the FDIC will guarantee
certain senior unsecured debt of participating entities issued on
or before June 30, 2009 with a maturity date of June 30, 2012 or
sooner. Senior unsecured debt includes Federal Funds with a stated
maturity greater than thirty days, promissory notes, commercial
paper and inter-bank certificates of deposit. Chief Executive
Officer, B. Keith Johnson stated, �We are pleased to continue
participation in the Transaction Account Guarantee Program that
will provide an unlimited FDIC insurance coverage for all
non-interest bearing transaction accounts through the end of 2009.
This coverage is in addition to and separate from the coverage
available under the FDIC�s general deposit insurance rules.� First
Financial Service Corporation is the parent bank holding company of
First Federal Savings Bank of Elizabethtown, which was chartered in
1923. The Bank serves the needs and caters to the economic
strengths of the local communities in which it operates and strives
to provide a high level of personal and professional customer
service. The Bank offers a variety of financial services to its
retail and commercial banking customers. These services include
personal and corporate banking services, and personal investment
financial counseling services. Today, the Bank serves seven
contiguous counties encompassing Central Kentucky and the
Louisville Metropolitan area, including Southern Indiana, through
its 20 full-service banking centers and a commercial private
banking center. This press release contains forward-looking
statements under the Private Securities Litigation Reform Act of
1995 that are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical income
and those presently anticipated or projected. The Company cautions
readers not to place undue reliance on any such forward-looking
statements, which speak only as of the date of this release. Such
risks and uncertainties include those detailed in the Company�s
filings with the Securities and Exchange Commission, risks of
adversely changing results of operations, risks related to the
Company�s acquisition strategy, risk of loans and investments,
including the effect of the change of the local economic
conditions, risks associated with the adverse effects of the
changes in interest rates, and competition for the Company�s
customers by other providers of financial services, all of which
are difficult to predict and many of which are beyond the control
of the Company. First Financial Service Corporation�s stock is
traded on the Nasdaq Global Market under the symbol �FFKY.� Market
makers for the stock are: Keefe, Bruyette & Woods, Inc. � � � �
� � FTN Midwest Securities � J.J.B. Hilliard, W.L. Lyons Company,
Inc. Howe Barnes Investments, Inc. � Stifel Nicolaus & Company
Knight Securities, LP
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