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For Immediate Release:
BETHESDA, MD (May 23, 2000) - Effective immediately, Presidential Savings Bank, FSB, shortened its name to Presidential Bank, FSB. Its Presidential Online Bank web site continues to be accessible through the URL, www.PresidentialBank.com.ven.
The new name is intended to better reflect the wide variety of consumer and commercial banking products and services offered by Presidential. The name change includes an updated logo. However, there will be no change in the ownership or management of the bank. A. Bruce Cleveland, President and CEO, commented, "Our brick and mortar branches and our online banking web site have operated as different faces of the same bank for a number of years." Cleveland stated, "Our name change simply reflects the strong tie between our bricks and clicks sides, and the wide variety of our products and services."
Presidential Bank, which opened its doors in 1985, has six branches in the greater Washington, DC, area, with two more planned openings in Northern Virginia in the fall. Presidential was America's first bank to offer accounts over the Internet, opening its virtual doors in early October, 1995. PresidentialBank.com offers one of the highest consumer deposit checking account interest rates available in the nation (now 6% APY on up to $25,000, 3.04% APY on greater amounts), and boasts a 2 minutes/$2 million online commercial lending process. With this online lending product, business borrowers can qualify and apply for commercial loans completely online. Presidential's lenders even fly to meet with the applicant to complete the loan process, so borrowers never have to leave their offices to get a commercial bank loan.
"Even though our name has slightly changed, we still offer all of the innovative services -with a human touch - that our customers around the country have come to rely upon. In fact, look for some exciting new online financial products in the up-coming months," Cleveland hinted.
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last updated 10/07/2010 lmm