The Private Bank of California has elected to remain in the federal Transaction Account Guarantee Program following the recent announcement of the extension of the programme to 30 June 2010.

"The bank was pleased to have participated in this program when it was established by the FDIC. We believe that the bank`s continued participation through 30 June 2010, along with our strong and liquid balance sheet, enables the bank to provide our clients with a safe and secure banking experience during the current economic environment," Richard Smith, the bank's president, said in a statement.

The TAGP program provides full FDIC insurance coverage for all non-interest bearing transaction accounts. This includes traditional non-interest bearing checking accounts and certain types of attorney trust accounts, as well as negotiable order of withdrawal accounts with interest rates of 0.50 per cent or less.