The Ultra Insured Account Keeps It Local—Fintech Company Reich & Tang and Metropolitan Commercial Bank Partner to Help Public Funds Stay Local and Support the Community

February 14, 2020

New York, New York – Reich & Tang (R&T) is proud to partner with Metropolitan Commercial Bank (MCB), whose Ultra Insured Account offering provides FDIC insured deposit solutions to school districts and other municipal funds.

MCB’s Ultra Insured Account helps school districts and other municipal funds earn more interest income and receive extended FDIC insurance coverage on their entire deposit. There are approximately $80-100 million in MCB’s municipal deposit program today. This continues to grow as more school business officials and public fund managers are interested in learning about the extended FDIC insurance and additional interest income, which could be used for staffing, infrastructure, supplies and technology. 

MCB developed its Ultra Insured Account program specifically to meet clients’ cash management and deposit needs. As part of that process, MCB needed a fintech partner and deposit solutions specialist with superior industry expertise, a reliable platform and flexibility.

“We are thrilled to offer this innovative, flexible and insured deposit solution to our municipal clients,” explained Laura Capra, SVP, and Head of Retail Banking at Metropolitan Commercial Bank. “We understand the importance of protecting and growing municipal funds so they can be used to provide vital services and build strong communities that will continue to prosper for many generations.”

R&T’s Demand Deposit MarketplaceSM (DDM) is an automated, daily cash sweep service, which allows MCB to provide both FDIC insurance and interest income to community institutions with large deposits often underserved by larger banks.

“Reich & Tang has a long history of working with Metropolitan Commercial Bank, who is dedicated to giving back to the community they serve,” said Joe Jerkovich, Reich & Tang EVP+COO. “We’re thrilled that our flexible and high-tech platform helps MCB provide their clients with better cash management options.”


MCB offers the DDM program through its Ultra Insured Accounts to provide their customers with additional FDIC insurance. This is accomplished by allocating a large deposit to as many banks in the DDM network (in increments not exceeding $250,000 inclusive of accrued interest) as necessary to provide FDIC Insurance up to the program maximum.

About Metropolitan Commercial Bank

Metropolitan Commercial Bank®, The Entrepreneurial Bank, is headquartered in New York City and operates full-service banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island. The parent company, Metropolitan Bank Holding Corp., is a publicly traded company. The common stock of Metropolitan Bank Holding Corp. is listed on the New York Stock Exchange (NYSE) and trades under the ticker symbol “MCB.”  Metropolitan Commercial Bank is a New York State chartered commercial bank, an FDIC member and an equal opportunity lender.

Metropolitan Commercial Bank is also an established leader in digital payments and one of the fastest growing U.S. issuers of virtually every type of debit card and keeping pace with rapid industry evolution and the trend towards mobile payment apps and all that FinTech has to offer.

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About Reich & Tang

Reich & Tang is a leading fintech liquidity specialist, providing deposit, balance sheet and cash management solutions to US banks and other financial institutions. Reich & Tang provides a complete suite of bespoke liability solutions to our network of banks around the country. Reich & Tang’s FDIC-insured cash sweep programs offer competitive rates and cash security through our sponsoring banks, broker-dealers, trust companies, and clearing platforms.

Reich & Tang ensures ease of use by streamlining technology with an unyielding focus on client partnerships. Serving as consultants to our clients allows us to develop flexible solutions to meet the deposit, liquidity and investment needs of any organization.