Vancouver-based Bank of Clark County started a new certificate of deposit on Nov. 8, which is part of statewide effort by financial institutions to support veterans. Other banks who are offering the CD are Longview-based Cowlitz Bank and its division, Bay Bank. The Veterans Family Fund Certificate of Deposit is an insured account that benefits military veterans and their families, developed in Vancouver. Half of the interest generated will be donated to the Veterans Innovations Programs of the Washington State Department of Veterans Affairs.
Veterans Family Fund of America is an independent, nongovernmental, grassroots organization located in Vancouver. The VFFA has selected the Veterans Innovations Program to disperse investor donations directly to veterans and their families. $300,000,000 in deposits would result in $6 million annually for veterans family benefits, assuming prevailing rates.
Bank of Clark County has committed seed funding for development of program communications, and bank CEO Michael Worthy is on the board along with Vancouver-based members Betsy Henning of Alling Henning Assoc., Jane Jacobsen, executive director of the confluence project, retired U.S. Army Col. Robert Friedenwald and John Lee in Olympia, director of the Washington State Department of Veterans Affairs.
