Deere finance arms accepts FDIC debt guarantee
December 5, 2008
Filed under Features
Deere & Co. will participate in a federal program to guarantee unsecured debt, according to the Associate Press.
John Deere Capital Corp., its parent company John Deere Credit Co., and FPC Financial will continue to participate in the debt guarantee program that’s part of the Federal Deposit Insurance Corp.’s Temporary Liquidity Guarantee Program.
FPC Financial, a federal savings bank that’s a subsidiary of John Deere Capital Corp., will also particulate in the part of the program that provides FDIC coverage of non-interest bearing accounts.
John Deere Capital Corp. also plans to issue non-guaranteed debt that will mature after the June 2012 limit for FDIC backing. It will pay a fee to the FDIC for issuing such debt.