SOURCE: James Monroe Bank

August 18, 2005 15:46 ET

James Monroe Bank Is Regional Pioneer for Health Savings Accounts

ARLINGTON, VA -- (MARKET WIRE) -- August 18, 2005 -- James Monroe Bank (NASDAQ: JMBI) today announced it is offering Health Savings Accounts (HSA accounts). Commercial clients with high-deductible health care plans can offer employees an effective way to save for future qualified medical and retiree health expenses while lowering company costs related to healthcare.

David Pijor, Chairman, stated, "Initial deposit expectations for HSA's indicate nationwide potential in the billions of dollars. With their low cost and high service value, we are pleased to be at the forefront in our region in offering HSA accounts."

One of the most popular aspects of HSA accounts is their pre-tax deductibility and "roll-over", or portability feature. Unlike commonly known "use-it-or-lose-it" flex spending accounts, deposits in HSA accounts are lifetime in nature. Once deposits are made they are the property of the account holder, not the employer, and available anytime. Also, the accounts are portable, meaning deposits can be directed from any employer offering the service. If an account holder changes jobs, funds can be directed from the new employer into the same account.

HSA's were signed into law by President Bush and made available January 1, 2004. James Monroe's HSA account will be interest-bearing. HSA customers will be issued a free HSA debit card and free initial checks enabling the account holder to pay for deductibles, co-payments, and other qualified medical expenses by check or by debit card. Special educational seminars are being organized by James Monroe Bank for commercial clients and prospective businesses.

James Monroe Bank is a full-service community bank serving the Northern Virginia and Washington, DC, metro area. Founded in 1998, James Monroe Bank has offices in Arlington, Annandale, Chantilly, Fairfax, Leesburg and Manassas. For further information on James Monroe's HSA product, contact Richard I. Linhart, Executive Vice President & COO at 703-526-5961.

Contact Information

  • Contact:
    John Maxwell

    Richard Linhart
    Executive Vice President/COO

    James Monroe Bank
    3033 Wilson Boulevard
    Arlington, VA 22201
    (703) 524-8100