Tuesday, 04 December 2012
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning on January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
All deposits in Patriot Community Bank above the FDIC limits are insured in full by the Share Insurance Fund (SIF). Accordingly, all noninterest-bearing transaction account deposits that are no longer insured by the FDIC will be insured in full by the SIF effective January 1, 2013.
Patriot Community Bank is an independent state chartered co-operative bank managed by experienced, knowledgeable and caring banking professionals.
237 Lexington St.
Woburn, MA 01801