The Independent Community Bankers of America (ICBA) and First National Bank are reminding community bank customers of the stability of the community banking industry as the nation recovers from the recent financial and economic crisis.
"Community bank customers may be worried about the safety of their deposits during this time of continued economic instability," said Todd Mason, President/CEO of First National Bank.
"We understand their concern, but want to reassure our customers that they need not worry about the stability of their community bank and the safety of theirmoney."
"While there have been failures at banks and financial firms large and small, the reality is there are nearly 8,000 commercial banks across our country, and insured deposits are absolutely safe in FDIC-insured institutions," said Jim MacPhee, ICBA chairman and CEO of Kalamazoo County State Bank in Schoolcraft, Mich.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law July 21, deposits held in FDIC-insured community banks are guaranteed by the federal government for up to $250,000. No depositor has ever lost a penny of FDIC-insured funds.
"When it comes to community banks, the vast majority continue to be some of the safest, soundest and most secure financial institutions in our nation," MacPhee said. "Community banks follow responsible business practices and work every day to support their customers, communities and local markets."
"We encourage customers to call us if they are concerned," said Mason. "We value our relationship with our customers and our communities, and we want everyone to feel secure-both now and well into the future."
About ICBA
The Independent Community Bankers of America, the nation's voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States. It is dedicated to represent the interests of the community banking industry and the communities and customers it serves.
For more information, visit www.icba.org.
