On October 3, 2008, the Federal Deposit Insurance Corporation (FDIC) increased the limit for insured deposits from $100,000 to $250,000 per depositor. This increase is effective until at least December 31, 2009, and was implemented to provide additional comfort to depositors that exceeded the old limit.

Update:
On October 14, 2008, the FDIC announced a new program, the Temporary Liquidity Guarantee Program, which fully insures all non-interest bearing accounts at 100% of the amount on deposit. In other words, there is no insurance limit on these types of accounts. This coverage is also effective until at least December 31, 2009, unless the participating Bank "opts-out." The "opt-out" provision was added because of the additional cost to those institutions that offer the unlimited coverage.

Independence Bank will not "opt-out" of any of these new programs. We believe that any viable program that adds stability to the financial system and reduces stress to our depositors is worthy of Independence Bank's support and participation.

To learn more visit the FDIC's Deposit Insurance Coverage Summary or contact any of our representatives.