FOR IMMEDIATE RELEASE
ICBA Congratulates FDIC on Its 75th Anniversary
Washington, D.C. (June 16, 2008)—The Independent Community Bankers of America (ICBA) congratulates the Federal Deposit Insurance Corporation (FDIC) on celebrating 75 years of providing stability to this nation's banking system.
"Since its founding in 1933, the FDIC has ensured public confidence in our nation's banking system," said Cynthia L. Blankenship, ICBA chairman and vice chairman and chief operating officer of Bank of the West, Irving, Texas. "The FDIC has been critical and continues to be critical to the continued success and stability of our banking system. Because of the FDIC, our community bank customers know that their money is safe in our institutions. No one has ever lost a penny of FDIC-insured funds."
"ICBA applauds the FDIC's longstanding history of protecting consumers' finances through the confidence and stability deposit insurance provides banking customers. Community banks look forward to continuing to reach out and promote the benefits of FDIC-insured accounts to consumers who need banking services," Blankenship said.
The FDIC insures deposits and protects depositors' funds in banks and savings associations. FDIC deposit insurance covers each depositor's account, dollar-for-dollar, up to the current insurance limit of $100,000 (and $250,000 for some retirement accounts), including principal and any accrued interest. Customers should look for an official FDIC sign at the teller windows or teller stations in their local community bank to know their institution is covered by FDIC insurance.
According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, Christmas club accounts, and time deposits such as certificates of deposit. Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also considered deposits, and are protected by the FDIC.