Important Disclosures Regarding the FDIC Guarantee Program
Summit Bank is participating in the FDIC's Transaction Account Guarantee Program, which is available through December 31, 2010. Under that program, all noninterest-bearing transaction accounts and interest bearing NOW accounts with interest rates no higher than 0.50% are fully guaranteed by the FDIC for the entire amount in the account through June 30, 2010. Effective July 1, 2010, the FDIC is reducing coverage to interest rates no higher than 0.25%. All other coverage remains the same. This unlimited coverage also extends to IOLTA (Interest on Lawyers Trust Accounts).
Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
To find out more about the FDIC's Insurance Coverage Extension of Temporary Increase in Standard Maximum Deposit Insurance Amount please visit http://www.fdic.gov/news/news/financial/2009/fil09022.html .
