AMCORE to continue offering expanded deposit insurance under FDIC program
From press release
AMCORE Financial announced April 15 its subsidiary, AMCORE Bank, N.A., intends to continue its participation in the Federal Deposit Insurance Corporation (FDIC) Transaction Account Guarantee Program under the terms currently proposed.
The FDIC has extended its Transaction Account Guarantee Program from its prior deadline of June 30 to Dec. 31. Non-interest bearing deposit accounts, more commonly known as checking accounts, and NOW accounts paying less than 0.25 percent are included in the program, and will continue to be fully insured by the FDIC, regardless of the dollar amount. Financial institutions that are part of the program post prominent notices in the lobbies of their main office and branches indicating they are a participant.
“We believe this program provides added peace of mind and protection for our customers,” said William R. McManaman, chairman and CEO of AMCORE. “We understand the pressures our customers and local businesses face in today’s economy.”
The insurance coverage on non-interest bearing transaction deposit accounts and NOW accounts is over and above the $250,000 coverage provided to customers already. For example, if a customer has $500,000 in a non-interest bearing transaction deposit account and $250,000 in a certificate of deposit, the FDIC would fully insure the entire $750,000 under this program. “This truly is a program designed to maintain consumer confidence in the financial services industry,” said McManaman.
AMCORE Financial, Inc., has headquarters in northern Illinois and has banking assets of $3.8 billion with 52 locations in Illinois and Wisconsin. AMCORE provides a full range of consumer and commercial banking services, a variety of mortgage lending products and wealth management services including trust, brokerage, investment management and comprehensive retirement plan services.
AMCORE common stock is listed on The NASDAQ Stock Market under the symbol AMFI. Further information about AMCORE Financial, Inc., can be found at the company’s Web site at www.AMCORE.com.
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