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 It is no secret that the banking industry is facing challenges in today’s economic times. While several bank closings and many other economic issues are making headlines, BankTennessee customers should feel secure that their money is safe. Count on safety and stability. We take pride in managing our institution wisely and reinvesting deposits in our community and continue to have strong quarterly earnings and significant balance sheet growth. As of December 31, 2008, we had $290 million in assets reflecting almost $50 million in growth since the first of this year. Total deposits (including DDAs, money markets, savings and CDs) have grown from $190 million to $221 million since January 1, 2008 as well. This growth speaks well of our staff, management, and the strength of the markets we serve. Customers’ deposits in banks are protected. As of October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008 which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The legislation provides that the basic deposit insurance limit will be effective through December 31, 2013. FDIC coverage is automatic. There is no need for depositors to apply for FDIC insurance or even to request it. If the amount of money you have in our bank exceeds $250,000, we may be able to extend your FDIC coverage by establishing separate accounts held in different ownership categories such as single accounts, joint account, Individual Retirement Accounts (IRAs) and trust accounts. Click here for basic FDIC Deposit Insurance Coverage Limits, or you can check out the FDIC's online calculator to estimate your coverage. A BankTennessee representative is always happy to help you as well. With an insurance fund of $49 billion, the FDIC insures more than $3 trillion of deposits in virtually every bank in the country. Since the start of FDIC insurance in 1934, no depositor has lost a single cent of insured funds as a result of a bank failure. For more information on the FDIC and how it is responding, our customers can visit the FDIC web site. Bank risk management has improved dramatically in recent years – and so has the regulation and supervision of bank risk. Banks also are much better positioned to handle economic downturns, and, if necessary, take steps to put losses behind them. Because of those controls, banks are actually safer now than ever before. From our beginnings in the Memphis area 75 years ago, BankTennessee has continued to grow through recessions, wars, and aggressive competition. We continue our commitment to local ownership, excellent customer service, and conservative lending practices. The saying, “Banking is personal again” has never been more accurate. Although our products must be competitive, our relationships with our customers make the biggest difference. Click here to learn more about BankTennessee and our history. Feel free to contact me personally if you ever have any questions. My direct line is 901.316.2244, and my cell phone number is 901.494.2676. |
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