Due to the recent headlines surrounding the FDIC’s closure of two large, non-local banks, I wanted to let you know that the community bank business model is so different from these banks that were closed.

As a community bank, we take pride in our relationship-based business model focused on building long-term trust with our customers. We do not invest local dollars into startup technology businesses that would place too much risk on our books.

We also have a large core deposit base that did not exist with these banks that failed. Calhoun Banks has a very experienced management team that is committed to maintaining a top-of-the-line institution that will continue to deliver financial services for our region, we remain strong and well capitalized. We were chartered over 120 years ago and expect to serve this region for generations to come.

If you have any questions on concerns about FDIC insurance and if your deposits are covered, we are ready and prepared to assist you. The basic FDIC insurance coverage is every dollar is covered up to $250,000 per depositor, per ownership category. For example, if you have a joint account, then each of you is ensured up to $250,000 per person, so this particular account would have $500,000 of coverage.

If there were 3 owners, then there could be up to $750,000 covered. The FDIC has a very helpful tool that assists you in determining how to get all of your deposits fully covered, please visit https://www.edie.fdic.gov to walk through some examples.

The best insurance available is knowing your bank and banking with folks that you trust. As always, we appreciate your trust in us and we are here to answer any questions that you have.