Is our bank at risk of failure?

No. Belmont Bank & Trust is well-capitalized. Capital serves as a “buffer” against any losses. Our bank is well-positioned to handle economic downturns, and if necessary, to take steps to put any losses behind us. 

How is your bank different from the large financial institution that was closed by the FDIC last week (IndyMac Bank)?

IndyMac Bank was a nationwide originator of subprime mortgages and other nontraditional loans, particularly the kind that required no proof or verification of income.  Our bank has always focused on serving our local community by making traditional loans that help our customers in traditional ways. Belmont Bank & Trust is not a subprime lender.

Are my deposits at your bank FDIC-insured? 

Yes, Belmont Bank & Trust is insured by the Federal Deposit Insurance Corporation (the FDIC), and your deposits at our bank are insured up to the maximum limits allowed by law. You can be confident that your insured deposits are safe.  FDIC insurance is backed by the full faith and credit of the United States government. 

What are the limits for insured deposits?

All FDIC-insured deposits, including checking, NOW, savings and money market accounts, as well as certificates of deposit, are insured up to the following legal limits for each unaffiliated financial institution: $100,000 per person, plus $200,000 per joint account (with a spouse, child or someone else), plus $250,000 for most retirement accounts, such as Individual Retirement Accounts.  Moreover, if you believe that some of your deposits are not fully insured, it may be possible to restructure your accounts to bring your deposits into insurance coverage.

What accounts are not insured by the FDIC?

The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an FDIC-insured bank.

What if some of my deposits at my bank are not FDIC insured?

If you find that some of your deposits are not fully insured, it may be possible to restructure your accounts to bring your deposits within insurance coverage. First, get the facts from your local banker before you make any changes to your accounts. 

How can I verify that my bank accounts are insured and that my money is safe? 

If you have any questions as to what types of accounts are insured by the FDIC, you can obtain more information at: http://www.fdic.gov/deposit/deposits/insuringdeposits/iyd.pdf, where you can download a comprehensive brochure prepared by the FDIC.  If you want to calculate your own insurance coverage for the deposits held by our bank or any other financial institution, you can use the FDIC's online “Electronic Deposit Insurance Estimator” at www2.fdic.gov/edie. You also can speak directly with an FDIC specialist by calling 1-877-ASK-FDIC.