deposit insurance questions following a bank merger · bank for at least six months after the...
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Customer Service
Deposit Insurance Questions Following A Bank Merger
How can I keep my deposits within FDIC insurance limits?If you have $250,000 or less in all of your deposit accounts at either Stock Yards Bank or King Southern Bank, you do not need to worry about your insurance coverage — your deposits are fully insured.
A depositor can have more than $250,000 at one insured bank or savings association and still be fully insured provided the accounts meet certain requirements. In addition, federal law provides for insurance coverage of up to $250,000 for certain retirement accounts.
What happens to my deposit insurance coverage if I have deposits at Stock Yards Bank and King Southern Bank when they merge?
When Stock Yards Bank acquires deposits from the King Southern Bank, they are separately insured from deposits at Stock Yards Bank for at least six months after the merger. In other words, deposits at the two institutions before the merger would
continue to be separately insured for six months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.
What about my CDs? Additional protections exist for CDs issued by an acquired bank. Separate insurance for CDs issued by the acquired bank is maintained until maturity. It’s only when the CD matures or is renewed with different terms that the depositor may need to consider moving the excess above $250,000 to another FDIC-insured bank to continue to be fully insured.
CD Maturity
After the merger,IF... AND... THEN...
The following maturity scenarios will help you determine your CD coverage:
CD Matures within 6 months...
CD Matures within 6 months...
CD does not mature within6 months...
is renewed for the same amount and for the same term...
is renewed for a different amount or term...
CD remains separately insured from accounts at Stock Yards Bank until maturity.
Separate coverage is provided only for the six months from the merger date.
Separate coverage ends upon maturity of the CD.
(502) 245-9600 KingSouthernBank.com [email protected]
Welcome to the Stock Yards Bank family!
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