Rick Beeson
President/CEO

Park Midway Bank continues to experience a strong year despite the country’s difficult and tumultuous economic situation. We have capital to lend and our credit window remains open. Our focus is clear and unchanged, and the Bank is being safely managed. On that topic, we want to keep you informed about the FDIC and insurance coverage on your deposits.

As you may be aware, the Transaction Account Guarantee Program (TAG) was created early this year to protect depositors’ funds in insured depository institutions. Park Midway Bank will continue it’s involvement with the TAG Program until at least June 30, 2010, providing insurance on all balances in non-interest bearing consumer or business checking accounts. In addition, the bank has opted to include business and consumer checking accounts earning interest rates of .50% or less. Other depository accounts, consisting of savings and certificate of deposits, are insured up to an aggregate total of $250,000 per depositor.

An additional option is the CDARS program, which provides customers insurance coverage up to $50 million in certificates of deposit that are invested in a network of banks across the nation, accessing their FDIC coverage. Everything is handled through Park Midway Bank. The CDs are offered at similar market rates to Park Midway Bank.

Our product titled Sunrise Secure Solutions has now received approval by the FDIC and is available. This is a savings account with insurance coverage up to $750,000 spread across our three sister banks; Franklin Bank, Park Midway Bank and University Bank. We share the deposits, with a maximum of $250,000 in each bank, to increase the allowable insurance coverage. The account physically stays within our bank and we complete the necessary reporting at year end.

Call a personal banker at 651-523-7800 with any questions you may have about FDIC insurance. We appreciate your business!