Beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the FDIC. Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
The bank has maintained our small town community roots over the years, but at the same time we now have a national presence with the financial strength to protect our customer's deposits.
There is a comfort to know that your bank is financially sound. Stearns Bank has a capital ratio in excess of 16% which is superior to our peer group of banks! As said this really matters today! We suggest you investigate your bank's strength.