FDIC Insurance

At The Cottonport Bank, our customers’ privacy, security, and safety are our top priority. In order for us to ensure that our customers are completely protected, we are insured by the FDIC. The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government. The FDIC protects you, as customers, from the loss of your insured deposits. FDIC insurance is backed by the full faith and credit of the United States government.

FDIC insurance will cover a failed depository institution dollar-for-dollar, principal plus and interest built up or owed to the customer, up to at least $250,000. For example, if a person had a CD account in her name alone with a principal balance of $195,000 and $3,000 in accrued interest, the full $198,000 would be insured, since principal plus interest did not exceed the $250,000 insurance limit for single ownership accounts. As a customer, there is no need to apply for FDIC insurance. This coverage is automatic whenever a deposit account is opened with us.