Mound City Bank
We're Here For You!
During these challenging economic times, it is natural for every individual to be concerned about their personal investments and the stability of the companies holding or managing them. As Wisconsin bankers, we know it’s easy to get caught up in the fervor the national media and various talking heads have stirred up in recent weeks. However, rest assured that your money is safe in a Wisconsin bank.
Wisconsin’s depository banks – which are very different from Wall Street investment banks – didn’t make subprime loans, which means they didn’t cause this crisis, nor do they need “bailing out.” Investment banks such as Lehman Brothers and Merrill Lynch were not insured by the Federal Deposit Insurance Corporation (FDIC) and were not regulated in the same manner as commercial banks and savings associations in Wisconsin.
Across the country, FDIC-insured institutions entered this economic downturn from a position of strength, and 98 percent have the highest possible regulatory rating. Notably, Wisconsin banks have strong management teams equipped with decades of experience to help get through these tough economic times.
In addition to the safety and strength of Wisconsin banks, consumers should understand the protection granted by the FDIC. Your bank deposits are FDIC-insured for $250,000 per person, per institution, with up to $250,000 of coverage for certain retirement accounts. FDIC insurance covers all types of deposits received at an insured bank, including deposits in checking, NOW, and savings accounts, money market deposit accounts, and time deposits such as certificates of deposit (CDs).
Remember, any financial decision you make should be based on your specific situation, in consultation with your financial advisor or banker, not on any media report. It is important to follow your investment or financial plan and not make drastic changes simply as a result of current events. Your Wisconsin bankers are ready to offer assistance and give you straight answers to your questions.
For more information, please contact Mound City Bank at 608-348-2685.
Robert J. Just, Jr.
President & CEO