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$250,000 Deposit Coverage Extended

Deposits at FDIC-insured institutions like Baylake Bank are now insured up to at least $250,000 per depositor through December 31, 2013. According to Teresa Rosengarten, Baylake Bank Executive Vice President, the FDIC has announced that the 2013 date supersedes the 2008 changes which extended FDIC coverage from $100,000 to $250,000 only through the end of 2009. With the latest regulatory revision, coverage will remain at $250,000 for accounts – including those held by individuals, corporations, partnerships, limited liability companies, and municipalities – until January 1, 2014, when the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts (which will remain at $250,000 per depositor).

Rosengarten commented, “This additional move toward economic recovery is a great opportunity for people to achieve maximum coverage and security for their deposits. It’s an especially great time for Certificates of Deposit and other FDIC insured accounts which offer both security and interest income. We have seen a lot of customers coming in looking for the reliability of traditional savings products over the past several months, and this extension of the FDIC insurance will certainly create another boost of consumer confidence in the economy.”

Baylake Bank, Member FDIC/Equal Housing Lender, serves communities throughout northeastern and central Wisconsin from 28 financial centers in Brown, Door, Green Lake, Kewaunee, Manitowoc, Outagamie, Waupaca, and Waushara counties and from its website at www.baylake.com. For more information call (920) 743-5551 or 1-800-267-3610.