The Berkshire Bank, the Bank that puts your interest first, would like to advise all customers of recent changes to the level of insurance provided by the Federal Deposit Insurance Corporation (FDIC).
On October 3, 2008, Congress temporarily increased FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31, 2009. As an FDIC insured bank, all deposits with The Berkshire Bank are federally insured to at least $250,000 per depositor by the FDIC, and up to an additional $250,000 for retirement account funds.
FDIC deposit insurance is backed by the full faith and credit of the United States government and covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic as The Berkshire Bank is a New York State chartered FDIC insured commercial bank. With over a billion dollars in assets and branches in New York City, Orange County, and Sullivan County in New York and Bergen County in New Jersey, The Berkshire Bank offers customers the security, stability and experience needed in today’s economic climate.
If you have questions or need more details on the FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or ask a representative at one of our many branch locations.
The Berkshire Bank
The Berkshire Bank is a subsidiary of Berkshire Bancorp Inc., a publicly traded bank holding company, whose stock trades on the NASDAQ National Market System under the symbol BERK. The Berkshire Bank is a New York State chartered FDIC insured commercial bank with branches in New York City, Orange County, and Sullivan County in New York and Bergen County in New Jersey. With over one billion dollars in assets, The Berkshire Bank stands out among other banks because it offers highly personalized service and competitive products. For more information about the Bank or its products, visit its website at www.berkbank.com.