RED MOUNTAIN BANK CAN NOW PROVIDE FULLY INSURED DEPOSITS
Red Mountain Bank, N.A. is participating in the FDIC's Transaction Account Guarantee Program. This program was just extended through Dec. 31, 2012. Details regarding changes under the extension will be forthcoming and required as of Dec. 31, 2010. Under this program all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
The Dodd-Frank Wall Street Reform and Consumer Protection Act permanently increased the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category. (Source: www.FDIC.gov)